Governement Grants for Restaurants

What are the Various Government Grants for Restaurants Singapore? Steps to apply for Grants.

Introduction

Strong trade and investment along with various grants from the Government attracts lots of startups to Singapore. It is the easiest place to do business.

Content

  1. Checklist to open a restaurant?
  2. Benefits of starting a business in Singapore
  3. Grants available in Singapore for Restaurants
  4. Eligibility criteria for the Grants
  5. Steps to apply for the Grants
government grants for restaurants in singapore

To open a restaurant a checklist needs to be fulfilled, the checklist is as follows

  • Incorporation of a company
  • Identifying the location
  • Planning permission for premises to be used as restaurant
  • Comply with the code of practise of environment health
  • Apply for Food shop license
  • Sign a tenancy Agreement
  • Meet the basic fire safety standards
  • Hire good staff
  • Import ingredients if necessary
  • Get other necessary certifications

Starting a business in Singapore is easy owing to the ease in operation and the flexibility in operations. The benefits of starting a business in Singapore are

  • Robust economy
  • Attractive tax system
  • Avoidance of double taxation
  • 100 percent Foreign ownership
  • Ease of incorporation and operation
  • Support for startups in the form of grants

government grants

This blog is mainly to discuss the different grants that are given by the Government to restaurants

There are 5 main grants given by the Government for Restaurants

Productivity Solutions Grant80 percent
Hawkers Productivity Grant80 percent
Enterprise Development Grant80 percent
Capability Development packsProvide SME with delivery platforms
Digital Resilience BonusUpto 10K

Eligibility Criteria for the Grants

For Productivity Solutions Grant

  • Be registered and operating in Singapore
  • Holds a minimum of 30% local share
  • Company annual sales turnover ≤ S$100 Million or ≤ 200 employees
  •  Purchased/ Leased technology solutions and equipment must be utilizing it Singapore

For      

To be eligible for HPG, hawkers must:

  • Be a registered stallholder and a valid hawker license issued by NEA/SFA
  • Possess a valid Tenancy Agreement with NEA with a remaining tendency of 1 year or more.
  • Comply with all regulations required from NEA

For Enterprise Development Grant

To qualify for the EDG, you need to:

  • Be a business entity registered and operating in Singapore
  • Have a minimum of 30% local shareholding
  • Be in a financially viable position to start and complete the project

For Capability Development packs

  • Must be registered and operating in Singapore
  • Sale of food must be consumed within premises
  • Holds a minimum of 30% local shares
  • Have the financial capabilities to see through the end of the project

For Digital Resilience Bonus

To be eligible for DRB, F&B businesses must fulfill both

(i) Paynow Corporate 

(ii) PEPPOL e-invoicing

How to apply for the Grants

There is a very self explanatory process for application of Grants. Grants are to be applied  in the Business portal using the Company Corpass/ singpass login Id and password.  Following the simple steps mentioned in the login the application needs to be submitted. The user can track the application. The IMDA or the Government authorities can raise queries which will be informed to be user via their registered email. Upon all the queries being answered the IMDA approves the Grant and sends the letter of approval over to the registered email address. The application process is explained below.

Eligibility Criteria for the Grants in Singapore

Conclusion

Though Restaurant Business is a highly competitive business, by directing your investments in the right channel you can gain back in the shortest time span in a place like Singapore.

Top 10 Expensive Office complex in Singapore

Singapore is a small nation with a huge impact on the financial system of the world. It has the most mature capital markets and is the fifth largest international financial centre in the world. Singapore is the easiest to get around with the taxis, buses and efficient MRT.

Summary

Why do you need an office?

Advantages of having an office in Singapore?

Top 10 Expensive Office Complex in Singapore

Top 10 Expensive Office Complex in Singapore

Having a common workplace first of all provides a professional image to the business, a common workplace gives the employees a place to share their creativity and innovate, it also helps them maintain a border between work and life (i.e.) there is proper work life balance. Employees get inspired by one another which happens very less in the case of remotely working employee

Advantages of having an office in Singapore?

  • Singapore is a well-developed free market economy based on trade, finance and manufacturing. It has a robust economy.
  • The tax systems are very attractive
  • A Singapore tax resident company does not suffer from double taxation
  • Singapore allows 100 percent Foreign ownership
  • Ease of incorporation and operation
  • Support for start-ups in the form of Grants

Top 10 Expensive Office complex in Singapore

1. Fraser Towers

Fraser Towers in singapore

NameFraser Towers
Location182 Cecil Street, 069547, Singapore
WorkspacesPrivate workspace, Business Concierge, Virtual office, Meeting & Conference, Co-working
Contact+65 6956 9000  

2. Marina Bay Financial Centre Tower

Marina Bay Financial Centre Tower in Singapore

NameMarina Bay Financial Centre Tower
LocationLevel 11, Marina Bay Financial Centre Tower 1, 8 Marina Blvd, 018981
WorkspacesPrivate workspace, Business Concierge, Virtual office, Meeting & Conference, Co-working
Contact+65 6653 4688

3. Ocean Financial Centre

Ocean Financial Centre in Singapore

NameOcean Financial Centre
LocationLevel 37 & 40, Ocean Financial Centre, 10 Collyer Quay, 049315, Singapore
WorkspacesPrivate workspace, Business Concierge, Virtual office, Meeting & Conference, Co-working
Contact+65 6808 6288

4. One Raffle Quay

One Raffle Quay in Singapore

NameOne Raffles Quay
LocationLevel 25, One Raffles Quay North Tower, 048583, Singapore
WorkspacesPrivate workspace, Business Concierge, Virtual office, Meeting & Conference, Co-working
Contact+65 6622 5888

5. Six Battery Road

Six Battery Road in Singapore

NameSix Battery Road
LocationLevel 42, Six Battery Road, 6 Battery Road, 049909, Singapore
WorkspacesPrivate workspace, Business Concierge, Virtual office, Meeting & Conference, Co-working
Contact+65 6232 2777

6. The Gateway West

The Gateway West in Singapore

NameThe Gateway West
LocationLevel 35, The Gateway West, 150 Beach Road, 189720, Singapore
WorkspacesPrivate workspace, Business Concierge, Virtual office, Meeting & Conference, Co-working
Contact+65 6727 6888

7. German Centre

NameGerman Centre
Location109 North Bridge Road, Singapore 179097
Workspaces5-storey office block with a basement car parking levels catered for business park activities
Contact 

