Why apply for grants?
Singapore is a very attractive place for entrepreneurs to set up a business. Besides the low tax rates and the ease of doing business, another important factor that attracts entrepreneurs from around the world to the country is the multiplicity of financing sources for startups. If you decide to incorporate your startup in Singapore, the government offers several attractive grants and funding schemes that help grow a business through its various early stages.
Productivity Solutions Grant
To make it easier for businesses to access support to adopt technologies and productivity solutions, the Singapore government will streamline existing grant schemes that support pre-scoped, off-the-shelf productivity solutions into one Productivity Solutions Grant (PSG). The PSG will provide funding support for up to 70% of qualifying costs. Due to the current COVID-19 pandemic, under the Supplementary Budget 2020, maximum support level will be raised from 70% to 80% from 1 April 2020 to 31 December 2020.
SMEs Go Digital – Pre-Approved Solutions
The essential growth that small and medium enterprises (SMEs) require comes with the introduction and adoption of digital technologies to improve operations and generate new revenue. The SMEs Go Digital programme aims to help SMEs to use digital technologies and build stronger digital capabilities to seize growth opportunities in the digital economy. PointStar has proven SME-friendly digital solutions pre-approved by the InfoComm Media Development Authority (IMDA) to meet business needs, and therefore government grants such as the PSG are available for the adoption of such solutions.
Enterprise Development Grant
In order to provide more holistic and customised support to local enterprises seeking to build deep capabilities, scale up, and internationalise, SPRING’s Capability Development Grant (CDG) and IE’s Global Company Partnership (GCP) grant will be combined into the Enterprise Development Grant (EDG). The EDG will provide funding support for up to 80% of qualifying costs (maximum support level raised from 1 April 2020 to 31 December 2020 under the Supplementary Budget 2020).
For firms that are most severely impacted by COVID-19, the maximum support level can be further raised to 90% on a case-by-case basis. Unionised enterprises and e2i partners under the Labour Movement are eligible to receive an additional 10% funding support, subject to NTUC e2i’s assessment.
Exploring grants for your business
When a business arrives at the growth stage, it is crucial for them to acquire the right tools to ensure they are ready for the next development stage of their business. Growing a business could be a huge challenge especially when it comes to financial and technical capabilities. If you are looking to grow your business, you can save a lot of money on consultation and training with the new schemes introduced by the government. The cost for companies embarking on the workplace transformation usually includes consultation, setup, migration and deployment. With the grants, companies can receive up to 70% subsidy to offset the consultation.
When it comes to diagnosing the problems, developing solutions to implement interventions and recommending other schemes, engaging a cloud consultant can be beneficial for your organisation. Not only will you save on consultation cost, you will also be ensured of a solid grant proposal to the authorities.
Need assistance for grants?
As a cloud consulting company, PointStar has a full-fledged team of consultants to help companies and SMEs in Singapore. We have the experience and expertise in dealing with grants to assist SMEs since our team is certified in Practising Management Consultant (PMC), which is recognised by government agencies such as SPRING Singapore, IE Singapore, IPOS, WDA and others
By using a qualified consultant, you can ensure that you are tapping the experience of a Practising Management Consultant who has proven his expertise in productivity consultation.