Setting up a business is very easy in Singapore due to the ease of the incorporation process and the various grants the government provides for startups. To start a jewellery business you need to register a company in Singapore. The articles of Association need to be filed with the Singapore trade register and then a business license must be applied.
To start a Jewellery business the following points need to be kept in mind:
1. Picking the right target market
2. Studying the competition
3. Developing a business plan
4. Choosing the right name
5. Designing a product line
6. Choosing the right suppliers
7. Devising a unique brand
8. Developing a marketing strategy
9. Building an online store
10. Finding a fulfilment solution
What is a grant?
A grant is an amount of money given to an individual or a company by a Government for a particular purpose usually for the benefit of society.
What are the grants available for Jewellery businesses?
There are several grants available for jewelry businesses in Singapore, including:
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Productivity Solutions Grant – PSG – For active corporate organization in Singapore
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Enterprise Development Grant (EDG): The EDG provides funding support for companies to upgrade their capabilities, develop new products, or venture into new markets.
- Enterprise Financing Scheme (EFS)- Singaporean businesses will be able to get funding more easily at all phases of their development.
What is the Eligibility for the Grants?
Following are the eligibility criteria for the main Grants:
Productivity Solutions Grant
The eligibility criteria are as follows:
- The company should be registered and operating in Singapore
- Purchase/Lease/Subscription of the IT solutions must be used in Singapore
- Have a minimum of 30 per cent local shareholdings with an annual turnover of less than $100 million or less than 200 employees.
Enterprise Development Grant
- The company should be registered and operating in Singapore
- Have a minimum shareholding of 30 per cent
- Be in a financially viable position to start and complete the project
Enterprise Financing Scheme
- Be incorporated or operating in Singapore with physical presence.
- Enable Singapore businesses to access finances more
- Annual revenue below $500 million
How to apply for a Grant?
For PSG
Get your desired quotation from the respective vendor, and log in to your Corppass id. Check if you are eligible to apply for the claim. Fill in the application and submit your claim. The IMDA can raise queries which will appear when you login to your Corppass id. Once you submit your queries if everything is in order the claim will be processed within 4 to 6 weeks’ time.
For EDG
Check if you are eligible for EDG, identify the project category, submit the project proposal, prepare the required documents, prepare the checklist, sign into the Business portal with your Corppass id submit your application, once reviewed it takes about 8 to 12 weeks to complete the submission. You will receive the letter of offer if the grant is awarded to you. You need to acknowledge receipt and accept the letter of offer within the stipulated time.
For EFS
Submit a loan enquiry, Eligible SME’s can upload the required documents to be reviewed for approval. The approval process takes 48 hours, upon approval the loan gets funded to accredited and reliable investors.
With Moiboo software you can automate your Jewellery business end to end. This jewellery erp software is ideal for jewellry retail stores, jewellry manufacturers and diamond merchants. Moiboo is a pre-approved vendor for PSG Government Grants so your purchase would be funded up to 50% of the cost.
The features of Moiboo software are:
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- WhatsApp ordering
- SMS Promotions
- Run promotions
- Sell online
- Gift cards
- Loyalty cards
- Cloud server
- Reduce pilferage
- Informed purchase
- Reduce overstocking
- Super-fast billing
- Print barcodes
- Integrate Weighing Machine
- Simple Accounting
- E-file GST
- Multi-branch management
Conclusion
Choosing the right software can be a very difficult decision. Moiboo has all the features that are required to run a jewellery business. It has a built in accounting software (i.e), you do not need a separate software for managing accounts. It is recommended that jewelry businesses in Singapore check the eligibility criteria and specific terms and conditions for each of these grants and seek the advice of a financial advisor before applying. To know more please feel free to chat with our consultants at Click here
Disclaimer: The given grants and eligibility criteria are provided at the discretion of the relevant government authority. You are advised to check with the relevance and eligibility in the appropriate Government websites.