8. Funan Office Towers

NameFunan Office Towers
Location25 International Business Park Rd, S(609916)
WorkspacesOffice space for rent in Funan Office Towers is an excellent choice for MNCs seeking premium office space in the central area.
Contact 

9. Maple tree Business city

NameMapletree Business city
Location50, 60, 70 & 80, Pasir Panjang Rd, (S)117440
Workspacestotal floor count of 30-storey will be one of the tallest business park buildings in Singapore and the other 3 adjoining blocks of MBC 50, MBC 60 and MBC 80 having 5, 6 and 8 levels
Contact 

10. Tai Seng Office Space

NameTai seng Office Space
Location18 Tai Seng Street Singapore 539775
Workspaces50,000 square feet with core-to-window depth of 20 m offer businesses flexibility in designing efficient work spaces.
Contact 

Conclusion

For a business to succeed your customers need to trust you, having an office gives any business that physical identity to it. The customers develop a trust as the office gives a physical identity to the business. An office informs your clients and employees who you are.

If anybody wants to automate your business end to end, Moiboo is a best business automation software in Singapore.

Availing government grants in Singapore

Ten Gift Ideas to Give your customers on Chinese New Year

Table of Contents:

1.     Introduction

2.     Significant Things to Know About CNY Business Customs:

        1. Wearing and Gifting Red:

        2. Exchanging the Mandarin Oranges:

3.     10 Lunar New Year Gift Ideas for Your Customers:

  1. Personalized Gift Box:

2.      Leather Cardholder:

3.      Cakes:

4.      Desk Calendar:

5.      Red Envelope with Money:

6.      Gift Voucher:

7.      Gift Cards:

8.      Fruit Basket:

9.      Nuts & Dry Fruits Baskets:

10.  Chocolates:

4.     Conclusion:

Introduction:

Chinese New Year gift ideas to your business customers

Customers are the backbone of any businesses. Without customers, it is hard for entrepreneurs to survive in the business industry. And so, it is one of the golden opportunities to thank those customers with gifts during the auspicious occasion – Chinese New Year. To speak out the truth, this is one of the brand promotion strategies too. Customers will be pleased to receive gifts from you, and whenever they need products or services from your niche, they think of you as their first choice.

Secondly, Singapore is considered a hub for global business. Many new entrepreneurs are dreaming of starting their business in this place. Hence Chinese New Year would be the right time to support those customers via gifts and wishes.

Significant Things to Know About CNY Business Customs:

Lunar New Year or Chinese New Year is a festival that carries tradition and culture. And so, businesses are also responsible for carrying forward the culture by treating their employees and customers with gifts and holidays. Chinese calendar years run based on the moon, and so it has 12months (30 days in each month). The Chinese year starts in the first half of February.

1. Wearing and Gifting Red: Not only in China but in the countries where CNY is celebrated – the red color is recognized to bring prosperity. The companies are closed during the CNY celebration (for seven days). Correspondingly, as pre-celebration in office, businesses can allow the employees to wear red color. This brings in a festival atmosphere in the office. Greeting each other with good luck is an excellent way of motivation while at work. Factually, it is important too. Depending on the financial management, the entrepreneurs can give the employees, business partners, and customers red packets.

2. Exchanging the Mandarin Oranges: It is traditionally followed to exchange mandarin oranges during Chinese New Year. The color of the fruit is bright, which symbolizes the bright future ahead. And also, it is believed that exchanging mandarin oranges is like exchanging money. Usually, two oranges are exchanged. The businesses can follow the same during the celebration in their office. It spreads happiness during the work among employees. Secondly, sending oranges as gifts to customers will surprise them.

10 Lunar New Year Gift Ideas for Your Customers:

It is always good to appreciate the customers, business partners, clients, and employees via heart-warming appreciation and gifts. Here are some of the Chinese New Year gift ideas for them.

1.     Personalized Gift Box: To welcome the year of Ox along with your customers, you can give personalized gift packets to them. This is a time-consuming process, yet worth it. You need to list out the customers or employees or whomever you like to give the personalized gifts as an initial step. Later, choose the lunar new year gifts based on the category of people to whom you are going to give, and the budget is required. It would be best if you did not forget to list out the gifts that would be suitable for them. Finally, choose the niche to purchase the personalized gifts – probably a place which sells with great discounts. Ferns N Petals, Happybunch, Jadevalley, are few places online where you can get personalized gifts at an affordable rate.

2.     Leather Cardholder: This is a fantastic gift idea for your customers for this lunar new year. Everyone likes a prosperous year which can bring good luck. The leather cardholder (mostly red cardholders) is considered as a symbolic representation of prosperity. This is also an affordable gift option for businesses to impress their customers. Leather wallets keep away dust. Similarly, wish your customers (through a piece of note inside the cardholder) that evil spirits will be away from them and only good will happen. Shopee, Bynd Artisan, Prada are some niches to pick a good leather cardholder.

3.     Cakes: Everyone, irrespective of age, likes mouth-watering cakes. From your two years, old kids to your grandparents have a high appetite for cakes. And so, it is one of the great choices for your customers too. Similarly, there are many other baked goods also that are really mind-boggling. Now, especially for Chinese New Year, many varieties of cakes are introduced. Buying cakes of different flavors for each of the customers is really a great idea. However, check for your budget, whether it is pocket-friendly or not. Baker’s Brew, BreadTalk, Janice Wong, Pan Pacific, and many other places sell delicious cakes. Order and enjoy happiness by gifting it to your customers.

4.     Desk Calendar: The customized photo calendars will help the customers or employees to track the dates of appointments, seminars, or any other events. This is undoubtedly an excellent gift for working professionals. If you plan to start a new project in your business, then gifting the desk calendars with a short note about it would be beneficial. Sometimes, the desk calendars are left messy with other essential things on the desk. However, when used properly, it helps to remember significant event dates, appointments, bill paying dates, and holidays too. Shopee, Photobooksingapore.com, Myfave.com are the best places for finding customized desk calendars.

5.     Red Envelope with Money: It is well known that red color is a sign of prosperity, and it also eradicates the evil spirits in the surroundings. Hence gifting money in a red envelope can bring luck to customers and you as well. The amount of money that you are going to keep inside each envelope is up to you. Purchase the red envelopes and save the money as per your ideas.  Remember that “8” is considered a lucky number, and even numbers are also allowed. However, number “4” must be avoided while gifting your customers for the Chinese New Year.

