The minimart business in Singapore has grown significantly in recent years due to the busy lifestyle of the people and the increasing demand for convenient shopping options. Some popular minimart chains in Singapore include 7-Eleven, Cheers, and FamilyMart. Right from shampoos to packs of eggs, people rely on minimarts for their essentials. People will be able to stumble upon a minimart easily in Singapore as they are available almost everywhere. Rather than taking a bus or train, consumers can get their provisions at a lower price close to their homes.
Singapore has always been an outstanding example to other developing countries when it comes to economic development. Business owners have always looked up to Singapore for its stable growth over the years. Thanks to the grants and funding initiatives from its government!
Regardless of how well a country has performed in terms of economic and industrial growth, the onset of COVID-19 has taken a massive toll on it. Singapore’s retail sector is yet to bounce back, and the government has taken several initiatives for it.
Singapore is widely preferred as one of the best countries when it comes to tourism. The country’s retail outlets are experiencing a surge in their sales and revenue as tourism has taken a significant hit. Before stepping into the grants available for Minimart business in Singapore, let us take a look at the various licenses that are required for setting up a retail outlet in Singapore. Your license requirements will vary depending on the type of products you sell; in this case, your products fall under either the health or safety sector.
Table of contents:
- How business-friendly is the Singapore government
- How things have changed in recent years
- Productivity Solutions Grant (PSG)
- What is it
- Who can avail Productivity Solutions Grant
- What are the three existing productivity schemes
- What are the steps taken by the government in order to ease things for SMEs
- What are the qualifications to avail the Productivity Solutions Grant
- How did the Singaporean government ease things
- What is the ultimate purpose of this grant
- Market readiness Assistance (MRA) Grant
- What is it
- How does the government help businesses in exploring the overseas market
- How to qualify for Market Readiness Assistance Grant
- Enterprise Development Grant (EDG)
- What is it
- What are the qualifications to avail Enterprise Development Grant
- How will the Enterprise Development Grant support your business
- Conclusion
How business-friendly is the Singapore government?
Singapore has made a name for itself globally for its business-friendly stance when it comes to its approach. By leveraging numerous grants and incentives, the Singapore government is able to make a difference.
How things have changed in recent years:
Although grants and incentives are not new for Singapore, the annual national budget announcement in 2018 flipped the cards. Singapore saw the addition of several new grants into their system, and they were exclusively focused on improving the business capabilities, workforce, and internationalization.
Recently the Singapore government is rolling out grants that are more straightforward and streamlined. They were primarily focused on fulfilling the specific needs of SMEs in Singapore rather than emerging as an all-in-one solution.
Here are some of the grants that you can tap into your Minimart Business in Singapore. You can apply for them if your business fits their requirements.
Productivity Solutions Grant (PSG):
What is it?
Productivity Solutions Grants (PSG) was a crucial part of the annual national budget announcement in 2018. It was primarily established to encourage businesses in Singapore to adopt digital productivity solutions. Currently, the Singapore government provides PSG funds for companies.
Who can avail Productivity Solutions Grant?
You can apply for PSG funds if your business falls under the following sectors:
- Food
- Logistics
- Precision Engineering
- Wholesale
- Retail
- Construction
- Landscaping
What are the three existing productivity schemes:
If you are interested in learning more about the supported equipment and solutions that qualify for the PSG, click here. To breakdown further, the Productivity Solutions Grant combines three existing productivity schemes, namely:
- Landscape Productivity Grant
- Innovation and Capability Voucher
- SME Go Digital Programme
What are the steps taken by the government in order to ease things for SMEs?
By combining three crucial schemes, the Singapore government intends businesses to access a broader range of digital productivity schemes at the same time. This innovative strategy can help businesses to scale and upgrade their business capabilities for better productivity.
What are the qualifications to avail the Productivity Solutions Grant?
In order to qualify for the PSG grant, your business should meet the following conditions:
- Your company should be registered and operating in Singapore.
- The solutions that you purchased, leased, or subscribed to must not be used outside of Singapore.
How did the Singaporean government ease things?
The Productivity Solutions Grant predominantly supports SMEs as the government has taken steps to ensure that funding and support are readily available for them. As SMEs get help at detailed and specified levels, they can easily pick and choose the ones that are necessary to upgrade their capabilities.
What is the ultimate purpose of this grant?
As the government has taken steps to ensure that the delivery of grants is more focussed, SMEs are able to streamline them towards their requirements to get specific benefits. The integration of the SMEGo digital program into PSG has catapulted the online availability of digital support for SMEs to a whole new level.
Market Readiness Assistance (MRA) Grant:
What is it?
Market Readiness Assistance Grant is primarily aimed at local SMEs with plans to expand their business overseas. Initially, the government supports SMEs with funding.
How does the government help businesses in exploring the overseas market?
The government has taken steps to ensure that the MRA grant supports them appropriately.
- Legal and documentation support for setting up your business in overseas markets.
- Identifying partners in the overseas market to help SMEs to acquire licenses, agents, distributors, franchises, and joint venture partners.
- Promotional and marketing activities in the overseas market like trade shows.
What are the qualifications to avail Market Readiness Assistance Grant?
In order to qualify for the MRA grant, your business should meet the following conditions, your company’s headquarters must be in Singapore.
Enterprise Development Grant (EDG):
What is it?
Enterprise Development Grant was launched by the Singaporean government to extend its support for local businesses. If your minimart business aims to set foot in the digital space, this grant is for you.
This grant provides support for SMEs to develop their businesses, including the improvement of operational efficiency and the development of new products and services.
Conclusion:
To start a minimart business in Singapore, you need to obtain a retail license from the Singapore government and comply with the regulations set by the relevant authorities, such as the Ministry of Health and the Singapore Food Agency. You also need to secure a suitable location and make the necessary arrangements for stocking, staffing, and marketing your store.
The minimart business in Singapore is a lucrative opportunity for entrepreneurs who are looking to tap into the demand for convenient shopping options. However, it is important to conduct thorough market research and comply with the regulations and requirements set by the government to succeed in this business.
The government of Singapore has always been friendly towards businesses as it puts their economic status in the global limelight. With the introduction of new grants and streamlining the existing ones into several umbrella schemes, SMEs like minimarts are able to acquire seed funding that brings life to their projects.
It is important to note that the availability and eligibility criteria for these grants may change from time to time, so it is recommended to check with the relevant government agencies for the most up-to-date information. If you have any Query, Chat with Us Now
In addition to government grants, minimart businesses in Singapore may also be eligible for financing support from financial institutions, such as banks and credit organizations.
In conclusion, there are several government grants and financing options available for minimart businesses in Singapore. Entrepreneurs who are looking to start or expand a minimart business in Singapore should consider these options as a source of support for their ventures.
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