Top 6 Startup Government Grants For Companies in Singapore

Singapore is considered the best business-friendly economy in the world due to the abundance of grants and incentives it offers to Singapore businesses. The incentives in Singapore are offered in different forms like grants, loans, tax allowance, subsidized fees, insurance protection, and non-financial support services.

If you are planning to start a new business in Singapore, it might be interesting for you to know about the different grants offered by the Singapore government.

In this article, let us discuss the six grants that the Singapore government offers to promote the growth and expansion of startup businesses in Singapore.

1.       For First-Time Entrepreneurs: Startup SG Founder

This is one of the grants that target first-time entrepreneur who has innovative ideas. The grant offers mentorship along with capital support of up to $50,000. It means that the scheme matches $5 to every $1 raised by the entrepreneur for up to $50,000. Thus, the entrepreneurs need to put in $10,000 to receive the grant of $50000.

2.       For Tech Startups: Startup SG Tech

This grant offers tech startups with early-stage funding to fast-track the development and commercialization of proprietary technology solutions. The scheme offers grants to support two stages of innovative tech projects – Proof of Concept (POC) and Proof of Value (POV). For the POC stage, the grant is capped at $250,000 and for the POV stage, the grant is capped at $500,000.

3.       Improving Productivity: Enterprise Development Grant (EDG)

This grant helps startups to upgrade their business processes or workflows, venture their operations overseas, and tap into innovation. The overall aim is to explore new areas of growth and enhance productivity. The EDG covers up to 30% – 70% of qualifying project costs, depending on the type of business and the costs related to software and equipment. 

4.       IT Improvements: Productivity Solutions Grant (PSG)

This grant is provided to support companies that are keen on adopting IT solutions and equipment to enhance their business processes and enhance productivity. This grant covers up to 70% of the total cost you incur in setting up or investing in technology.

The PSG is limited to specific industry solutions like food, retail, and logistics. However, the grant also covers general solutions in the lines of data analytics, customer management, inventory tracking, financial management, and e-commerce.

5.       For Social Enterprises: VentureForGood (VFG) Grant

The VFG Grant is formed to support social enterprises that need funds to either start up or expand their operations. It is provided by the Singapore Centre for Social Enterprise (raiSE) and supported by the Ministry of Social and Family Development. You can apply and receive grants up to S$300,000.

6.       For Tourism-Related Businesses: Business Improvement Fund (BIF)

It is a grant administered by the Singapore Tourism Board (STB) to encourage technology innovation and adoption, redesign of business models and processes in the tourism sector to improve productivity and competitiveness. Through this grant, the SMEs can receive funding up to 70% of the qualifying costs that include training costs, travel costs, manpower costs, IT costs, and 3rd Party related costs.

How to get a grant for your business?

To apply for these grants you need to have an existing incorporated company. If you haven’t done so, you can consider engaging a corporate secretarial service firm in Singapore to incorporate your company on your behalf.

A corporate services firm can help you with the company incorporation process, from filing the documents to complying with the legal requirements to getting an employment pass in Singapore. With a dedicated corporate services firm by your side, you can focus on running your business without worrying about other formalities.

If you are interested in engaging a corporate secretarial services firm, get in touch with us now.