Government Aid for Startups: Top Singapore Business Grants for New Entrepreneurs
Singapore is one of the most business-friendly countries in the world, offering a plethora of government aid for startups to help them grow and thrive. The government’s efforts to support entrepreneurship have led to the creation of numerous business grants, loans, and other forms of financing to help new entrepreneurs get off the ground. In this article, we will explore the top Singapore business grants for new entrepreneurs.
1. Start-Off Grant: This grant is designed to help early-stage startups with funding of up to SGD 50,000 to support their business development. The grant is open to startups that are less than three years old and have a minimum of two full-time employees.
2. Enterprise Development Grant (EDG): This grant is designed to help small and medium-sized enterprises (SMEs) and startups with funding of up to SGD 100,000 to support their business development. The grant is open to businesses that are at least 30% owned by Singaporeans, permanent residents, or Singaporean-citizen entities.
3. Productivity and Innovation Credit (PIC): The PIC is a non-taxable cash rebate of up to 100% of qualifying expenses incurred on various business activities, including research and development, training, and IT solutions. The maximum cap for the PIC is SGD 100,000.
4. Local Enterprise and Association Development Programme (LEAD): This programme aims to support the growth of local enterprises and their associations by providing funding of up to SGD 500,000 for projects that benefit the local economy.
5. Startup SG Founder: This grant is designed to support first-time entrepreneurs with funding of up to SGD 300,000 to support their business development. The grant is open to entrepreneurs who are at least 21 years old and have a good credit score.
6. Biomedical Sciences Funding Initiative (BSFI): This initiative provides funding of up to SGD 10 million to support the growth of the biomedical sciences industry in Singapore. The funding is open to companies that are at least 30% owned by Singaporeans, permanent residents, or Singaporean-citizen entities.
7. National Research Foundation (NRF) Fellowship: This fellowship provides funding of up to SGD 1.5 million to support the research and development of innovative projects. The fellowship is open to scientists and engineers who are Singaporean citizens or permanent residents.
8. Early-Term Venture Capital (ETV) Scheme: This scheme provides funding of up to SGD 10 million to support the growth of early-stage startups. The scheme is open to startups that are less than three years old and have a minimum of two full-time employees.
9. SpringSEED: This fund provides funding of up to SGD 500,000 to support the growth of early-stage startups in the technology and clean technology sectors. The fund is open to startups that are less than three years old and have a minimum of two full-time employees.
10. Global Innovation Linkages Programme (GILP): This programme provides funding of up to SGD 100,000 to support the collaboration between Singaporean and foreign companies, research institutions, or universities to develop innovative projects.
Conclusion:
Singapore offers a wide range of government aid for startups, providing a supportive environment for new entrepreneurs to grow and thrive. The various grants, loans, and other forms of financing available can help entrepreneurs overcome the challenges of starting a new business, allowing them to focus on their vision and goals. Whether you’re a first-time entrepreneur or an established business owner, there’s a grant or funding option available to support your business growth.
FAQs:
- What is the eligibility criteria for the Start-Off Grant? The grant is open to startups that are less than three years old and have a minimum of two full-time employees.
- What is the maximum funding available under the Enterprise Development Grant (EDG)? The maximum funding available is SGD 100,000.
- How do I apply for the Productivity and Innovation Credit (PIC)? You can apply for the PIC through the Inland Revenue Authority of Singapore (IRAS) website.
- What is the eligibility criteria for the Local Enterprise and Association Development Programme (LEAD)? The programme is open to local enterprises and their associations.
- What is the maximum funding available under the Biomedical Sciences Funding Initiative (BSFI)? The maximum funding available is SGD 10 million.
