According to the World Bank’s annual “Doing Business” 2017 report, Singapore is now ranked 2nd behind New Zealand among 190 economies surveyed. The iconic city in the heart of Asia boasts one of the world’s best economic and logistic infrastructure and skilled workforce. The Singapore Government has created a business-friendly environment and launched several initiatives and grants to assist entrepreneurs and nurtures local business to successfully foray into regional and global markets.
We have handpicked some of the relevant grants that are available to entrepreneurs and small and medium enterprises (SMEs) below.
CAPABILITY DEVELOPMENT GRANT (CDG)
The Capability Development Grant (CDG) aims to support SMEs to scale up business capabilities and ensure business sustainability. The Company can take on projects in areas like product development, human capital development, business processes enhancements for productivity and business model transformation.
iSPRINT is a comprehensive initiative that supports the adoption of ICT by SMEs, from simple solutions that improve business operations to innovative uses of technology that transform a business or sector. The grant cap for Business Improvement and Packaged Solutions offered under iSPRINT is currently at S$20,000.
MARKET READINESS ASSISTANCE GRANT (MRA)
The MRA Grant which is administer under the MRA Programme provides up to 70% of eligible third-party costs supported under the Market Readiness Assistance (MRA) grant. These costs cover activities such as:
- Overseas market set-up
- Identification of business partners
- Overseas market promotion
ACE STARTUPS GRANTS
Ace is a government backed grant that supports first-time entrepreneurs who are either citizens of Singapore or Permanent residents of the country. For every S$3 raised by the entrepreneur, SPRING funds the startup $S7. The maximum amount extended by ACE is S$50,000.
STARTUP SG TECH (formerly known as TECS)
The Company can apply for the Startup SG Tech grant if they are able to show economic value for the entity in Singapore (e.g. hiring, R&D activities, core management team in Singapore, manufacturing operations). The grants available under SG Tech is POC which is capped at $250,000 and POV which is capped at $500,000.
INNOVATION & CAPABILITY VOUCHER (ICV)
The Innovation & Capability Voucher (ICV) is a simple to apply, easy-to-use voucher valued at $5,000, to encourage SMEs to develop their business capabilities.
PRODUCTIVITY-MAX PROGRAMME (P-Max)
The Productivity-Max (P-Max) programme helps small and medium enterprises (SMEs) better recruit and retain Professionals, Managers and Executives (PMEs).
The information in this document is not advice of any kind but general information only and should not be relied on as legal advice. Kensington Trust Group recommends seeking professional advice on legal or tax issues affecting you before relying on it. While Kensington Trust Group tries to ensure that the content of this document is accurate, adequate or complete, it does not represent or warrant, express or implied, its accuracy, correctness, completeness or use of any of the information. Kensington Trust Group does not assume legal liability for any loss suffered as a result of or in relation to the use of this document. To the extent permitted by law, Kensington Trust Group excludes any liability for negligence, for any loss, including indirect or consequential damages arising from or in relation to the use of this document.