Overview of Singapore Government Grants
One of the best things about 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 a wide market. Each grant is designed to spur business owners to invest in resources, 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.
Under the Ministry of Trade and Industry, the International Enterprise (IE) Singapore looks after /governance the expansion of Singapore’s outside economic wing. They are constantly encouraging foreign companies to foster a partnership with Singapore-based corporations to expand their reach in the region. These searches also help in forming a 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 is merely to provide a boost to business/ enterprise owners so they can deduct their expenses from investment projections.
Government grants that are available in Singapore
- Singapore Certified Energy Manager (SCEM) Training Grant – The government has recently been focusing its grants to help engineers and managers too who look after manufacturing facilities, provide engineering consulting services, or offer energy services to the public. The Singapore Certified Energy Manager (SCEM) training grant is 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 must work in Singapore for a set date 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 record of accomplishment and policy when it comes to assisting applications that are keen on benefitting from the government grant.
“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.”
How Paul Hype Page Consulting Can Help…
Our methodology and services cover a wide range of financial management disciplines and concentrated on the 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 business opportunities where we can turn a problem into a solution that incorporates the company’s overall goal.
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.