As a business owner in Singapore, it’s essential to stay updated on the various government grants available to support your growth and development. The Singapore government offers a range of grants to help businesses overcome challenges, innovate, and expand their operations. In this article, we’ll explore the list of Singapore government grants for 2024 that can help boost your business.
Enterprise Development Grant (EDG)
The Enterprise Development Grant (EDG) is a key initiative by the Singapore government to support small and medium-sized enterprises (SMEs) in their growth and development. The grant provides funding support of up to 70% of qualifying project costs, with a maximum cap of $1 million per project. The EDG is designed to help SMEs overcome challenges, innovate, and expand their operations.
To be eligible for the EDG, your business must be a Singapore-registered company, have a minimum of 30% local shareholding, and have a minimum annual sales turnover of $500,000. The grant is available for a wide range of projects, including market access, innovation, and productivity improvement.
Productivity and Innovation Credit (PIC)
The Productivity and Innovation Credit (PIC) is a tax-based grant that encourages businesses to adopt innovative solutions and improve their productivity. The grant provides a 400% tax deduction or a 60% cash payout of up to $1 million per year for qualifying expenses. The PIC is designed to help businesses overcome challenges, innovate, and improve their competitiveness.
To be eligible for the PIC, your business must be a Singapore-registered company, have a minimum of 30% local shareholding, and have a minimum annual sales turnover of $500,000. The grant is available for a wide range of qualifying expenses, including training, innovation, and productivity improvement.
Research and Development (R&D) Grant
The Research and Development (R&D) Grant is a grant that encourages businesses to invest in research and development activities. The grant provides funding support of up to 70% of qualifying R&D costs, with a maximum cap of $1 million per project. The R&D grant is designed to help businesses overcome challenges, innovate, and develop new products and services.
To be eligible for the R&D grant, your business must be a Singapore-registered company, have a minimum of 30% local shareholding, and have a minimum annual sales turnover of $500,000. The grant is available for a wide range of R&D projects, including product development, process innovation, and technology adoption.
Autonomous Systems (AS) Grant
The Autonomous Systems (AS) Grant is a grant that encourages businesses to develop and adopt autonomous systems. The grant provides funding support of up to 70% of qualifying project costs, with a maximum cap of $1 million per project. The AS grant is designed to help businesses overcome challenges, innovate, and develop new products and services.
To be eligible for the AS grant, your business must be a Singapore-registered company, have a minimum of 30% local shareholding, and have a minimum annual sales turnover of $500,000. The grant is available for a wide range of AS projects, including robotics, artificial intelligence, and autonomous vehicles.
Smart Nation and Digital Government (SNDG) Grant
The Smart Nation and Digital Government (SNDG) Grant is a grant that encourages businesses to develop and adopt digital solutions. The grant provides funding support of up to 70% of qualifying project costs, with a maximum cap of $1 million per project. The SNDG grant is designed to help businesses overcome challenges, innovate, and develop new products and services.
To be eligible for the SNDG grant, your business must be a Singapore-registered company, have a minimum of 30% local shareholding, and have a minimum annual sales turnover of $500,000. The grant is available for a wide range of SNDG projects, including digital transformation, data analytics, and cybersecurity.
Conclusion
The Singapore government offers a range of grants to support businesses in their growth and development. The grants listed above are designed to help businesses overcome challenges, innovate, and expand their operations. To be eligible for these grants, businesses must meet certain criteria, including being a Singapore-registered company, having a minimum of 30% local shareholding, and having a minimum annual sales turnover of $500,000.
We hope this article has provided you with a comprehensive overview of the Singapore government grants available for 2024. Remember to stay updated on the latest grant opportunities and requirements to ensure your business stays competitive and innovative.
FAQs
Q: What is the Enterprise Development Grant (EDG)?
A: The Enterprise Development Grant (EDG) is a key initiative by the Singapore government to support small and medium-sized enterprises (SMEs) in their growth and development.
Q: What is the eligibility criteria for the EDG?
A: To be eligible for the EDG, your business must be a Singapore-registered company, have a minimum of 30% local shareholding, and have a minimum annual sales turnover of $500,000.
Q: What is the Productivity and Innovation Credit (PIC)?
A: The Productivity and Innovation Credit (PIC) is a tax-based grant that encourages businesses to adopt innovative solutions and improve their productivity.
Q: What is the eligibility criteria for the PIC?
A: To be eligible for the PIC, your business must be a Singapore-registered company, have a minimum of 30% local shareholding, and have a minimum annual sales turnover of $500,000.
Q: What is the Research and Development (R&D) Grant?
A: The Research and Development (R&D) Grant is a grant that encourages businesses to invest in research and development activities.
Q: What is the eligibility criteria for the R&D grant?
A: To be eligible for the R&D grant, your business must be a Singapore-registered company, have a minimum of 30% local shareholding, and have a minimum annual sales turnover of $500,000.
