Business Grants in Singapore for Startups

Table of Contents

1. Introduction

2. The Importance of Business Grants for Startups

3. Detailed Overview of Key Business Grants in Singapore for Startups

4. How to Apply for Business Grants in Singapore

5. Conclusion

Disclaimer: The information in this article is for general guidance only and is not intended as legal advice. We strive to keep our resources up to date with the latest, accurate, and relevant information. However, should you find any information to be misleading or erroneous, we appreciate your effort to notify us. Please email any corrections or concerns to info@sgcwbusinesssolutions.com – thank you for your assistance in maintaining the quality of our resources!

1. Introduction

Singapore, known for its thriving startup ecosystem, provides various business grants to support startups. These grants offer financial assistance and valuable resources, enabling startups to prosper. This expanded article presents a detailed overview of the main business grants in Singapore for startups and the process of applying for them.

2. The Importance of Business Grants for Startups

Business grants can alleviate the financial challenges associated with running a startup. They can help startups fund initial operations, scale their businesses, invest in new technologies, or even enter new markets. Furthermore, these grants are non-dilutive, which means startups can gain this funding without sacrificing equity.

3. Detailed Overview of Key Business Grants in Singapore for Startups

Startup SG Founder Grant

Administered by Enterprise Singapore, the Startup SG Founder Grant provides mentorship and capital to first-time entrepreneurs. It comprises two tracks: the "Start" track and the "Train" track.

The "Start" track targets entrepreneurs with viable business plans and offers S$50,000 in grant funding over a 12-month period. Eligibility criteria include:

• A team with at least two Singapore Citizens (SC) or Singapore Permanent Residents (SPRs) as the main applicants

• At least two main applicants are first-time entrepreneurs

• Main applicants holding a minimum of 30% equity in the company

• A company with a minimum 51% SC/PR shareholdings

• The company must be incorporated for less than 6 months at the time of application

The "Train" track is designed for aspiring entrepreneurs seeking to develop entrepreneurial skills or viable business ideas. Participants receive a monthly stipend of S$1,500 during a 3-month venture-building programme with Accredited Mentor Partners Venture Builders (AMP-VB).

Productivity Solutions Grant (PSG)

The PSG supports companies in adopting IT solutions or equipment to enhance their business processes. From 1 April 2023, businesses applying for the PSG Grant can receive up to 50% of the qualifying costs incurred for the purchase or subscription of eligible solutions, subject to a cap of $30,000 per company per year.

Market Readiness Assistance (MRA) Grant

The MRA Grant helps companies expand their operations overseas, providing up to 70% of eligible costs for overseas market promotion, business development, and market research.

Enterprise Development Grant (EDG)

The EDG supports projects that help companies upgrade their business, innovate, and venture overseas.

*Each grant has specific eligibility criteria and objectives.

4. How to Apply for Business Grants in Singapore

Applying for business grants in Singapore typically involves the following steps:

1. Identify a suitable grant: Consider your business needs and growth plans to determine which grants are most relevant.

2. Review the eligibility criteria: Ensure your business meets the criteria set out by the grant provider.

3. Prepare a proposal: This may include a business plan, projected financial statements, and details of how the grant will be used.

4. Submit your application: The submission process varies between grants but is usually done online.

5. Await approval: The grant provider will review your application and may request additional information. Approval times vary.

5. Conclusion

Securing a business grant in Singapore can greatly enhance your startup's growth prospects. While the application process may seem daunting, it becomes manageable with the right guidance and preparation. We hope this comprehensive guide has provided valuable insights into the business grants available to startups in Singapore and the application process.

For more in-depth information on business grants, visiting these government websites such as Enterprise Singapore, Startup SG, and GoBusiness.

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