CALL +65 6221 4733 / WhatsApp Us 
  • incorporate company question

Singapore Government Grants

Government Grants Singapore

Paul Hype Page Consulting Delivers

At PHP, we provide 100% approval for your Singapore business in obtaining the following Singapore Government Grants – Spring ICV grant for Financial Management Capability Program (FMCP):

  • #1: Planning & Budgeting

    To analyze and identify gaps in current planning and budgeting practices. To develop an action plan to assist your company’s on the yearly planning and budgeting process.

  • #2: Cash-flow & Working Capital Management

    To identify and assess gaps in cash-flow and working capital management. To develop an action plan to assist in rising, preserving and improving cash flow of the Company

  • #3: Financial Controls for SMEs

    To Analysis, Design and Implementation of Financial Controls for Key Business Cycles. With strong financial controls, it allows client to expand their business network and further increase into their staffs’ responsibilities

  • #4: Financial & Business Assessment for Growth

    To Assess Financial Feasibility Studies on Business Expansion. To Create a Roadmap to successfully expand your business overseas network, increase revenue and improve cash flow.

  • #5: Financial Management Advisory

    To monitor and advice on SMEs’ financial management and performance. To develop an action plan to assist your company’s in financing requirements like trade financing, letter of credits and etc

The government of Singapore has rolled out series of programmes and incentives specially designed to attract investors from local society as well as the business community. This initiative by the government has made Singapore the world’s easiest and friendliest place to invest.

The government of Singapore has rolled out series of programmes and incentives specially designed to attract investors from local society as well as the business community. This initiative by the government has made Singapore the world’s easiest and friendliest place to invest. It definitely contributes towards Singapore’s attraction as a business destination because both new start ups and experienced entrepreneurs can apply for business grants distributed by several government agencies to finance start-ups and building corporations (allow opportunity to enhance, plan for growth and expansion as well as reducing production costs) across the wide market.

Singapore is an island country (composed of 63 islands) and lies off the southern tip of the Malaysia and is the most competitive Asian economy.

One of the best things of starting-up a business in Singapore is that new as well as experienced entrepreneurs can apply for business grants distributed by several government agencies to finance start-ups across wide market. Each government grant has its own set of terms and conditions, though.

However, these grants, when granted, these incentives and schemes will only cover a certain percentage of the whole finance needed. It’s the responsibility of the business owner to find the remaining capital and investment on their own.

Nonetheless, each grant is designed to spur business owners to invest in resource, research and development, innovation, and other various social causes and business activities. So, we highly recommend that you go through the terms of the grant before making an application for the specific government entities. Corporate secretaries would then be able to assist in making the application and report for the grant or incentive.

Formation of a company in Singapore allows internal business entities the opportunity to enjoy one of the lowest tax rates in the world. In addition, resident firms enjoy added benefits including tax exemption on offshore income, protection from double taxation, among others. Singapore also enjoys tax treaties with multiple countries around the world so foreign business owners do not have to worry about double taxation. The system is effective and enables businesses to enjoy lower taxable rates. The Inland Revenue Authority of Singapore is responsible for issuing corporate income tax directives and more information and updates can be obtained from their official website.

For more information, you can visit the official website of Inland Revenue Authority of Singapore (IRAS).

Under the Ministry of Trade and Industry, the International Enterprise (IE) Singapore look after /governance the expansion of Singapore’s outside economic wing. They are constantly encouraging foreign companies to foster partnership with Singapore-based corporations to expand their reach in the region. These searches also help in forming partnership and foster strong global economic ties in the long run.

Although Government grants and support make it extremely easy to build start-ups, nonetheless, entrepreneurs still need to toughen up against market reality in order to create a successful business. The purpose of these grants and incentives are merely to provide a boost to business/ enterprises owners so they can deduct their expenses from investment projections.

