Singapore, a global hub for entrepreneurship and innovation, offers a range of startup grants to support and encourage startups to grow and thrive. However, with so many options available, navigating the eligibility criteria can be overwhelming. In this article, we will guide you through the eligibility criteria for some of the most popular startup grants in Singapore, helping you to determine which one is right for your business.
Startup SG
Startup SG is a government-backed initiative that provides funding to early-stage startups. To be eligible, your startup must:
- Be a Singapore-registered company with a valid Business Registration Number
- Have a minimum of 30% local shareholding
- Have a minimum of SGD 100,000 in paid-up capital
- Be in the early-stage, with a maximum 3-year history
- Have a clear plan for growth and scalability
Startups that meet these criteria can receive funding of up to SGD 1 million to support their growth and development.
Early Stage Venture Fund (ESVF)
The ESVF is a fund that provides funding to early-stage startups with high growth potential. To be eligible, your startup must:
- Be a Singapore-registered company with a valid Business Registration Number
- Have a minimum of 30% local shareholding
- Have a minimum of SGD 100,000 in paid-up capital
- Be in the early-stage, with a maximum 3-year history
- Have a clear plan for growth and scalability
Startups that meet these criteria can receive funding of up to SGD 1.5 million to support their growth and development.
Startups That Can Apply
While the eligibility criteria for the above-mentioned grants are similar, there are some key differences. Startups that have the following characteristics are generally eligible to apply:
- Early-stage startups with high growth potential
- Startups that are able to demonstrate a clear plan for growth and scalability
- Startups that are registered in Singapore with a valid Business Registration Number
- Startups that have a minimum of 30% local shareholding
Conclusion
Navigating the eligibility criteria for startup grants in Singapore can be challenging, but with the right guidance, it can be a rewarding experience. By understanding the eligibility criteria for popular grants like Startup SG and ESVF, you can determine which one is right for your business. Remember to carefully review the criteria and ensure that your startup meets the required qualifications before applying. With the right support, your startup can grow and thrive in Singapore’s dynamic startup ecosystem.
FAQs
What is the minimum amount of paid-up capital required to be eligible for Startup SG and ESVF?
SGD 100,000
What is the maximum history allowed for early-stage startups to be eligible for Startup SG and ESVF?
3 years
What is the maximum funding available for Startup SG and ESVF?
SGD 1 million and SGD 1.5 million respectively
Can foreign nationals apply for Startup SG and ESVF?
No, at least 30% of the shareholding must be held by local individuals or entities
What is the typical duration of funding for Startup SG and ESVF?
Up to 5 years
Can I apply for multiple grants at the same time?
No, startups are only allowed to apply for one grant program at a time