6.     Gift Voucher: Due to Covid-19 restrictions, people are still not allowed to gather to dine out during CNY, 2021. Hence dining gift vouchers will not be appreciated by customers. However, there are multiple choices for gifting a voucher – online shopping, food takeaways. Gift vouchers for online shopping allow the receivers to shop their favorite deal with no cash. And this is a safe way of shopping too, during this pandemic. Online platforms like Amazon offer gift vouchers and redeem cards that can be gifted to your customers.

7.     Gift Cards: Though it seems to be an old custom, it is still an exciting gift idea for your valuable customers. Writing personalized wishes is the perfect way to catch up with the kindness of them. If you are going to give the cards only to a few members, then this is an excellent choice. But for a large group – it is a bit of a boring suggestion. Amazon, Wogi.sg, Simplysay.sg are some places to find the customized gift cards.

8.     Fruit Basket: You can double the happiness of employees, clients, or customers by giving them fruit baskets. A fruit basket is an ideal gift suggestion that suits all the occasion. And in Chinese New Year, an orange basket is an appropriate suggestion. This will symbolize not only wealth but also health otherwise. Fruit baskets are available in online shops with great discounts. Gifting your customers with fruit baskets is a cost-effective way to grab the attention of your clients.

9.     Nuts & Dry Fruits Baskets: You can welcome the year of Ox by gifting the delightful nuts and dry fruit baskets. You can also order the packets online, which would provide the hassle-free shopping experience during the covid-19 restrictions. Tonggarden, snackfirst, gardenpicks are some online shops to choose your favorite nuts and dry fruits combo.

10.  Chocolates:  As the spring festival is nearing and if you are still confused about the gifts to give your customers, then chocolates are the best choice. This gift will never disappoint any of the customers. Moreover, the cost would be around $15, and purchasing them wouldn’t be expensive. You can also gift chocolate boxes which may cost about $50 each. Depending on the person to whom you will give the gifts – you can either opt for chocolate or the package.

Conclusion:

Best gift idea for Chinese new year to your customer

These are some of the thoughtful spring festival gift ideas for your customers. The gifts will surely impress them and help strengthen the business-customer relationship at the beginning of the year. The customers will feel delighted to receive gifts. They appreciate your efforts and interest. It is better if you could give a personal touch to gifts – personalized messages or unique packing that grabs the attention of receivers.

The Ox year must also be the good time for amplifying your business. The wishes from the customers will surely motivate you to do business in all the best possible ways.

Related topic: 6 Super Tips for Getting More Customers

Best Start-Up Business Advice & Tips For Entrepreneurs

Table of Contents:

1.     Introduction:

2.     Business Criteria that Entrepreneurs Must Implement:

3.     Checklist to Pursue Before Starting a Business:

4.     List of Successful Startup Businesses in Singapore:

        –Agriculture

        -Online Business

        -Laundry

        -Supplying Customized Diet Meals

        -Elderly-Care or Child-Care Services

         -Advertising

         – Freelancing

5.     Legal Formalities of Establishing a Business in Singapore:

6.     Conclusion:

Introduction:

Searching for tips to start a business?

Start-Up Business Advice For Entrepreneurs

There are tons of startup business tips loaded on the internet. Looking one after another you will end up doing nothing. But what exactly works is – implementing those tips and advice in your business.

Here we shall walk through the advice and tips that are suitable for the startup entrepreneurs.

Business Criteria that Entrepreneurs Must Implement:

Before becoming an entrepreneur, you must check whether or not you possess the entrepreneurial criteria.

Below given are those parameters. Question yourself whether you have those qualities or not. If not, then build those before stepping into the business.

–        Building a business is a long-term process that certainly demands a passion for work. Hence, entrepreneurs must thrive by loving their work. Without it, one cannot pursue happiness in business.

–        Are you running behind technology? In this competitive era, without technology, none of the businesses can survive. Startup entrepreneurs must update themselves with technology to handle the business with ease.

–        Are you conservative in asking ideas? It is not required to implement all the ideas that you have heard. But it is more important to listen to the ideas. Only after this can you judge whether those concepts will fit your business upliftment.

–        Do you like to give excuses frequently? Then business is not the right choice for you. Clients expect the projects to be done on prompt delivery time. The dedicated entrepreneurs will not face the clients with excuses.

Checklist to Pursue Before Starting a Business:

It would be exhilarating to begin a business. There are many steps involved around the process – selecting the name for business, checking for financial backup, creating a plan, etc. You may end up forgetting one or two from the checklist. Hence here are the entire things that must be noted even before starting a business.

1.     Select the business name. It might sound casual, but its name defines the whole business process. Hence selecting a business name is an overwhelming step for any entrepreneur. Your customers will recognize you via the business name, so be choosy.

2.     Is the business plan ready? You may ask if a business plan is vital before entering into it. Yes, it is absolutely significant. If you create a proper end-to-end business plan, you can figure out the loop-holes in it. It will be helpful to try another working business model or to make changes to the existing one.

3.     Are you financially ready? Apart from initial investments, you will require cash flow – to meet the daily expenses, appoint skilled employees, and many other things. So be prepared for it.

4.     Did you have a consultation with a legal advisor? If not, book an appointment immediately. By getting legal advice, you will get educated about the government schemes & policies for startup businesses, legal do’s and don’ts involved in a trade, steps to get a business license, and tax exemptions.

The checklist continues with registering the business, opening a bank account for handling business transactions, and getting assistance from the digital marketing team to kick-start your trade online.

List of Successful Startup Businesses in Singapore:

If you are going to start a business in Singapore, it is essential to explore the country’s opportunities.

1. Agriculture: As per reports, nearly 7% of food products are cultivated within the country, and the rest is imported from its neighboring countries. People are now exploring the techniques to grow organic roof-top vegetables and fruits. There are only 220 licensed farms in Singapore. Thus, it is one of the golden business opportunities for businesses in Singapore.

2. Online Business: Not only in Singapore but also in the entire world – the capital required to start an online business is less than physical shops. Especially, e-commerce shops can make profits in Singapore. You can explore creative ideas based on this and research products that are in-demand.

3. Laundry: If you are looking for low-investment business ideas, laundry is an excellent small business in Singapore. As per statistical data, more than 30,000 laundry companies started in Singapore in 2014 and 2015. The two types of laundry enterprises in Singapore are coin-operated and retail. Nearly 70% of the laundry system is retail operated. The remaining 30% is coin-based. This requires less investment as the machines are self-operated and zero cost for recruiting staff.

