Boost Your Business: Top 10 Singapore Government Grants for Startups and SMEs
Singapore is a hub for entrepreneurship and innovation, offering a wide range of government grants and initiatives to support startups and small and medium-sized enterprises (SMEs). These grants can help businesses grow, innovate, and expand their operations, making them a crucial part of the country’s economic development.
In this article, we’ll explore the top 10 Singapore government grants for startups and SMEs, covering various sectors and industries. Whether you’re a startup looking to launch your business or an SME seeking to scale up, these grants can provide the necessary funding and support to help you achieve your goals.
1. Enterprise Development Grant (EDG)
The Enterprise Development Grant (EDG) is a key initiative by the Singapore government to support SMEs in their growth and development. The grant provides funding of up to 70% of qualifying costs for projects that aim to improve business processes, enhance innovation, and increase productivity.
To be eligible, businesses must be registered and operating in Singapore, with a minimum of 30% local shareholding. The grant is open to all sectors, with a focus on projects that have a high potential for growth and job creation.
2. Productivity and Innovation Credit (PIC) Scheme
The Productivity and Innovation Credit (PIC) Scheme is a tax-based incentive designed to encourage businesses to invest in innovation and productivity-enhancing activities. The scheme provides a 400% tax deduction or a 60% cash payout for qualifying expenses, such as training and equipment purchases.
To be eligible, businesses must be registered and operating in Singapore, with a minimum of 10% local shareholding. The scheme is open to all sectors, with a focus on projects that have a high potential for innovation and productivity growth.
3. Startup SG Equity
Startup SG Equity is a government-backed equity fund that provides funding to startups in exchange for equity. The fund aims to support startups in their growth and development, with a focus on projects that have high potential for scalability and job creation.
To be eligible, startups must be registered and operating in Singapore, with a minimum of 10% local shareholding. The fund is open to all sectors, with a focus on projects that have a high potential for growth and innovation.
4. Early Stage Venture Fund (ESVF)
The Early Stage Venture Fund (ESVF) is a government-backed fund that provides funding to early-stage startups in exchange for equity. The fund aims to support startups in their growth and development, with a focus on projects that have high potential for scalability and job creation.
To be eligible, startups must be registered and operating in Singapore, with a minimum of 10% local shareholding. The fund is open to all sectors, with a focus on projects that have a high potential for growth and innovation.
5. Technology Incubation Scheme (TIS)
The Technology Incubation Scheme (TIS) is a government-backed program that provides funding and support to startups and SMEs in the technology sector. The scheme aims to support the development of innovative technologies and products, with a focus on projects that have high potential for scalability and job creation.
To be eligible, businesses must be registered and operating in Singapore, with a minimum of 30% local shareholding. The scheme is open to all sectors, with a focus on projects that have a high potential for innovation and growth.
6. Capability Development Grant (CDG)
The Capability Development Grant (CDG) is a government-backed grant that provides funding to businesses to develop their capabilities and improve their competitiveness. The grant aims to support businesses in their growth and development, with a focus on projects that have high potential for scalability and job creation.
To be eligible, businesses must be registered and operating in Singapore, with a minimum of 30% local shareholding. The grant is open to all sectors, with a focus on projects that have a high potential for growth and innovation.
7. Trade and Industry Development Grant (TIDG)
The Trade and Industry Development Grant (TIDG) is a government-backed grant that provides funding to businesses to develop their trade and industry capabilities. The grant aims to support businesses in their growth and development, with a focus on projects that have high potential for scalability and job creation.
To be eligible, businesses must be registered and operating in Singapore, with a minimum of 30% local shareholding. The grant is open to all sectors, with a focus on projects that have a high potential for growth and innovation.
8. InnoFest
InnoFest is a government-backed program that provides funding and support to startups and SMEs in the innovation sector. The program aims to support the development of innovative products and services, with a focus on projects that have high potential for scalability and job creation.
To be eligible, businesses must be registered and operating in Singapore, with a minimum of 30% local shareholding. The program is open to all sectors, with a focus on projects that have a high potential for innovation and growth.
9. SGUnited Traineeships
SGUnited Traineeships is a government-backed program that provides funding and support to businesses to hire and train trainees. The program aims to support the development of skills and talent in Singapore, with a focus on projects that have high potential for scalability and job creation.
To be eligible, businesses must be registered and operating in Singapore, with a minimum of 30% local shareholding. The program is open to all sectors, with a focus on projects that have a high potential for growth and innovation.
10. SMEs Go Digital
SMEs Go Digital is a government-backed program that provides funding and support to SMEs to adopt digital technologies and solutions. The program aims to support the digital transformation of SMEs, with a focus on projects that have high potential for scalability and job creation.
To be eligible, businesses must be registered and operating in Singapore, with a minimum of 30% local shareholding. The program is open to all sectors, with a focus on projects that have a high potential for growth and innovation.
Conclusion
The Singapore government offers a wide range of grants and initiatives to support startups and SMEs, covering various sectors and industries. These grants can provide the necessary funding and support to help businesses grow, innovate, and expand their operations, making them a crucial part of the country’s economic development.
In this article, we’ve explored the top 10 Singapore government grants for startups and SMEs, covering various sectors and industries. Whether you’re a startup looking to launch your business or an SME seeking to scale up, these grants can provide the necessary funding and support to help you achieve your goals.
FAQs
Q: What is the eligibility criteria for the Enterprise Development Grant (EDG)?
A: The eligibility criteria for the EDG includes being registered and operating in Singapore, with a minimum of 30% local shareholding.
Q: What is the focus of the Productivity and Innovation Credit (PIC) Scheme?
A: The focus of the PIC Scheme is to encourage businesses to invest in innovation and productivity-enhancing activities.
Q: What is the eligibility criteria for the Startup SG Equity fund?
A: The eligibility criteria for the Startup SG Equity fund includes being registered and operating in Singapore, with a minimum of 10% local shareholding.
Q: What is the focus of the InnoFest program?
A: The focus of the InnoFest program is to support the development of innovative products and services.
Q: What is the eligibility criteria for the SGUnited Traineeships program?
A: The eligibility criteria for the SGUnited Traineeships program includes being registered and operating in Singapore, with a minimum of 30% local shareholding.
Q: What is the focus of the SMEs Go Digital program?
A: The focus of the SMEs Go Digital program is to support the digital transformation of SMEs.
