Startup SG Tech
This is targeted towards businesses interested venturing and growing the technology and innovations industry. Startup SG Tech has accelerate and incubated the growth and development of proprietary technology particularly in the sector of:
- advanced manufacturing,
- healthcare sector,
- biotechnology and biomedical sciences,
- Robotics, information and communication technologies,
- clean technologies, and
- transport engineering and engineering services.
Under this scheme, two types of grants are available:
- Proof-of-Concept (POC) : This is a realization of a certain idea or/ and methods in order to demonstrate its feasibility, or a demonstration in principle with the aim of verifying that some concept or theory has practical potential. A proof of concept is usually small and may or may not be complete.
- Proof-of-Value (POV): Sometimes called a Proof of Concept, this is just the initial step in the introduction of Every Angle to the targetted and intended audience.
To be successful in the application of this grant, the solution that is being proposed must be commercially viable, lead to or build on proprietary technology, and must be in a breakthrough level of technology.
Startup Singapore Equity
This scheme aims to encourage private sector to co-invest in general tech and deep-tech startups along with third party investors.
The government will co-invest if private sector investors are willing to put in at least SG$50,000 each into the startup as well as provide necessary management experience and guidance to contribute to the startup’s growth.
Hence, it is always advised for business interested in this grant to have a third party investor ready.
Startup SG Accelerator
Startup SG Accelerator aims to boost the startup ecosystem by providing more support to incubators and accelerators. The Accelerator plays an important role in terms of growth of the startup, and also commercialization of ideas as well as patent creation.
Aimed at startups with new products or services, they help obtain financing, and improve their access to the global market. It also subsidies the costs of hiring mentors and experts, guiding these companies to grow further.
Startup SG Talent
Startup SG Talent creates an environment that attracts talent from all over the world to join local startups, where they can learn from each other. There are several schemes under this pillar including EntrePass, T-Up and SME Talent Programme (STP).
- EntrePass: A work pass scheme for foreign entrepreneurs keen to start businesses in Singapore who can be the finishing touch to Singapore’s local skillsets and contribute to the startup ecosystem.
- T-Up: T-up helps to enhance businesses’ in-house research and development capabilities by giving them access to talent from top class research institutions. Not only that, this scheme sees a subsidiary up to 70% of the assignment costs of research scientists and engineers for a period of up to two years. To be eligible, the applicant will need to be registered as a Singapore business, having a minimum of 30% local shareholding and employees less than 200 person.
- STP: This scheme helps tech-based startups build up their talent by matching students seeking internships. Under this scheme, interns are given 70% subsidiary of their remuneration.
Startup Singapore Loan
This scheme offers government loans, providing companies with working capital and financing for equipment, factory, and trade.
The SME Micro loan provides financing of up to SG$100,000 to support companies with 10 or fewer employees in their business operations.
If you own a high-growth company, you can turn to the SME Venture Loan, which can grant up to $5,000,000 of alternative financing for their expansion.
Startups are also eligible to apply for the SME Working Capital Loan that will grant them financing of up to SG$300,000.
In this scheme, SMEs can rely on the Equipment and Factory Loans that grant up to $15 million, if they intend to purchase equipment or factory properties.
Singapore, the Best Place for Your Startup
With that, it is understood why Singapore is the ultimate country to start and upscale up your company. With the Singapore Government helping set up thousands of business entities by providing stellar digital marketing services, it is only a matter of time your idea becomes a multi-million dollar idea.
Despite Singapore’s small geographical size, hence small market place and exorbitant overhead, its good relations with the surrounding neighbouring regions of southeast Asia avails its startup an opportunity to thrive. The numerous advantages such as funding schemes and grants also outweigh the disadvantages.