Singapore Certified Energy Manager (SCEM) Training Grant – Government have recently been focusing their grants to help engineers and managers too who actually look after manufacturing facilities, provide engineering consulting services, or offer energy services to the public. The Singapore Certified Energy Manager (SCEM) training grant designed to encourage local expertise as well as capability in professional energy management.

iSPRINT Funding For Packaged Solutions – To make the grant application process easy, IDA recently introduced several pre-qualified Infocomm packages that are supported under iSPRINT. These ready-to-use and bite-sized solutions have been helping SMEs to begin installing Information Technology system into their production and operations… easily as well as quickly.

Tuition Grant Scheme (TGS) – The TGS grant was introduced by the government to help full-time students fund their high cost education (undergraduate/diploma courses) in universities in Singapore. After this government subsidy is received, all foreign students and Singapore Permanent Residents MUST sign a TG agreement under which they’ll have to work in Singapore for a set date in a period of 3 years after graduation. The publication of this grant that applies and provides aid to full time students has certainly been a boom to Singaporean students both with studies and a set career.

Need to seek Professional Help?
While information about these grants is easy to obtain, there is also a risk of failing to obtain approval due to certain technicalities in not meeting the conditions set by the government. In this instance, the best way to go about ensuring approval for the application would be by applying for assistance from financial and accountancy consultants. The consultation would be the first step in a series of events that will enable both parties to work on sound business and operational solutions. Paul Hype Page Consulting has a proven track record and policy when it comes to assisting applications that are keen on benefitting from the government grant.

 

Singapore Government Grants FAQs

What Types of Government Grants are available to small businesses?

Small businesses and startups are the powerhouses of the Singapore economy. They employ nearly two-thirds of Singapore’s workforce. To support the small and medium enterprises (SMEs), the government provides some grants and incentives. These abundant grants and incentives help bolster the country’s business-friendly reputation.

Numerous SMEs operate all over the country. Singapore Budget 2018 added several grants and expanded other existing grants. It helped the companies based in Singapore improve their workforce, company’s capabilities, and international efforts that they carried out. The present grants offered by the Singaporean government are streamlined and straightforward. These grants cater to the specific needs of Singapore’s business owners.

How can I get a government grant for my Business in Singapore?

You need to follow the following government-approved ways to get Singapore government grants.

If you are planning on getting a particular grant for your business, then you need to ask for the grant support of S$30,000 or less. You can get it by simply filling in the online application. The processing time is usually from four to six weeks.

What type of government incentives and assistance are available?

To assist companies, the Singapore government has rolled out several schemes. Visit the Singapore Economic Development Board (EDB) website and find a comprehensive list of development and incentive schemes and various tax and financial incentives as well.

Likewise, startups can also approach SPRING Singapore. They offer startups assistance in financing, management and capabilities development, support for innovation and technology, and access to wide variety of markets. 

 

“Minister of State for Trade and Industry Mr Teo Ser Luck says, “While many of our SMEs understand the benefits of upgrading, they sometimes find the process of applying for assistance quite challenging.”

SPRING has set aside $32 million to assist some 1,600 SMEs a year or 6,400 SMEs over four years.”

 

Applying for Government Grant

How Paul Hype Page Consulting Can Help…

Our methodology and services cover a wide range of financial management disciplines and concentrated on client’s company’s cash flow & working capital as the principal means to help grow the company. Our approach has a proven 100% successful approval rate because we treat financial management issues as a business opportunities where we can turn a problem to a solution that incorporate with the company’s overall objective.

Talk is cheap. We avoid the concerns about traditional business consultants — i.e. offering “ivory tower perspectives” that can’t be executed. We avoid these concerns by not only helping you to identify the issues, but working with you side-by-side to help implement specific tactics or programs for growth.

3 comments

[…] to be transforming itself to become the next Silicon Valley, sooner if not now, and therefore, the government is taking the protection of intellectual property rights very […]

Marlar says:

Hello,
I found your name as one of the consultants. I am developing a business differentiation model for my industry(dentistry) with a view to expand out of Singapore.
May I know your fees ?
Marlar

Paul says:

Dear Marlar,

We powered hundreds of foreign individuals and businesses like you, across hundreds of industries. We had a few custom solution depending on your current business model.

My colleague will email you with more information. We will need to know more about your setup to advise you better. For our standard fees, you can also refer to OUR FEES

Thank you
Paul

Comments are closed.