Singapore, known as a global business hub, offers a plethora of government grants aimed at supporting businesses in their growth and development. After incorporating your company, any kind of financial support is helpful to ensure your business grows in the desired direction. Whether you’re looking to fund new product development, expand into new markets, or hire additional employees, there are grants available to help you achieve your business goals. However, obtaining a business grant in Singapore requires careful planning and adherence to specific guidelines. In this guide, we will walk you through the steps to secure a business grant in Singapore successfully.
Steps to Get a Business Grant in Singapore
Identify Your Business Needs
The first step in securing a business grant is to identify your business’s specific needs and goals. What challenges are you facing, and what kind of support do you require to overcome them? By clearly defining your objectives, you can narrow down the available grants that align with your business requirements.
Research Available Grants
Singapore offers a variety of business grants, each designed to cater to different industries, business stages, and objectives. To find the right grant for your business, conduct thorough research. You can explore grant options on the GoBusiness Singapore website or seek guidance from a business advisor who can help you identify suitable opportunities.
Assess Your Eligibility
Each grant program in Singapore comes with its own set of eligibility criteria. It is crucial to carefully review these criteria to determine whether your business qualifies for the grant you’re interested in. You can contact the grant administrator or refer to the grant’s guidelines for clarification on your eligibility.
Prepare Your Application
Crafting a strong grant application is a critical step in securing funding for your business. Here are some key tips to prepare an effective application:
- Read the grant guidelines carefully and follow all instructions provided.
- Be clear and concise in your writing, ensuring that your application is well-structured and easy to understand.
- Tailor your application to the specific grant you are applying for, addressing how it aligns with your business goals.
- Provide supporting documentation, such as financial statements, business plans, and any other requested materials.
- Proofread your application thoroughly to eliminate errors before submission.
Submit Your Application
Once you have prepared a well-structured application, you can submit it to the designated grant administrator. Most grant programs offer online submission options but be sure to follow the specific submission instructions provided in the grant guidelines.
Follow-Up
After submitting your application, it’s essential to follow up with the grant administrator to ensure that your application is received and processed correctly. This proactive approach can help avoid delays or issues in the evaluation process.
Additional Tips for Securing a Business Grant in Singapore
Here are some additional tips to enhance your chances of obtaining a business grant in Singapore:
- Start Early: The grant application process can be time-consuming, so begin your preparations well in advance. This will give you sufficient time to research grants, assess your eligibility, and craft a compelling application.
- Seek Professional Assistance: If you’re unsure about the application process, consider seeking help from a business advisor or attending a grant writing workshop. Professional guidance can be invaluable in navigating the intricacies of grant applications.
- Don’t Hesitate to Apply: Even if you believe your chances of securing a grant are slim, it’s worth applying. Rejections are a part of the process, and persistence can lead to success in subsequent applications.
Examples of Business Grants in Singapore
Here are some examples of business grants available in Singapore:
Enterprise Development Grant (EDG)
The Enterprise Development Grant (EDG) is a government grant that helps Singapore companies grow and transform. EDG supports projects that help you upgrade your business, innovate or venture overseas. It is a highly competitive grant but can provide significant funding for companies that are serious about growing their business.
The EDG supports a wide range of projects, including:
- New product and service development
- Market expansion
- Business process improvement
- Technology adoption
- Innovation
To be eligible for the EDG, your company must be a registered business in Singapore with a minimum of 30% local shareholding. You must also have a good track record and a sound business plan.
The EDG provides funding of up to 70% of eligible costs. The amount of funding you receive will depend on the size and scope of your project, as well as the level of risk involved.
Productivity Solutions Grant (PSG)
The Productivity Solutions Grant (PSG) is a government grant that helps businesses in the adoption of productivity solutions. Businesses can choose from a list of pre-scoped solutions and receive up to 50% funding support for eligible costs.
The PSG supports a wide range of productivity solutions, including:
- Enterprise resource planning (ERP) systems
- Customer relationship management (CRM) systems
- Business intelligence (BI) systems
- Robotics and automation solutions
- Lean manufacturing solutions
To be eligible for the PSG, your company must be a registered business in Singapore with a minimum of 30% local shareholding. You must also have a good track record and be able to demonstrate that the productivity solution you are applying for will help you to improve your productivity.
The PSG provides funding of up to 50% of eligible costs. The amount of funding you receive will depend on the cost of the productivity solution you are applying for.
Global Company Partnerships (GCP)
The Global Company Partnerships (GCP) programme is a government initiative that facilitates partnerships between Singapore companies and their global counterparts to develop new products and expand into new markets.
The GCP programme provides a range of support services to help Singapore companies partner with global companies, including:
- Matching and networking services
- Funding assistance
- Business development support
- Access to government resources
To be eligible for the GCP programme, your company must be a registered business in Singapore with a minimum of 30% local shareholding. You must also have a good track record and be able to demonstrate that the partnership with a global company will help you achieve your business goals.
Research, Innovation and Enterprise (RIE) 2025 Programme
The Research, Innovation and Enterprise (RIE) 2025 Programme is a government initiative that supports research and development (R&D) and innovation activities, including basic research, applied research, and commercialisation.
The RIE2025 Programme provides a range of support services to help companies innovate and grow. These include:
- Funding assistance
- Tax breaks
- Access to government resources
To be eligible for the RIE2025 Programme, your company must be a registered business in Singapore with a minimum of 30% local shareholding. You must also have a good track record and be able to demonstrate that your R&D and innovation activities will help you to achieve your business goals.
For detailed and the most updated information on these and other business grants in Singapore, please visit the GoBusiness Singapore website.
Conclusion
Securing a business grant in Singapore can be a pivotal step for you in the course of achieving your business objectives and enhancing your company’s competitiveness. To increase your chances of success, carefully assess your business needs, research available grants, meet eligibility criteria, and craft a compelling application. By following this step-by-step guide and considering the additional tips provided, you can navigate the grant application process effectively and contribute to the thriving business ecosystem in Singapore.
However, the process can be intricate and time-consuming, requiring careful planning and adherence to specific guidelines. In addition to the steps outlined in this guide, partnering with a corporate service provider in Singapore can significantly enhance your chances of success. Their expertise, industry knowledge, and guidance can make the grant application journey smoother and more efficient, ultimately contributing to your business’s success in Singapore’s thriving economic landscape.
