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.