Get A Government Grant To Start A Business – To help its citizens through the current outbreak, the Singapore government has provided a lot of support to businesses during this difficult time. In response to Covid-19, several support measures are being implemented to help small and medium-sized businesses overcome financial difficulties and increase their growth. In this article, we have collected the best and most popular government grants for SMEs to click on.
One of the most popular grants is the Productivity Solutions Grant (PSG) issued by Enterprise Singapore to encourage industries to continue their innovation and productivity efforts. From April 1, 2020 to December 31, 2020, the maximum level of financial support was increased from 70 percent to 80 percent. Therefore, businesses that adopt information technology (IT) solutions and equipment can receive financing of up to 80 percent of the value of the qualifying project. Likewise, the scope of support methods has been expanded, including online collaboration tools, conference calling and telephone tools, queue management systems and temperature analysis methods.
- 1 Get A Government Grant To Start A Business
- 2 All You Need To Know About Productivity Solutions Grant (psg)
- 2.1 The Business Owner’s Guide To Government Grants For Funding Digital Transformation Efforts
- 2.2 Singapore Budget 2021 Snapshot
- 2.3 Get Government Grant
- 2.4 Business Grants Portal
- 3 Government Grants For Companies In Singapore
Get A Government Grant To Start A Business
Another subsidy offered by Enterprise Singapore that SMEs can access is the Business Development Grant (EDG). This grant is intended to support companies that want to develop, expand their business or do business abroad, which are included under three pillars: promotion, product and product innovation, access to the market.
All You Need To Know About Productivity Solutions Grant (psg)
From 1 April 2020 to 31 December 2020, the average level of support increased from 70% to 80% and for SMEs affected by Covid-19, support can reach 90% of the cost of the qualifying project. according to the law.
The purpose of the Market Readiness Assistance Grant (MRA) is to provide financial support to entrepreneurs ready and willing to expand overseas. From 1 April 2020 to 31 March 2023, eligible companies can receive a subsidy of up to 70 percent of their eligible costs, limited to S$100,000 per company to a new market. Each application for an MRA grant is limited to one project in one market abroad.
Small and medium-sized enterprises (SMEs) will get a global boost with Market Readiness Assistance (MRA) support to help take your business abroad.
Work Life Support introduced by Workers Singapore (WSG) provides financial support to SMEs to help them implement and maintain flexible working arrangements (FWAs) for their employees to create a work-life balance in the workplace. FWAs will give employees better control over their work schedules and increase job satisfaction. Any business in Singapore, including the public sector and not-for-profit organisations, can qualify for Work-Life funding.
Matthew Lesko Quote: “so If There Is A Government Grant Offered For Anything, Like Starting A Business Or Going To School, They Cannot Discrim…”
Working Life Support combines the two elements of FWA empowerment and work sharing empowerment. The fees for the 2 types are as follows:
P-Max is a placement and training program aimed at helping small and medium-sized businesses better recruit, train, manage and retain new professionals, managers, executives and technical employees (PMET). It not only improves the implementation of HR development in SMEs but also helps PMET job seekers to find suitable job opportunities.
According to Workforce Singapore until September 2020, eligible SMEs can enjoy up to 90 percent financial support with one-off financial assistance.
With the Career Test starting on 15 May 2019, employers will be able to assess the suitability of Singaporean job applicants through a short-term test before offering permanent employment. This program also helps Singaporean job seekers to try more jobs.
The Business Owner’s Guide To Government Grants For Funding Digital Transformation Efforts
According to Workforce Singapore, the wage subsidy for employers can be up to 30 percent of the monthly salary for up to 6 months, which is $5,400 per month for full-time positions and $2,700 per month for part-time positions. The unemployed Singaporeans being recruited should be those who have been looking for work for 6 months or more.
Apart from the above grants, there are many other financial SME support programs in Singapore that companies can use such as SkillsFuture Enterprise Credit (SFEC), e-invoicing grant, etc. If you want to know more about government grants available for your business, contact Contact us for a free consultation Recommended content 5 government subsidies and grants you should know when starting a business Government subsidies, for businesses in Singapore.
