How To Apply For A Grant To Start A Business – If you are someone who wants to start a new company in Singapore or if you are running a startup registered in Singapore, you may want to know what funds you can apply for. This article covers 7 of them:
Startup SG was launched in 2017 as a platform for entrepreneurs to participate in local support initiatives. One of the six pillars of Startup SG, Startup SG Founder is best suited for early-stage entrepreneurs. Startup SG assistance is provided by Enterprise Singapore.
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How To Apply For A Grant To Start A Business
Startup SG Founder provides budding entrepreneurs with mentorship and startup funding of up to $30,000 on a partnership basis. This means the program will match $3 for every $1 raised by the investor on $30,000. Therefore, to get the maximum value of $30,000, the entrepreneurs themselves must raise and invest $10,000 in the business.
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Note that AMPs can be as accurate as 50% when you start. Therefore, you should consult the AMPs for more information on their exact terms.
Also under Startup SG, Startup SG Tech focuses on technology startups and provides early stage funding for successful candidates to commercialize cutting-edge technology. Technology startups can apply for a Proof-of-Concept (POC) grant of up to $250,000 or a Proof-of-Value (POV) grant of up to $500,000, depending on the stage of development of the technology, theory their.
A POC project is one in the concept phase where the technical/scientific viability of your concept needs to be proven. On the other hand, a POV project is one where you have a technical/scientific concept and want to develop a working model.
Again, if you are offered a grant, please note that the grant will include an equity and Enterprise Singapore will be entitled to use a share subscription. To maintain a student loan, you will be required to increase your equity by 10% and 20% for POC and POV loans.
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Visit the Startup SG Tech page for more information on the grant and application process.
The Intellectual Development Initiative (EDG) is a program run by Enterprise Singapore. The fund aims to support projects that help start-ups (and Singaporean businesses in general) strengthen their business base, pursue innovation and improve productivity, and expand into overseas markets.
EDG covers up to 30% – 70% of branding project costs, depending on whether your business is a small and medium-sized enterprise (SME) and whether the costs are related to software and hardware.
You can visit the Enterprise Singapore and IMDA websites for more information about the grant.
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The Productivity Program (PSG) supports companies that want to adopt IT solutions and tools to improve their business processes and improve productivity. PSG covers up to 70% of the costs of investments in long-term government-approved technology solutions, such as customer relationship management solutions and human resource management systems.
The VFG grant is available to new social enterprises and social enterprises that need funding to start or expand their operations. It is offered by the Singapore Center for Social Enterprise (Growth) and supported by the Ministry of Health and Family Welfare. Interested applicants can apply for grants of up to $300,000.
Your social enterprise addresses a social area/need in one or more of the possible outcome areas. Some of these areas include the provision of employment opportunities, social distancing in the areas of mental health and healthcare. A full list of product categories can be found on the raiSE Singapore website and linked to the grant application.
For businesses registered in Singapore in the tourism sector, the BIF aims to encourage innovation and technology adoption, as well as redesign business models and processes to improve productivity and competitiveness. BIF is provided by the Singapore Tourism Board.
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Depending on the size of your business, the level of support provided by BIF will vary. Successful small and medium-sized enterprise (SME) applicants will receive financial support of up to 70% of the award fees, including:
Proposed projects will be evaluated on how to improve the productivity and competitiveness of tourism companies. More information can be found on the Singapore Tourism Board website.
P-Max is a program of Workforce SG aimed at matching and hiring SMEs and jobseekers, managers, executives and technicians (PMETs). PMETs looking for work are screened and then placed in suitable positions to hire SMEs by P-Max project managers. The SME can submit a new PMET for the P-Max program.
New PMETs attend a 2/3 day workshop and SME supervisors attend a 1 day workshop. Afterwards, P-Max project managers and newly trained SMEs and PMETs follow for 6 months to monitor their work and ensure that the techniques taught in the workshops are applied.
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If your company successfully completes the 6-month follow-up and retains their new employees, you can receive a one-time bonus of $5,000.
To apply, you must contact the Program Administrators or submit your interest at this link.
More information about P-Max, as well as a list and contact information of project managers, can be found on the Workforce SG website (click on the “How to apply?” tab).
Most of the startup grants discussed above require you to register your company before you can start applying for them. If you haven’t already done so, you may want to consider hiring a business services firm to incorporate your company for you. Starting a new business is not easy, and there are many legal procedures at the beginning that require attention and commitment.
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A corporate services firm provides business support services to companies, including company incorporation. We can help you register your business and submit important documents to meet the legal requirements for company incorporation.
Most importantly, a business services firm can help you manage your deadlines and requirements. With an independent corporate services company handling these legal requirements, you can direct your resources to properly manage your startup and achieve your goals.
If you are interested in joining a business services firm, you can find information and contact us on this page.
After you have successfully incorporated your company and applied for the necessary funds above, you should consider the legal requirements and requirements under Singapore law. Some of these requirements include a registered office and the appointment of a company secretary. Your preferred corporate services firm can also provide corporate secretarial services and help you manage your budgeting needs.
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Additionally, you may wish to consult a corporate attorney to navigate the many types and requirements associated with incorporating a company or for legal assistance and specialized work such as protecting intellectual property and reviewing and drafting contractual agreements.
The information provided does not constitute legal advice. You should obtain independent legal advice from a solicitor before taking legal action. While we make every effort to ensure the accuracy of the information on this website, you rely on it at your own risk.All Companies Corporate Secretaries Tax & Accounting Business Bank Account Work Visa & Immigration Payroll & HR Support
Powering Singapore’s economy are various startups and SMEs, which currently employ nearly two-thirds of Singapore’s workforce. The government is known for its ability to support these business ventures, so there is plenty of funding available for them.
These funds give SMEs and startups the opportunity to improve their capabilities and internationalize. In other words, Singapore will ensure that its SMEs and start-ups are globally competitive. No wonder Singapore is a popular company registration choice among entrepreneurs.
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Of course, loans are different from business loans. They are similar because of the financial aid, but the biggest difference is in the cost. Business loans must be repaid within the agreed period, but the loans do not burden you with repayments.
But the process of applying for loans is more complicated than applying for loans. The money provided by the loans may be less than the money you can get from a business loan. But this is different because one menu is different from the other.
If you are a startup founder, you can get your capital through loans. Some funds also pay for POV (Proof of Value) and POC (Proof of Concept).
Business owners can use various types of SME loans to help finance various projects that help the business grow and become more efficient.
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The Singapore company and other agencies are aware of the opportunity of these grants. Most of the funding is for SMEs, so your business needs to meet these criteria first.
Locally owned companies have more opportunities and benefit from government financial support than foreign companies.
The application process for these grants is flexible
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