If you think about Singapore, it is one of the most beautiful places for tourism. YES! Starting a business in Singapore. Singapore stands as the best country to start a business. Apart from this, there are also various Business grants available in Singapore to help businesses.
Business-Friendly Place for Startups:
We all know that Singapore is located in South-East Asia. The country is located close to Indian 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 to nearly 300 cities. This will undoubtedly assist the traders in developing their trade in many locations.
Supporting Legal System:
Singapore has strong and stable corporate laws that support 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 protection act and competition act.
Business Grants Available in Singapore:
This is considered 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 business grants that are available in Singapore. And how the business can get benefited via the same.
Some of the Start-up Grants in Singapore:
Before getting into the details, one must know that all the startup business 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 up with a really creative and unique business idea, then they can benefit from this grant. If the trade idea has the potential to withstand 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 are 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 Singaporean citizen or must have a 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 a 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 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 a 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 in 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 skillful 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 getting internships with 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:
Every business has goals to expand its 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 traders in multiple ways. Companies in Singapore can utilize 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 specific areas of business development. And also, the best possible ways to increase 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 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 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 are 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.
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 business 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 had 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. 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 studies.
There are many other business 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.
Bottom line
If you are applying for any of the business 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 the initiative 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.
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NOTE: Kindly note that the information provided may be subject to change periodically, and it is crucial to check with official websites and stay updated with the latest updates and eligibility requirements for the government grants and support schemes available in Singapore.
FAQS
Who is eligible for a business grants in Singapore?
Eligibility for business grants in Singapore depends on the specific grant program. However, in general, most grant programs are available to Singapore-registered companies with a significant local presence and operations, including small and medium-sized enterprises (SMEs) and startups. Some grants may be industry-specific, targeting businesses in particular sectors such as healthcare or technology.
What is PSG grant Singapore?
The Productivity Solutions Grant (PSG) is a government grant in Singapore that aims to support businesses in their adoption of productivity-enhancing solutions. PSG provides funding support for the adoption of pre-scoped IT solutions and equipment that can improve productivity, streamline business operations and reduce costs.
Is 2023 a good year to start a business in Singapore?
Starting a business is a complex decision that depends on several factors, including market conditions, competition, economic stability, government policies, and industry trends.
It is essential to conduct thorough market research and analysis to determine the feasibility of your business idea and assess the potential risks and rewards of starting a business in a particular year. It may also be helpful to seek the advice of experienced entrepreneurs or business consultants before making any significant investment decisions.