Singapore is a country that supports various startup companies to grow. Every year new startup is growing and supporting the economy in this country. So that the government provided several Singapore startup grants to make this support come true. Those who are curious about some startup grants available in Singapore, see the following lists.
Startup SG Tech
Startup SG Tech was founded in 2017 to help the Singaporean startup ecosystem locally and internationally. Under the initiative, the company and its ecosystem partners may leverage Startup SG’s relationships to gain access to various sources and forms of support. Some of the supports include an accelerator program. It is also including a grant to startups in need of funds to market their Proof-of-Concept (POC). The Singapore startup grant from Startup SG Tech starts at $250,000 up to $500,000.
Of course, to receive the grants, several criteria shall be fulfilled by the startup companies. Some of the criteria include the following lists.
- Must have been a registered Singapore business for no more than 5 years.
- A minimum of 30% ownership in the firm is required.
- Annual income must not exceed $100 million, and no more than 200 employees may be employed.
- The primary activities must take place in Singapore.
- Proof of Concept is required (POC)
- It is also necessary to demonstrate that the product/service is financially viable (Proof Of Value)
Startup SG Equity Programme
The next Singapore startup grant that is available for various startup companies in the country is Startup SG Equity Programme. It is a special government incentive for Singaporean startups. Indeed, it is more of a co-investment plan in the Singapore government. The program is in collaboration with SEEDS Capital and SGInnovate.
Startup SG Equity Programme scheme’s purpose is to encourage private investment in Singapore-based technology businesses. Startups must have intellectual property and the ability to reach global markets to be considered. The grant provided depends on the sort of startup:
- Deep tech startups: 7:3 co-investment ratio (up to $500,000) or 1:1 co-investment ratio (up to $4 million)
- Other IT startups: 7:3 co-investment ratio (up to $250,000) or 1:1 co-investment ratio (up to $2 million)
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Enterprise Development Grant (EDG)
Enterprise Development Grant (EDG) is another Singapore startup grant that is given several criteria. The EDG program intends to assist Singapore’s Small and Medium Enterprises (SMEs) in developing key skills such as:
- Core competencies include company growth, branding and marketing, business strategy, and so on.
- Productivity and innovation (e.g. product development, product design)
- Market Access for enterprises looking to expand into international markets
Singapore’s Small and Medium Enterprises in Singapore in need of financial support might acquire up to 80% of the EDG to cover the costs of developing their initiatives.
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Market Readiness Assistance Grant (MRA)
Another famous Singapore startup grant is Market Readiness Assistance Grant. It is another of Singapore’s startup awards that attempts to assist Singapore’s small and middle businesses to grow internationally by subsidizing qualifying expenditures.
Third-party costs that are eligible include market setup, business partner identification, and international market advertising. As a result, if a company incurs such costs, it can recover up to 80% of them back through the Market Readiness Assistance Grant.
Your firm must be registered in Singapore and have less than $100 million in annual sales or less than 200 workers to be eligible.
Venture for Good (VFG)
Venture for Good (VFG) is another type of Singapore startup grant that also offers an interesting amount of funds. It is a government organization established in 2015 to advance Singapore’s social enterprise sector. For the time being, Venture for Good provides grants of up to $300,000 to companies that provide social solutions and require funding to start up or grow.
As a result of the COVID-19 epidemic, a new grant has also been established by Venture for Good. It currently also provides funding to companies that develop solutions for societal problems that could emerge in Singapore during the post-pandemic recovery era. If these enterprises are eligible, they may get grants of up to $100,000.
Productivity & Solutions Grant (PSG)
The next worth considering Singapore startup grant is Productivity & Solutions Grant (PSG). It is another award program offered by Enterprise Singapore for entrepreneurs in the country. It provides funding for a variety of Singaporean small businesses, including startup businesses, by offering up to an 80% discount on eligible technology costs. The program also provides financial support for solutions that include inventory tracking, data analytics, customer management, and financial management.
To qualify for this funding, a fledgling firm must meet some requirements. Your firm must be registered in Singapore to meet one of the key requirements. Additionally, the firm must employ no more than 200 people and have annual revenues of no more than $100 million.
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Those are all the Singapore startup grants that are worth and valuable to many businesses in the country. Therefore, in case interesting to start a new startup in Singapore with no sufficient funds, the above grant can be a nice option to get. However, make sure to comply with all the requirements to ease getting the available grants above.