This article was written in collaboration with GovTech. All opinions expressed in this article are independent opinions based on our own research. is not responsible for any financial loss that may arise from any transaction and readers are encouraged to do their own homework. You can see our full editorial policy here.
According to the Financial and Corporate Regulatory Authority (ACRA), there are a total of 579,221 business entities registered in Singapore as of May 2023. This means that on average, for every 10 people in Singapore, there is one business.
Government Grants For Smes In Singapore
Most of these business entities (416, 356 as of May 2023) are corporations, making them the most widespread and recognized type of business organization.
Similar to Singaporeans, who can receive subsidies from the government, Singapore-listed companies also benefit from government support programs such as grants and subsidies. These support programs are specifically designed to help businesses, including new start-ups. These can be in areas such as raising funds for the company, training the founders and adopting technology to improve operations.
However for many first time business owners, understanding which government grants and who their company is eligible for can be confusing. In this article, we hope to guide you in the right direction by showing you some of the important support and assistance available when starting a business.
Before you apply for these government grants and subsidies, you must first register your business with ACRA.
Singapore Budget 2021 Snapshot
According to GoBusiness, the convenient platform for Singapore businesses to access government e-services and resources, anyone who intends to conduct a for-profit activity on the development must register a business with ACRA, so as long as it meets the exemption criteria.
Registering a business is like registering the birth of a baby. By registering your business, your business is recognized as a registered company in Singapore. You will receive a business profile with your unique identification number (UEN). This is similar to how all Singaporean babies have a birth certificate number.
By registering your business and obtaining a UEN, you can perform joint activities such as opening a business account, contributing to our employees’ CPF, and applying for and receiving government grants and subsidies.
Being a business owner also means that you must meet certain legal requirements, such as submitting annual reports and appointing a company secretary. So pay attention to certain duties as well.
Get Government Grant
Once you have successfully registered your business, you can consider applying for some of these relevant government grants to match the establishment of your new business.
The SG Founders Program (SSGF) supports first-time entrepreneurs to set up their own new businesses by providing mentoring and financial support.
Through SG Founder’s startup program, companies can receive a funding amount of $50,000 over a 12-month funding period. Note that the company is required to have an investment amount of $20,000 and the company must also have at least $10,000 as paid-up capital on ACRA at the point of application. After funding, the founders will receive mentoring from their Master Partners (AMPs).
The Startup SG Founder Program (SSGF) only applies to first-time founders, so those who have started a business in the past or are serial entrepreneurs will not be eligible. Additionally, you must work full-time at the startup and cannot work outside.
Start Your Digital Transformation Journey With The Productivity Solutions Grant
If you are a deep-rooted startup with proprietary technology and an innovative business model, you may want to consider SG Tech’s startup support.
Depending on the stage of technological development or the idea of your startup, SG Tech startup funding can support Proof of Concept (POC) with funding of up to $250,000, or Proof of Value (POV) with a grant of up to $500,000.
To be considered for this grant, your startup needs to develop a solution with a high level of innovation and technology that includes intellectual property (IP) or intellectual property (IA) owned by the person/startup.
The Infocomm Media Development Authority (IMDA) digital startup program provides small and medium-sized businesses with assistance to adopt digital solutions to improve their business processes and increase productivity. It offers support in the form of a wide range of digital solutions, including key digital tools and services from various technology providers.
Business Grants Portal
As part of the Start Digital program, eligible small and medium-sized companies (including private companies, partnerships, etc.) can get access to various digital solutions, including accounting and human resources software, digital marketing tools and Internet security solutions, from free service providers. – get the solution.
Digital solutions can become an integral part of all business activity from day one. Para Digital allows business organizations to first test these solutions at no cost and use the technology to streamline their operations and improve their overall business capabilities.
You can sign up for Start Digital through Start Digital Partners, which include DBS, Maybank, OCBC, UOB and Singtel, or access the Chief Technology Officer-as-a-Service (CTO-as-a-Service) here.
Business Development Grant (EDG)
Government Grants For Companies In Singapore
Can i get a government grant to start a business, government grant to start your own business, government grant to start a business, government grant for business, grant to start business, apply for government grant to start business, how to get a government grant to start a business, government grant to start business, government grant to start new business, government grant to start a small business, get a government grant to start a business, government grant business start up