4. Supplying Customized Diet meals: Eating healthy food is essential world-wide. The customized healthy food delivery is trending among Singaporeans recently. Preparing a customized nutrition-rich food for the customers based on their dietary requirements and delivering it is undoubtedly a great business idea.

5. Elderly-Care or Child-Care Services: Healthcare for older people is growing in demand in Singapore as the population of aged citizens is higher. Undoubtedly, this is a profitable business, but one must ensure to provide it with utmost care. Similarly, most of the parents are working members. They are seeking an excellent & secured place to leave their children while they are at work. Childcare is also a good business idea that must demand professionals.

6. Advertising: This is a B2B business that creates a win-win situation for both parties. It is well known that Singapore is a business-friendly country. There are thousands of companies that are already running successfully, and numerous startups are also emerging in the country. Suppose you start an advertising business to promote the client’s business online and get paid for it. In-turn, their trade will get promoted among their target audience group. The added advantage is, the digital advertising business costs low-investment.

7. Freelancing: All you need is a computer with proper internet facility to be a freelancer. If you are a talented graphic designer, then search for freelance graphic designing opportunities. You can work as an employee and still pursue your business as a freelancer. Whatever may be your area of specialization, you can search for a freelancing business in that niche.

Legal Formalities of Establishing a Business in Singapore:

If you want to register your company in Singapore and search for the procedures – Here are the details.

To register the company, you must have shareholding, capital, directors for the company, registration address, and the company name. The shareholders of the company may vary from 1 to a maximum of 50. The shareholders can be individuals or any other company (Foreign entities are also allowed without any restrictions). Secondly, the minimum capital investment must be at least S$1. Later it can be increased as per the business demand. Both – the citizens of Singapore & foreign residents in Singapore can be the directors of the startup company that is being registered. The registered address within Singapore is required as a company’s registration document. Finally, to proceed with the registration process, a company’s name is essential. Apart from these requirements, the company must have appointed a secretary.

The company registration process involves three steps. The first step is the company’s name approval. While choosing the company name for your startup, keep these criteria in mind. In Singapore, no two organizations must share the same name. Hence search for different company names to get approval quickly.

Similarly, the approval process also checks whether there is any other company reserved for the same name. Secondly, for the company’s registration, the businesses must hold proper valid documents that ACRA demands. So, you must prepare the documents. And the final step is the registration of the company.

Best Start-Up Business Advice and Tips

ACRA requires the following documents:

– Company Constitution clearly explains the roles and responsibilities of the company. It includes everything from directors of the company, shareholders, and a lot of other niche details. The company (in Singapore) must function according to the Company Constitution of Singapore given by ACRA.

– The identification & residential details of the shareholders of the company.

– According to “Signed Consent to Act,” as secretary of the company and director of the company.

It may cost around S$15 for the company’s name approval and S$300 for the registration process totally. After submitting the appropriate documents, you shall wait until you get the notification about the registration process status.

Conclusion:

It is not an easy task to start a business. Yet, it is not impossible too. All you need is patience to excel in business strategies. You must be open to changing the business plan if the existing ones happen to fail due to the evolving trends. You must also be clear about your target audience. Promoting your trade without knowing the audience is a waste of money. Hence read the tips given in this niche that supports the startups to make their trade profitable. Hopefully, this article will assist the newbie entrepreneurs in becoming successful businesses.

for more business related details: www.moiboo.com or Contact +65 9895 1817

How to get a Bank loan for a Business in Singapore? What are the options available?

If you are looking at the bigger picture in your business to become the next biggest brand in your niche, it’s never too late to get started. However, in order to get a kick start, you need to get a bank loan. If you are someone from Singapore who fits within the aforementioned criteria, this blog is for you.

Singapore is the city that has always been in the news for its incremental change over the last decade. Their dominance in the digital and financial space has attracted global attention. Singapore has become a prime example of a city filled with a plethora of opportunities.

The government has stepped into the development of Singapore’s digital ecosystem. It seems like they are drifting away from conventional methods and looking forward to a fruitful future by implementing sustainable strategies. 

We will be covering the various loan options in Singapore and how you can qualify for them. Let’s start from scratch; business loans is a term that is basically used to describe any kind of loan offered to a company by a bank. They are offered solely for business purposes, and there are several types in it.

A company can avail loans if they are short of cash or planning on expanding their business. Not every bank offers all kinds of business loans as certain banks have special policies. We will cover some of the common types of business loans below:

Table of contents:
  1. Business loan
  2. Temporary bridging loan
  3. SME working capital loan
  4. Startup business loans
  5. How did the pandemic turn the tables for SMEs in Singapore?
  6. The odds of banks turning down your business loan proposal:
    1. Track record
    1. Business ownership
    1. Credit score
  7. Bottom line

Business loan:

 This is commonly referred to as the standard type of loan in which you need not have to offer any of your assets as collateral. The maximum allowance for repayment term is upto five years.

You can get in touch with some of the major banks in Singapore like DBS, OCBC, and UOB to avail. However, there is a catch; you will be asked to fulfill some requirements like overall revenue, previous annual year turnover, etc.

Bank Loans in Singapore

Temporary bridging loan:

A temporary bridging loan is a government-backed business financing scheme facilitated to aid businesses over the COVID-19 pandemic. In order to avail of this loan, the locals should have at least 30% ownership of a Singapore-registered company. The maximum loan amount can be inflated up to $5 million, and the repayment period will be five years.

SME Working Capital Loan:

SME Working Capital Loan is an exclusive type of business loan tailored for local SMEs with a maximum of 200 employees. Singapore’s government is working closely with banks to provide financing of $1 million for businesses with a repayment term of 1 to 5 years. However, there is a catch in availing of this business loan; it is only available for SMEs registered in Singapore, and its citizens should own 30% of it.

Startup Business Loans:

Startup Business Loans in Singapore
Bank Loans in Singapore

Startup Business Loan can be referred to as the toned-down version of the regular business loan. The maximum loan amount will be capped to $100,000. However, these loans are easier to avail compared to the others in this list. There is no need for a strong financial history, and companies that are in operation for a few months can make use of this loan. 

How did the pandemic turn the tables for SMEs in Singapore?

With the global pandemic in place, SMEs in Singapore was on the brink of extinction. As people were advised to stay indoors, several businesses faced their worst nightmare. As 2020 was the year of surprises, the COVID-19 pandemic played a major role in shaping the world. It is estimated that close to 8,663 businesses were shut down in the city, and the numbers don’t seem to be stopping.

