Starting a new business has many risks as the current market can be unpredictable and unstable. Therefore, investors are always enticed to put their businesses in countries conducive to startups, like Singapore. Companies can apply for a grant for their new business startup in Singapore. Here are some tips for getting these grants.
Activities Funded by SME Grants
The core capabilities of a new business startup necessitate appropriate funding support. Without the financial aspect, it would be challenging to kickstart a new business.
As a new business founder, pressure is placed on getting the needed capital. For this problem, Singapore offers grants for new business startups to aid in their required early financial needs.
These grants, provided by the Singapore government, are used for improving existing products, acquiring better technology innovation and adoption, and even expanding a business abroad.
Agencies Handling Business Grants in Singapore
Enterprise Singapore was formed to help with the developmental growth of Singapore companies and startups. This government agency has been the main provider of startup grants along with other services such as tax rebates and loan support.
Other government agencies also manage various other grants for new business startups in Singapore. These include the Monetary Authority of Singapore, Skills Future Singapore, and the Singapore Tourism Board.
How to Apply for a Grant
Companies can apply for a grant for a new business startup in Singapore, given that they qualify. Grant applications may also be completed and processed on an online platform. The required documents are uploaded online and will be recorded in the grant provider’s database.
Often, a specific grant provides specific eligibility criteria for its applicants. A common eligibility criterion for all grant providers is that a company or business must be registered and operating in Singapore. An exception to this will be the Startup SG Founder programme for which it is recommended to seek the advice of Startup SG Accredited Mentor Partners before incorporating your company.
What is Startup SG?
Startup SG has a network that gives startups access to the tech startup ecosystem in Singapore. New companies in Singapore can create their profiles here. The tech startup ecosystem can then make their profiles available for viewing to both local and international ecosystem players.
Via this network, Startup SG provides better company visibility to startups.
Singapore Grants for Startups
Government grants in Singapore usually offer some early-stage funding and assistance for the commercialization of proprietary technology. Here, support comes in various forms such as:
Claims
Mentorship
Cash payouts
Fortunately, there are some grants for new business startups in Singapore, such as the following:
Startup SG Founder
Startup SG Tech
Need Help Registering a Company in Singapore or Incorporating a Company?
Companies in their early phases may be bombarded with many administrative tasks. Because of this, it is easy to overlook essential requirements such as the preparation of statutory incorporation documents or more.
Hence, services such as those provided by SJHACC are beneficial to avoid these lapses. SJHACC provides clients with useful guidance and assistance on company incorporation and related services.
The skills, professionalism, and experience of SJHACC can help to make application processes and document preparation more seamless!
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