Whether you’re coming up with an idea or getting funds, starting up a business is never easy. Navigating the startup landscape, finding the right support and community to validate your ideas can be especially difficult.
Fortunately, the Singaporean government has been proactive in promoting business-friendly policies through a range of grants, subsidies, and funding that can help business growth.
Hence, if you are managing a Singapore-registered startup or are keen on starting a new company in Singapore, here are some grants available for you to try.
The following is a brief overview of available schemes and grants startups can apply for to receive assistance in business growth.
Under Enterprise Singapore, the Startup SG platform provides first-time entrepreneurs access to local support schemes. One of the six Startup SG pillars, Startup SG Founder is for first-time entrepreneurs, providing mentorship, and a startup capital grant.
Maximum value of $30,000 available through co-matching agreement (matching $3 for every $1 raised by the entrepreneurs).
Also under Startup SG, this grant is for tech startups, providing successful applicants with early-stage funding for commercialisation of proprietary technology.
Apply for either;
Managed by Enterprise Singapore, the grant supports projects that help startups in strengthening business foundations, improving productivity, innovation, and expanding into overseas markets.
Depending on whether you are a Small Medium Enterprise (SME), the grant covers 30-70% of qualifying project costs.
Also managed by Enterprise Singapore, the grant aims at supporting companies looking into taking up IT solutions and equipment to improve current business processes and productivity.
Covers up to 70% of costs from investing in government-approved long-term technology solutions (e.g. CRM and HRM Systems).
Provided by the Singapore Centre for Social Enterprise (raiSE), this grant is accessible to both new and existing social enterprises who need funding to start up or expand business operations.
Up to $300,000.
An initiative by WorkForce SG, this aims to match hiring startups/SMEs with job-seeking professionals, managers, executives, and technicians (PMETs). PMETs will be vetted then placed into suited positions at startups by P-Max Programme Managers, and attend 2-3 day workshops. After which, P-Max Programme Managers will follow up and monitor the performance of newly trained PMETs for up to 6 months.
A one-off grant of $5000.
The BIF is offered by the Singapore Tourism Board and is targeted towards firms in the tourism sector through encouraging technology innovation along with adopting new business models and processes to improve productivity and competitiveness.
Successful Startups/SMEs can receive funding support of 70% of qualifying costs, which include;
Startups in Singapore can apply for and enjoy the benefits of many of the schemes detailed. Alongside these grants, businesses can also enjoy benefits available to all companies, such as low corporate tax rates, tight intellectual property rights standards, skilled workforce, and good connectivity to emerging markets in Asia.
There’s a reason why Singapore is in the top 5 as one of the “Most Business Friendly Countries”. If you are thinking of starting a business, it’s safe to say that Singapore is the right place to be for you to build your dream company.