With SMEs being a vital source of their economy, the Singapore government has decided to step into the game. By filling in the gaps left by local banks, they could bring things in favor to the SMEs in Singapore.

The odds of banks turning down your business loan proposal:

What are the chances that the bank will successfully process your business loan? As the situation is not stable now, the Singaporean government has taken various steps to ensure that funding is sufficiently available to SMEs. Here is how you can increase the chances of your loan approval.

Track record:

Getting a business loan instantly can be a bit tricky. However, if you show your track of business records in the past, it might help to jump ahead of the queue. Even if you are well established, banks will ask for your annual revenue record as proof. 

Business ownership:

As government-assisted loans are available only for the businesses that registered in Singapore. Before availing of a business loan, ensure that your company has at least 30% of shareholders from Singapore. 

Credit score:

Credit score plays a crucial role in getting a business loan. It is the ability of a company to repay its loan, and banks consider it on a deep level. Most people confuse the personal credit score with a business loan; on the contrary, it has got nothing to do.

Bottom line:

Starting a business isn’t that easy. And it’s definitely not cheap. Not everyone with an innovative idea has the funding. Getting a credit line from the local bank will be an ideal way to get their business off the ground.

Planning is the key, so ensure that you come with realistic financial projections to capture the market. You don’t need to build a cozy business in your early stages, and if you do so, you are definitely wasting your money.

Focus on what you need at this moment and ensure that your customers are satisfied with your services. By sticking with strategies with long term goals, you can keep a hook on your expenditure. By following the aforementioned tips, you can seamlessly get a steady flow of income.

Don’t let lack of money be a hindrance from pursuing your dreams!

Become the CEO of your own company today. Good luck with your venture. 

for more details, please visit our website: www.moiboo.com

Related links : Government Schemes for Startups

How to franchise your retail business? 5 tips to grow

Are you a proud owner of your retail business? Are you looking for ways to successfully expand your business and increase your overall profit? Are you want to franchise your retail business? Franchising can be a great way to expand your business to the next level without a significant investment.

Franchising your restaurants, gyms, car dealerships, hotels, etc., are perfectly suitable for franchising. If you have a strong brand value in the market and have not franchised your business, you are missing out on several opportunities.

The franchise model is a smart growth strategy for a business of any scale, regardless of the sector. However, you must determine whether your business is suitable for franchising. Consider the portability of your business, access to capital funds, and the overall value of your brand to place a strong foot in the market.

Retail Business Franchise
Table of contents:
  1. How to check if your business is franchise-worthy
  2. What are the problems that you are likely to face with your franchise
    • Lack of support and communication
    • Financing
    • Employee hiring and management
  3. How can you franchise your retail business
    • Hire a lawyer
    • Set the standards of your brand
    • Prepare your franchising documents
    • Devise your marketing strategy
  4. Top five tips to grow your franchise
    • Ensure that you communicate your franchises properly
    • Stay consistent with each franchise
    • Ensure that you provide unique services
    • Maintain a reasonable territory
    • Get to know the legal procedures
  5. Conclusion

How to check if your business is franchise-worthy?

Probably the common question that pops into everyone’s mind while reading this blog. It is quite easy to determine your business fits into the criteria of franchise worthy. We have mentioned some crucial points below in order to self-evaluate your business:

  • How well does your product sell?
  • Will it sell in the same way if the sector gets disrupted temporarily or permanently?
  • How profitable is your business in the present and what are the projections for it in the forthcoming days?
  • Have you suggested about franchising your business with anyone?
  • What is the estimated cost of franchising your business?
  • Do you have the bandwidth to handle a franchise?

What are the problems that you are likely to face with your franchise?

Challenges are a part of growth and going through hard times shapes you into a different person. It is the same case with businesses but it would be better if you had a clear perspective of what’s coming ahead to stay prepared. Here are some of the challenges that you are likely to face with your franchise:

Lack of support and communication:

In most cases, franchises fail in the long term due to a lack of support and communication. If you are new to the market, you will undergo a steep learning curve in which you will face several problems. In such scenarios, if you are left alone without any support, your franchise is most likely to face a downfall.

Financing:

Apart from startup costs, you will have numerous expenses. Right from remodeling a space or moving to a new location, you must ensure that you have a reliable financing source before proceeding.

HQ teams must help financially if the operators face any issues in the later stages. As these issues will ultimately affect the overall image of the brand, HQ teams must take necessary action in time to stay on the safer side. 

Employee hiring and management:

Finding an efficient workforce is a real challenge, especially in the retail world. If you are operating in a specialized, you have to provide hands-on training for your employees in order to bring them within your spectrum. Figuring out a way to bring down everything mentioned above within your budget will be a real struggle for you.

How can you franchise your retail business?

franchise your retail business

Ready to take the major leap in your business? However, it is better to look before you jump and market research is the key to stay on the safer side. Here’s how you should get started:

Hire a lawyer:

It is mandatory to find a lawyer who specializes in franchise law. Ensure that you meet the guidelines set by the Federal Trade Commission and local governing body. If you find it complex to comprehend, your lawyer is the person you should turn to.

Set the standards of your brand:

The way you handled your business in the past doesn’t matter anymore. Now it’s time to move into a fully professional model. Note down the issues you are likely to face in your business and devise strategies to overcome them. 

  • Franchise freedom
  • Territory’
  • Support system
  • Fees

Prepare your franchising documents:

No matter how digital our world has become, paperwork still plays the upper hand. Franchise Disclosure Document is something that is crucial for your business as it contains your experience, patents, financial statements, etc. After that, you have to create your franchise agreement and ensure that you pay attention to each and every word that goes into it.

Devise your marketing strategy:

No business will prosper if there is no marketing. It would be better if you make use of every marketing available in the market to reach maximum customers. Apart from the traditional marketing methods, consider going with special promotions, freebies, discounts, etc., for the best results.

Top five tips to grow your franchise:

Franchising your retail business is not an easy task considering the pitfalls that are likely to arise for every entrepreneur. Here are five curated tips from our experts that you will find help in your venture.

Ensure that you communicate your franchises properly:

The more you expand your business, the harder it becomes to communicate with them. It inevitably becomes harder to convey crucial insights about your strategies. The lack of communication will inevitably lead to a depletion in the point of sale and crucial aspects.

