Eligibility for Singapore’s Enterprise Development Grants: A Guide for Startups and SMEs
The Singapore government has implemented various initiatives to support the growth and development of startups and small and medium-sized enterprises (SMEs) in the country. One of the key initiatives is the Enterprise Development Grants (EDG) scheme, which provides funding support to eligible companies to help them innovate, internationalize, and scale up their businesses.
In this article, we will provide a comprehensive guide on the eligibility criteria for the EDG scheme, including the types of projects and activities that are eligible for funding, the funding levels, and the application process.
Eligibility Criteria
To be eligible for the EDG scheme, companies must meet the following criteria:
- Be a Singapore-registered company
- Have a minimum of 30% local shareholding
- Have a minimum of SGD 100,000 in annual sales revenue for the past two consecutive years
- Not be a subsidiary of a foreign company
In addition to these criteria, companies must also meet the specific eligibility criteria for the type of project or activity they wish to apply for funding. For example, companies applying for funding for innovation projects must have a minimum of SGD 100,000 in annual research and development (R&D) expenditure, while companies applying for funding for internationalization projects must have a minimum of SGD 100,000 in annual exports.
Types of Projects and Activities
The EDG scheme provides funding support for a wide range of projects and activities, including:
- Innovation projects, such as R&D, product development, and intellectual property protection
- Internationalization projects, such as market research, trade shows, and overseas business trips
- Scale-up projects, such as business process re-engineering, organizational restructuring, and talent development
- Other projects, such as market development, industry transformation, and community development
Companies can apply for funding for multiple projects and activities, as long as they meet the eligibility criteria and have a clear plan for how they will use the funding to achieve their business objectives.
Funding Levels
The EDG scheme provides funding support of up to 70% of the total project cost, with a maximum funding amount of SGD 300,000 per project. The funding level may vary depending on the type of project and the company’s size and industry.
For innovation projects, the funding level is up to 70% of the total project cost, with a maximum funding amount of SGD 300,000 per project. For internationalization projects, the funding level is up to 50% of the total project cost, with a maximum funding amount of SGD 150,000 per project. For scale-up projects, the funding level is up to 50% of the total project cost, with a maximum funding amount of SGD 100,000 per project.
Application Process
The application process for the EDG scheme is as follows:
- Companies must submit an application through the Enterprise Singapore website
- Applications must include a project proposal, a budget, and a timeline for the project
- Applications will be reviewed by Enterprise Singapore and assessed based on the company’s eligibility, the project’s feasibility, and the potential impact on the company’s business
- Approved applications will receive a grant agreement, which outlines the terms and conditions of the funding
- Companies must submit progress reports and financial statements to Enterprise Singapore throughout the project
Conclusion
The Enterprise Development Grants scheme is an important initiative for startups and SMEs in Singapore, providing funding support for innovation, internationalization, and scale-up projects. By understanding the eligibility criteria, types of projects and activities, funding levels, and application process, companies can take advantage of this scheme to achieve their business objectives and grow their businesses.
FAQs
Q: What is the Enterprise Development Grants scheme?
A: The Enterprise Development Grants scheme is a funding initiative provided by Enterprise Singapore to support the growth and development of startups and SMEs in Singapore.
Q: Who is eligible for the EDG scheme?
A: Companies must meet the eligibility criteria, including being a Singapore-registered company, having a minimum of 30% local shareholding, having a minimum of SGD 100,000 in annual sales revenue for the past two consecutive years, and not being a subsidiary of a foreign company.
Q: What types of projects and activities are eligible for funding?
A: The EDG scheme provides funding support for innovation projects, internationalization projects, scale-up projects, and other projects, such as market development, industry transformation, and community development.
Q: How much funding is available for each project?
A: The funding level varies depending on the type of project and the company’s size and industry. For innovation projects, the funding level is up to 70% of the total project cost, with a maximum funding amount of SGD 300,000 per project. For internationalization projects, the funding level is up to 50% of the total project cost, with a maximum funding amount of SGD 150,000 per project. For scale-up projects, the funding level is up to 50% of the total project cost, with a maximum funding amount of SGD 100,000 per project.
Q: How do I apply for the EDG scheme?
A: Companies must submit an application through the Enterprise Singapore website, including a project proposal, a budget, and a timeline for the project. Applications will be reviewed by Enterprise Singapore and assessed based on the company’s eligibility, the project’s feasibility, and the potential impact on the company’s business.
Q: What are the benefits of the EDG scheme?
A: The EDG scheme provides funding support to help companies innovate, internationalize, and scale up their businesses, which can lead to increased revenue, job creation, and economic growth.
