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How your Business Can Benefit From Singapore Startup Grants

Singapore startup grants

SMEs and Start-ups are the powerhouses of the Singapore business environment as they employ almost two-thirds of the Singaporean workforce. The government is committed to supporting startups and SMEs through the help of Singapore Startup grants. Singapore government has dedicated a lot of effort to develop a favorable business environment, which makes it stand out as the most proactive government world over. 

A tremendous amount of money has been injected into initiatives and grants that those considering developing start-ups can take advantage of. The grants’ purpose is to enable businesses to enhance their capability by upgrading to international standards. If you’re considering company formation in Singapore, it would be worth it if you also check out on startup grants that can help you spur growth as you get started. 

Here are some of the Singapore startup grants that you might consider exploring;

Early-stage venture funding

This is an initiative by the government of Singapore to help provide support for innovation and enterprise. Early-stage venture funding is one of the most significant Singapore startup grants offered by the government that co-funds it alongside venture capital firms. The beneficiaries of this startup grants are usually the early stage technology startups that are based in Singapore. 

Productivity and Innovation Credit

The Inland Authority for Singapore has a scheme that helps Singaporean companies considering investing in innovation and productivity improvements. This startup grants come in the form of cash payout or tax deduction, and the relevant companies also get PIC bonus. The grant provided takes care of registration, research, and development, cost of automation equipment, acquisition, and intellectual property acquisition. It also takes care of staff training and approved design projects. 

Those eligible for this Singapore startup grant are the sole proprietors and companies incorporated in Singapore. 

Financial Sector Technology & Innovation

This is one of thestartup grants launched by Momentary Authority of Singapore to support innovation. The grant aims to enable financial institutions to establish innovation labs in Singapore that support industry-wide technology, design, and infrastructure solutions. Those eligible for this grant include financial institutions, technology, or solution providers that work with Singaporean Financial Institutions.

Technology Enterprise Commercialization Scheme

This is one of thestartup grants that are designed to help entrepreneurs turn their technology-based ideas into businesses. The scheme helps with business growth past the seed stage then afterward, funding can be obtained from other third party sources to aid business growth and improvement. The granting of this funding is dependent on the evaluation of the technical idea and its merits.

This type of Singapore startup grants is quite useful to entrepreneurs with a strong business model, including a robust technology intellectual property. Those eligible for this grant include companies that have been registered in Singapore for less than five years. It’s also available to those with commercially viable technological solutions. To get help with startup grants, you should consider engaging corporate services providers Singapore as they are well placed to know the type of grant that best suits your business model. 

Originally published by onestop-ca.com

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