Stay consistent with each franchise:

Although you can celebrate your success of expanding your business into multiple franchises, your work doesn’t end there. Your personal touch should be imposed on every franchise consistently. By keeping each franchise close to you, they can feel connected to your business ideas.

Ensure that you provide unique services:

Almost every sector is crowded nowadays, and it needs more than good products to be successful in your niche. Apart from your regular services, ensure that you establish yourself as a readily recognizable brand in the market to attract more customers.

Maintain a reasonable territory:

Growth in business is good for you, but too much of anything is good for nothing. Expanding too fast will definitely push you through some major pitfalls. Breaking up your business goals reasonably and taking one step at a time is advisable.

Get to know the legal procedures:

Before franchising your business, you must get to know the legal procedures of the territory. A seemingly minor issue has the potential to topple a major business empire. So it would be better if you pay more attention to looking at the legal procedures of franchising your business in a particular location.

Conclusion:

Franchising is a big step in your business and you will make mistakes for sure. But knowing about the mistakes that you are likely to commit will make things much easier and will help in the long term. If you have a rough idea of your next step in the dark, you have a better chance at success.

Related Links : Retail business software

Franchise Management Software

Top 5 ways to motivate your Employees

Table of Content:

  • Introduction
  • Set goals 
  • Have great culture
  • Measure progress
  • Pay them well
  • Make them stay fuelled
  • Conclusion

Introduction

Motivation is absolutely necessary for any individual to fuel their growth.

When the individual grows, the aim he is working for gets bigger. The bigger the better.

Hence it is mandatory for an employee of a company to stay motivated and have goals. This way the individual as well as the company grows.

Motivation is not a part of everybody’s routine. It is something you draw from an external event.

To keep an employee motivated, there are a few things business should follow.

Here are the top 5 ways to motivate your employees:

  1. Set goals 
  2. Have great culture
  3. Measure progress
  4. Pay them well
  5. Make them stay fueled

Set goals 

Goals are very important in everybody’s life. It is like making your journey with proper milestones.

When you know you have reached a particular point which is in the path towards a great destination, it feels good that you are on the right track.

This is precisely what goals do! They help us track our progress more effectively.

If we have done a task right it feels good that you have achieved your goal. If not, it helps you in evaluating where you stand and also gives you more pointers and guidelines to improve so that you can reach the target.

Top 5 ways to motivate your Employees - Set goals

Give your employees Goals to achieve and set them on a task basis.

This will help them not only in building their career but also maintaining a good work routine which in turn improves the work culture of your company.

Have great culture

Culture is something that is normally defined as a set of practices influenced by the geographical location and the practices of the people living there.

Culture keeps changing or rather the right word would be adapting depending on situations.

When it comes to a company, a good work culture determines a lot of things like happiness of the employee, relationships between managers and their subordinates, the overall performance of the employees, etc.

Maintaining a good work culture means the company is on the path towards progress. Most of the companies follow the agile working methodology which has worked well in the past decade.

a good work culture is all about making employees perform better

Having a good work culture is all about making employees perform better, helping managers get the job done easier, and establishing a great relationship between employees and also between employees and    the company management.

Measure progress

One of the main things that many companies fail to do is tracking the progress of employees.

This is one main reason software companies have stayed on top.

Be it their revenue, their business models, their working culture-they keep upgrading it depending on the mind set of their employees.

A few techniques to measure employee’s progress are

  • Hold weekly meetings
  • Have discussions about achievements at work
  • Have a monthly performance analysis

There are quite a lot of things to learn from retail businesses as well.

A few techniques to measure employee’s progress

The giants like Amazon and Walmart have excellent employee encouragement programs that most of those who joined their companies choose to stay there.

Pay them well

When the company hires someone, they need to make sure that they are on top of their industry with the payment scales as well.

Most of the employees switch to other companies because they don’t get paid enough.

It is worth investing in an individual who brings results rather than spending less on someone who keeps upgrading their skills.

top of their industry with the payment scales as well

If an employee knows that he will never get paid as much as he deserves, he’ll be looking out for places to shift to.

Keeping an employee satisfied starts with paying them what they are worth.

Make them stay fuelled

You need to keep reminding your employees to do good work.

It will motivate them to get better results and also stay far ahead from getting stuck into a routine. There are a few things you can do to keep your employees.

Being a self-starter is very important to make an organisation grow and that is the main reason why many job applications mention it in their job requirements.

why many job applications mention it in their job requirements.

Give away awards to the best performers, have an achievement board in the office, go out for lunch once in a while, et cetera et cetera.

Waiting to know an employee as a person also benefits in a lot of ways.

They are in a relationship with their job and their professional goals are also aligned with their personal goals.

Conclusion:

Software companies, start-ups, and bigger companies like Amazon and Facebook have now got a great work culture.

The spread of this positive work culture is so much that people are now looking forward to working in a company which respects their employees and also the one which lets them be themselves.

Apart from the salary, the employees are also looking forward to working in a company that will recognise them as who they are.

If you are a business owner who is looking to expand your business, invest in the right set of people. Nurture their talents, make them and grow, and eventually the company will also grow.

for more details, please visit our website: www.moiboo.com

Advice and Tips for starting a Small Business in Singapore

Undoubtedly, Singapore is one of the best places to start a business. Do you know why?

1. Singapore ranks high for holding a competitive environment and high-end infrastructure to start a trade.

2. Not only in Asia but also when compared globally, Singapore has many talented workforces.

3. This place is considered to be a highly stable environment to handle the business with ease.

4. Lining up after London, New York, Tokyo, Singapore takes fourth place for having the best foreign exchange, globally.

Not limiting to these, there are a lot of reasons to start a trade-in Singapore. Well, if you are planning to start a small business here, then read further. In this article, you can get tips and advice through which you can start and run a successful small business in Singapore.

It will be pleasant to hear the success stories of businesses. But on the other hand, frankly speaking, it is not that easy to start a business. In any part of the world, doing a business needs research, capital money, market analysis data and innovative ideas to perform the trade.

Here is a quick look at the steps to put your foothold in small business in Singapore.

  • After planning the business type, register it in Singapore.
  • Get the capital money & invest to set-up and develop your trade.
  • Enhance your business networking
  • File for the taxes that are relevant for your trade.
Small Business Owner Analyzing and Strategizing his business ideas

Before getting into the topic, here is some general advice to become an entrepreneur in Singapore.

