The government of Singapore does a great job enticing corporations to the small island city-state in South East Asia, part of that courtship includes the numerous grants that the Singapore government has for businesses to apply for. The government runs the business grants portal website, which states that the webpage is a collaboration between the ministries of- Finance, Trade & Industry as well as the Government Technology Agency. Applicants can do everything remotely, apply for grants, view and accept grant offers, as well as information regarding the grants and their requirements. There is another government agency – International Enterprise Singapore (IE Singapore) that promotes Singaporean companies abroad and at home through their various grants.
Below we will look at 4 of the numerous grants that the Singapore government has for businesses including their differences as well as looking into the general process of applying for a grant and its typical timeframe. If you are looking for ecommerce website development, you should check out Firstcom today.
The Grants
Market Readiness Assistance (MRA) Grant
This grant is catered to businesses that have their global headquarters located in Singapore who wish to expand internationally. The grant is designed to help businesses cover their marketing expenses including other qualifying activities that the company must undergo during its initial phase in whichever country it may have entered. An MRA grant will cover 70% of third-party costs incurred while overseas up to a total of $20,000 a company per year.
Productivity Solutions (PSG) Grant
This grant is designed to help companies keep their IT solutions and equipment up-to-date in the ever-changing sector. The PSG grant covers sector-specific solutions in the following industries- food, retail. logistics, construction, landscaping, and precision engineering. PSG tackles other sectors with help financing data analytics, financial management, and customer management tools and equipment. To be eligible Small-medium size-enterprises (SME’s) must be registered and operating in Singapore, the IT equipment that is purchased/leased/ subscribed to must be used inside of Singapore, the company must also have a minimum of 30% local shareholding.
Land Productivity (LPG) Grant
As a result of the small physical size and densely packed population of Singapore as well as the subsequent lack of room to expand/develop new spaces for commerce, the government of Singapore created the LPG grant to incentivize businesses who optimize their land use, via either domestic or international relocation. Those who receive an LPG will earn between 10 and 70 percent of their qualifying costs related to relocation which includes- relocation costs including the physical movement of existing equipment and machinery to their new site, third party consultant fees which include market studies and possible redesign plans, and the manpower cost of sending a manager or team based in Singapore to the new site to facilitate training and the setup of the new facility.
Enterprise Development (EDG) Grant
The EDG was established by the Singapore government to help bolster the growth and transformation of Singapore’s companies. An EDG helps businesses cut costs and is available in the following 3 circumstances.
- Innovation and Productivity- Supports companies that are undergoing ways to research and exploit new growth opportunities as well as redesigns and or modifications that make a company’s processes more efficient.
- Core Capabilities- Helps companies tighten up their core businesses to prepare them for growth and the transformation that growth will necessitate.
- Market Access- Available to firms ready to relocate oversees, this helps the company reduce the cost of expanding/moving into overseas markets.
The requirements for receiving an EDG loan include being a business that is registered and operating in Singapore, 30 % local shareholding, and to be approved as being in a financially viable position to finish the proposed project.
Process/How to Apply
Applying for a grant on Singapore’s Business Grants Portal is easy and pain-free. All it takes is 5 simple steps to apply for and receive word back about one of the numerous grants that the Singapore government has for businesses.
- Simply Access the Business Grants Portal page as linked to above and click on the button on that reads “Get New Grant”.
- Answer 3 easy questions about your proposed project, and how it relates to your business.
- Complete and submit the online application form.
- Keep track of your application within the Portal.
- Receive a response and accept your offer letter.
After acceptance of your application, any management or changes that need to be made can be done so from within your account in the Business Grants Portal.
In conclusion, there are many grants available for businesses to apply and stay afloat during this Covid19 season. One just has to simply check them out and see which grant they qualify for.
