There’s one element that can often make or break a startup’s success – funding. For budding entrepreneurs, the Singapore government offers a supportive hand through an array of grants designed to fuel growth and innovation. In this guide, you’ll find three key grants that can help your new business.
Grants are a valuable form of financial support offered by the government to empower businesses across various sectors. Essentially, they are awarded to businesses, both new startups and established enterprises, with the primary aim of providing essential assistance to initiate, expand, innovate, or sustain their operations. In Singapore, business grants are renowned for their attractive incentives that make them highly sought after by both startups and small and medium-sized enterprises (SMEs).
| Grant name | Level of Support | Eligibility |
|---|---|---|
| Startup SG Founder | Guidance and a startup capital grant amounting to SGD 50,000. | At least two Singaporean or Permanent Resident (SC/PR) applicants who meet the following criteria: 1. First-time founders with no prior Pte Ltd entity registered with ACRA. 2. Act as key decision makers 3. Do not hold external employment where the employer contributes CPF for them. 4. Have completed entrepreneurship training. 5. Hold a collective equity stake in the company, with a minimum ownership of 30%. Companies should meet the following criteria: 1. Has not previously received funding from another government organisation for the same business idea. 2. Has not been granted the SSGF grant in the past. 3. Owns a minimum of 51% of issued shares by SC/PR. 4. Is registered as a Pte Ltd entity in Singapore for less than 6 months. 5. Invests a co-matching amount of S$20,000 as paid-up capital on ACRA. 6. Maintains at least $10,000 as paid-up capital on ACRA at the time of application to EnterpriseSG. 7. Does not propose a business idea falling under these categories: Cafes, restaurants, night clubs, bars, massage parlours, employment agencies, relocation services manpower services, etc |
| Startup SG Equity | Co-investment ratio of 7:3 up to the first S$250K; 1:1 thereafter, up to S$2M. | Companies should meet the following criteria:: 1. Operate within Singapore, with core activities conducted locally. 2. Be registered as a Pte Ltd company for less than 10 years. 3. Have a minimum paid-up capital of $50,000. 4. Focus on developing or processing innovations. 5. Demonstrate high-growth potential with a clear path for international scalability. 6. Secure independent third-party investor(s) who are ready to invest. |
| Startup SG Tech | Facilitates the commercialisation of innovative technologies through Proof-of-Concept (POC) and Proof-of-Value (POV) support. **Through Startup SG Tech, companies may receive the opportunity to secure initial funding for the advancement of their proprietary technology towards commercialisation. | Your solution should: 1. Clearly showcase the practical application of science and technology. 2. Represent a breakthrough innovation. 3. Rely on or enhance proprietary knowledge and intellectual property. 4. Demonstrate commercial feasibility. Companies should meet the following criteria: 1. Registered in Singapore within the past 10 years at the time of grant application. 2. Have at least 30% local shareholdings. 3. Not a subsidiary of a corporate entity at the point of incorporation. 4. Group annual sales turnover not more than $100 million, or the group employment size not more than 200 workers. 5. Core R&D activities conducted in Singapore. 6. Main applicant should play a significant role in the company. |
Singapore’s reputation as a top destination for business registration is well-deserved, and its array of business grant options further solidifies its status as a hub for entrepreneurship and innovation. These startup grants are a powerful catalyst for business growth and development, offering a unique avenue for entrepreneurs to access funding without the weight of repayment.
Using an incorporation service as an extension of your team
Setting up a company in Singapore can be challenging, but with professional support, it can be simple, Counto’s mission is to support your new business, take away the complexities of compliance, and save you time and money throughout the year. Speak to us directly on our chatbot, email us at [email protected], or contact us using this form.
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