1.     You must check the market trend for promoting your business ideas. According to the 2018 report, there are lists of businesses that are in-demand in Singapore. The list holds digital marketing, care services for older people, courier services, agriculture etc. Thus, ensure the business idea you choose is unique and whether or not it will become a market trend. Adding to this, I would like to say, if you are opting the same old business trend then there are chances for it to get toppled (not for all the cases). The business must be catchy and serve the people to the core.

2.     Preparing a business plan is the second step. Though it is a daunting task, it will give you and your customers a clear picture of your trade. Furthermore, you can set the target customers, the demographic location where they are present and also ideas to focus on trade in that location.

3.     After registering your trade-in Singapore, you can avail for grants available for entrepreneurs. To encourage startups and SMEs, the Singapore government have allocated several grants. To name few of it – Startup SG Founder, Startup SG Tech, Startup SG equity, FSTI (Financial Sector Technology & Innovation), Capabilities development grant (CDG), Business improvement fund, DTDi (Double Tax Deduction for Internationalization), MRA grant.

4.     By reaching the grant knowledge centre, you can get to know about the different types of grant available in Singapore. All the grants have the set of eligibility criteria. Check whether your business profile matches those criteria for the grant you prefer. If so, then proceed to apply for it.

5.     Finally, when your grant is approved, then start working to begin your small business in Singapore. You must also be aware of tax obligations. The single-tier tax system is followed in Singapore for running a business. That means, if you are running a small business, then you must pay tax based on the profits and not depending on revenue. After the payment of tax, the profit is given to shareholders without tax (tax-free). Thus, get legal advice on the tax system in Singapore so that you can follow the same without violating the law.

6.     Are you not interested in making a digital presence for your business? Then I would say that you are losing a lot more target audience. Online is the place where any business can reach the audience and market their product or services. Therefore, never neglect it while starting a business.

Now diving deep into the topic, let us see the tips for entrepreneurs to kick-start their Singapore trade.

Corporate registration is a must for local businesses and also for foreign traders. ACRA (Accounting & Corporate Regulatory Authority) is solely controlling corporate registration in Singapore. Beforehand, you must submit the proper documents as said per Companies Act. If you are the foreigner willing to start a small business in Singapore, then the registration must be done only via a registration provider available domestically.

In order to register your trade, you must have the details about the following:

  • Name of the company
  • Director who will be in-charge for the trade happenings. The director can be a citizen of Singapore, or permanent Singapore resident or an EntrePass holder. The Entrepass (or the entrepreneur pass) is one of the best schemes in Singapore which are launched to assist the startup entrepreneurs.
  • For registration of the company, shareholders are a must. The number of shareholders may vary between 1 to 50.
  • S$1 (Minimum paid-up capital) must be done.

Now what are the documents required for registration? If you are not aware of it, need not worry. You must ensure that you have the following documents handy.

  • As said previously, the name of the company that is ACRA registered.
  • Clear idea about the trade activities that you are going to perform. This is one of the essential documents since the registrar will check whether the trade activities are legal and within the lawsuit.
  • Singapore address where the company name is registered.
  • Documents about the director and shareholders. (Specifically, their address, ID proof etc.)
  • While registration, you must appoint at least one secretary to look after the works. It is necessary to give the particulars of the appointed secretary.
  • Foreign traders must give identity proof in Singapore.

These are necessary documents for registering for small business in Singapore.

For registering the company, you must choose the company name. Remember that in Singapore, the company names must be different from one another. Usually, the company name comes along with the business type name—for example, XYZ Pte Ltd or XYZ Limited or XYZ corporation. Therefore, search to find the unique company name. Here is one additional information, if you want your company name to get approved quickly, avoid including the business types like media, school or bank in the company name. These are business types which don’t come under ACRA control.

Two Creative Small Business Owners Planning their business moves

Here is the list of company types that are common in Singapore.

 – Private limited company: This is one of the popular business type choices in Singapore. It is because the tax exemptions are good and the government allows the company to have upto 50 shareholders.

 – LLP (Limited Liability Company): Though the businesses own a legal identity for each of them separately, they can have a partnership in business deals.

 – The other sorts of business types are a subsidiary company, sole proprietorship, branch office, representative office and variable capital company. You can research and choose one among these while registering the company.

SSIC code is mandatory to start a small business in Singapore. The SSIC code represents the business which your company performs. Via SSIC code, the ACRA will recognize it. Well, can you guess what would be the next step in starting a trade? Yes, it is getting shareholders, directors and the corporate secretary. As mentioned before, for registering the company, you must have proper documents of these members. In Singapore, the maximum limit of shareholders is 50. And foreign citizens can also be the shareholders.

Similarly, directors of the company can also be a foreign citizen. However, ensure that at least one of the directors is residing in Singapore. You can also prefer choosing a nominee director that is one of the standard practices there. Finally, the prominent role of the company’s secretary is to collect the necessary documents about the company and submit it to the Singapore government. According to the law, the company must appoint the corporate secretary as soon as possible (that is within 6 months of time).

Final words: After registration for your business, check for the appropriate grant given by the Singapore government. The best part of the grants is, you need not repay the grant amount (unlike loans). Research and get to know how the grants work for small businesses in Singapore. The grant is given for various reasons – to develop the small entrepreneurs’ community in the country or to know about the specific business industry (The grant would be a reward for your research data). However, after receiving the grant, you must periodically report about the business status to the concerned department. Now, you have received the grant, and the next step is developing your trade.

These are some tips and advice through which you can start a small business in Singapore. Though it is not an easy deal, you can become an entrepreneur via consistent hard work. Hope, you will follow these and strive to dig a deep business root in Singapore.

Various Business Grants Provided by Government of Singapore

If you think about Singapore, it is one of the beautiful places for tourism. It is estimated that nearly 18 million tourists visited Singapore in 2018. Additionally, there is one more specialty of Singapore.

YES! Starting a business in Singapore. Singapore stands second (after New Zealand) best country to start the business. Apart from this there are also various Business grants available in Singapore to help businesses.

Various Business Grants Provided by Government of Singapore

Here are the reasons for it

1. Business-Friendly Place for Startups: We all know that Singapore is located in South-East Asia. The country is located close to India and China trade markets that pave the way for traders to start a company in this location. The second significant reason for businesses to start their business in Singapore would be the Changi Airport. YES, this International airport is connected with nearly 300 cities. This will undoubtedly assist the traders in developing their trade in many locations.

