Government Grants For Businesses in Singapore

Government Grants For Businesses in Singapore

Are you a budding entrepreneur or a seasoned businessman looking for a financial grant? The government has a long list of government grants that you can apply for. Discover the grants available for start-up companies, and the grants for already established businesses. Find out about the requirements you need to comply to get government funding, and other government aids to help you grow your business.

Getting business grants can be tricky and time-consuming for most developed countries. But, it’s a good thing that has Singapore’s clear transparent criteria for giving government business grants. This clarity is what makes it quicker for business owners like you to prepare the requirements you need to get government grants.

Which Government Agency Should You Approach?

Before you jump into the available grants you can apply for; you have to get familiar first with the government agency handing out the business grants.

Enterprise Singapore is the government agency tasked to help businesses develop, and it is the government agency you should approach if you want to get funding. The agency was started in April 2018, as the product of the merger between International Enterprise Singapore and SPRING. It is an agency dedicated to helping businesses in Singapore build their capabilities, use innovative equipment in their day to day business processes, and eventually internationalise. It aims to help small business grow and turn Singapore into a trading and business start-up hub.

The agency is also responsible for checking if companies who apply meet the requirements and standards set by the government. So, if you want to get business funding, then make sure you meet the requirements required by the agency.

What are the Government Grants Given by Singapore?

For Start-up Businesses

  • Startup SG Founder

A grant that gives a startup capital for those who are venturing business for the first time. It also teaches and mentors neophyte entrepreneurs with creative ideas they can use in their business. In this grant, Enterprise Singapore will give $3 for every 1$ earned by the grantee

AMP also known as the Accredited Mentor Partners are appointed by the Enterprise Singapore to filter the applicants based on the business’ unique concept, the feasibility of the business model, the management team’s strength, and the potential market value. If the application is accepted, the grantee will be assisted by the AMP.

  • Startup SG Tech

This grant gives the grantee speedy development in technology solutions for your business to help entrepreneurs grow. The Startup SG Tech may give the grantee early-stage funds for commercialising the business technology.

The Startup SG Tech Grant supports:

  • (POC) and is also known as Proof of Concept
  • (POV) and is also known as Proof of Value

Companies may either apply for the POC or POC grants—which depends on your company’s technology and concept.

For Local Businesses

  • Productivity Solutions Grant

This is a government funding aimed at supporting companies who plan to integrate IT solutions into their daily business activities. The grant covers sector-specific aid or solutions which ranges from retail up to landscaping industries. It also supports solutions across different industries particularly in areas of customer management, financial management, data analytics and tracking of the inventory.

Various government agencies, like Enterprise Singapore and the National Parks Board, pre-scope the solutions before approving them. Once approved the government can provide up to 70% of business funding. For the list of allowable solutions visit this website https://www.smeportal.sg/content/tech-depot/en/psg.html

  • Capability Development Grant

This is government funding aimed at businesses looking to grow or scale up their business. Projects in developing products, human capital development, adopting new standards and the enhancement of the business process can receive funding from the government.

Once the grant has been approved the government business funding can pay up to 70% of project expenses. The qualifying project cost covers areas of consultancy, training,  certification and equipment expenses. For more inquiries visit this page:

https://spring.enterprisesg.gov.sg/Growing-Business/Grant/Pages/capability-development-grant.aspx

  • Global Partnership Grant

A grant that provides companies money to pay for expansion projects overseas in building capabilities, developing manpower and market access.

A grant that aims to help companies expand overseas by covering the qualified expenses for the expansion. Helping companies to develop strategies by engaging with the third-party professional.

SMEs, or Small and Medium Enterprises will receive at least 70% of qualified funds. Bigger companies’ funds may run up to 50%.

For more information, visit the GPG page: http://www.businessgrants.gov.sg/

  • Market Readiness Assistance Grant

Aimed at small and medium enterprises, with the goal of helping them take their business overseas. It provides a government funding of up to 70% for eligible costs, with a capped budget of 20,000 per fiscal year, for qualifying SMEs.

Each company applying for this grant must make sure to meet the criteria of the Enterprise Singapore, with the main emphasis on not engaging in any of the following:

  •  have not signed any engagement letter with any third party consultant
  • did not make the first payment to any third party consultant
  • has not commenced any projects with a third party consultant

For more enquiries, visit the MRA page: https://ie.enterprisesg.gov.sg/Assistance/MRA

Conclusion

The Singapore Government provides financial assistance to businesses whether budding or fully developed enterprises. These government grants are all aimed at helping each enterprise innovate, internationalise and improve their overall performance. All these businesses, in turn, can help turn the country into a stable and highly technological economy that cultivates growth and prosperity for the nation.