Singapore Government Grants for SMEs and Start-Ups

There is no denying that the backbone of the Singapore economy lies within the start-ups and the SMEs. The powerhouses that drive the economy, start-ups and SMEs are responsible for employing almost two-thirds of the country’s workforce.

Which is why the government and relevant authorities try to support these entities in every way they can through a number of government grants for Singapore companies which help them overcome obstacles they may face on the path towards business growth after company incorporation.

The government, together with IE Singapore and SPRING work through as many as 40 Trade Association and Chambers (TACs) to help implement the Local Enterprise and Association Development (LEAD) program. The overall aim here is to help local business entities capitalize on their upgrading and internationalization.

Chai Chung Hoong, Account Manager of AI Accountant will suggest Singapore Government Grants for SMEs to you.

Do you register a company in Singapore? Or you’re planning to launch a business in the country? Then take a look at the existing government grants in place which will help your business achieve the phenomenal growth you projected:

Technology Enterprise Commercialization Scheme (TECS)

This government grant helps entrepreneurs realize their technology-based ideas into promising businesses. The aim of this scheme is to assist with their growing businesses past the seed stage of the process, and helping them to obtain the funding they need from third-parties to achieve their targeted revenues and growth. You are eligible for this scheme if you are a company registered in Singapore for less than five years, IP-based and commercially viable technological solutions.

ACE Startups Scheme

SPRING Singapore is responsible for administering this scheme, which is applicable to first-time entrepreneurs that have an innovative idea they want to bring to fruition. The scheme provides mentorship support and start-up grant capital, advice, learning programs and networking contacts. The Accredited Mentor Partners (AMPs) is responsible for selecting the applicants. You are eligible for this scheme if you are a Singaporean or Permanent Resident with a unique business concept, business model feasibility, potential market value and team management.

Capital Development Grant

This scheme provides financial assistance for start-ups building capabilities in 10 business areas which include consultancy, cost of certification and cost of equipment and training. You are eligible for this scheme if you are a small and medium enterprise which has been incorporated and is currently operating in Singapore.

Early-Stage Venture Funding

This initiative supports innovation and enterprise, and is the biggest equity scheme by the government which co-funds start-ups along with Venture Capital (VC) firms. You are eligible for this scheme if you are a start-up that is operating in the technology sector in Singapore.

ComCare Enterprise Fund (CEF)

A relatively new government grant, this supports start-ups, instituted to provided funding to the social entrepreneurs. The grant is instituted by the Ministry of Social and Family Development, and you are eligible for this grant if you are a social enterprise start-up that hires and trains disadvantaged Singaporeans.

Financial Sector Technology and Innovation (FSTI) Scheme

Launched by the Monetary Authority of Singapore (MAS), this scheme is to help support innovation in the country. MAS has invested SGD$225 million in this scheme, with the aim of enabling financial institutions to establish their innovation labs in Singapore and support the development of industry-wide technology infrastructure and innovation solutions. You are eligible for this scheme if you are a Singaporean Financial Institution, technology or solutions provider working with Singaporean financial institutions.

Chai Chung Hoong, Account Manager

Chai Chung Hoong will assist you in all accounting related services, and help your company in digital transformation.