2.  Supporting Legal System: Singapore has strong and stable corporate laws that support the business in the country. The Singapore Companies Act is strongly regulating the company’s formation, shareholder policies, rights and also the company’s structure. Companies can rely on these corporate laws that incorporate the employment act; data protect act, and competition act.

3. Grants Available in Singapore: This is considered as one of the niche benefits for businesses to start a trade in the country. Seeing this point in detail will help the budding companies to handle their trade in Singapore. Read further to know about the bunch of grants that are available in Singapore. And how the business can get benefited via the same.

Grants Available in Singapore

Some of the Start-up Grants in Singapore:

Before getting into the details, one must know that all the startup grants in Singapore are covered under one roof named “Startup SG.” Now we can look into those schemes one after the other.

Startup SG Founder: If the business owner comes with a really creative and unique business idea, then they can benefit from this grant. If the trade idea has the potential to withstand the market competition, then mentorship costs and the capital amount will be provided to the entrepreneurs. The startup SG fund will be given in two settlements within one year of the business. Moreover, mentorship assistance and networking support is also provided during that period for the business to reach the milestone. However, one must carefully check the eligibility criteria to apply for getting this startup SG fund in Singapore. The candidate applying for this fund must be a Singapore citizen or must have the residential address in Singapore. Secondly, the applicant must not have applied for any other fund from any other government. The predominant functional operations of the startup company must be held in Singapore.

Startup SG Tech: As per the name, the main aim of this scheme is to develop the technology-based business. The grant offered for SG tech is to bring technologies into business modules. Here, the scheme is divided into two segments, namely – POC (Proof of Concept) and POV (Proof of Value). In the first stage (POC), the entrepreneurs must develop innovative technology to develop a strong business. One cannot apply for this scheme only with baseless ideas or fundamental research. The technical idea must be in-depth and also the details about how the innovative technology is going to help the business. In the second phase (POV), the technical protocol must be developed for the working environment.

Startup SG Equity: This is one of the co-investment schemes launched by the Singapore government for the startup companies. There are different eligibility criteria for startups and investors to apply for startup SG equity grants in Singapore. The startup must not be under joint venture or any subsidiary to apply for this grant. Secondly, the business must not get involved in law violations. That is, the investors must not involve anything that troubles the public interest (like gambling etc.).

Startup SG Talent: Technically talented people must be involved in business for betterment. Right? And this grant insists on the same. If you are skilful and have talent, and are trying to start a business in Singapore, you can apply for a startup SG talent grant in Singapore. The three pillars of this grant are EntrePass, T-Up and STP (SME Talent Programme). The first pillar that is EntrePass supports the talents you are awaiting to start a trade-in in Singapore. The second pillar (T-UP) can be utilized to handle research and development for business projects. The time duration is for two years. The grant includes several business areas to explore, including microelectronics, data storage, info-communications, medical technology etc. The STP stage of the grant involves the young generation to get internships with the startups.

Startup SG Loan: The government offers loans to start the business, the capital amount required for buying the equipment and also for running the trade. There are two pillars, which include SME Microloan and SME Venture loans. The company must have less than 10 employees. And the company must be operating in Singapore. The businesses must repay the amount within 4 years of time.

Recently many small & medium enterprises are emerging in Singapore. Below given are some of the grants available in Singapore for SMEs.

Enterprise Development Grant:

Government Grants in Singapore

Every business has goals to expand their trade overseas by developing multiple branches across the globe. For this, the traders must understand the market, tips to build their trade according to the market trend and in-depth knowledge about the technologies. The EDG (Enterprise Development Grant) supports the traders in multiple ways. Companies in Singapore can utilize the EDG and grow effortlessly.

There are three EDG pillars that assist in expanding your trade – market access, creativeness & development and the core strength. If you are planning to expand the business roots overseas, then you can tap the help from EDG market access. Secondly, via innovation, the companies in Singapore can gain knowledge about the specific areas of business development. And also, best possible ways to increase the production drastically. Finally, apart from basic business functionalities, the trade must improve its core ability. By improvising the core capabilities via the EDG grants available in Singapore, the business can excel in various aspects.

PSG (Productivity Solutions Grant):

Technology plays a vital role in developing trade. It drives the business on the right path and also paves the way for success. The productivity solutions grant of Singapore is one such miracle that supports the businesses to expand their technical knowledge and lead them to production enhancement. PSG in Singapore is available for various sectors that include construction, food, retail industry etc. And looking into the industry-specific PSG – it is available in multiple streamlines like data and financial management, customer support solutions, inventory etc.

The productivity solutions grant of Singapore is controlled by the government companies, including NEA (National Environmental Agency), STB (Singapore Tourism Board) and Enterprise Singapore. Below are the eligibility criteria for adopting the PSG, given by Enterprise Singapore.

– If you have registered your trade in Singapore.

– You must hold a minimum of 30% shares in Singapore.

– Companies turnover and the number of employees working in the company is also given in the eligibility criteria. The total number of employees must be within 200. And the yearly turnover must not exceed S$100 million.

Here we have mentioned how to apply PSG in Singapore.

MRA Grant in Singapore:

If you are looking for opportunities to expand your SME overseas, then this MRA grant is the right choice. Similar to other grants, MRA also has a set of eligibility criteria. The business must be registered, or it must be incorporated in Singapore. The rest of the criteria are similar to other grants of Singapore. Additionally, the business must be new to develop its trade globally.

Now you may have a query whether your trade matches the qualities for overseas trade development. Let us look into that. If your trade has an annual turnover of S$100,000 (or below) for the past three years, then your business is eligible for a market readiness assistance grant in Singapore.

LPG (Land Productivity Grant in Singapore):

The land productivity grant is specifically for trades that want relocation domestically. Via this grant, the company can get upto 70% of the money support that is required for relocating the business. The LPG grant supports the traders by giving the costs that are required to shift the equipment or the machinery to the new location. However, this does NOT include the taxes and the land buying costs. The LPG grant also covers the costs for market and location study.

There are many other grants in Singapore that support the business growth of social enterprises, like the VFG (Venture for Good) grant. And BIF (Business Improvement Fund) for developing the trade related to tourism.

As bottom-line, if you are applying for any of the grants in Singapore, know about the eligibility criteria. If your trade matches those criteria, then proceed further. Moreover, you must have the appropriate documents required for submitting for grant approval. After the approval, the company must take initiatives to develop the trade as per the grant terms. Getting legal consultation from lawyers will also help you to start a firm that abides by the lawsuit.