Get funded for your 2019
Get funded for your 2019
Check out the latest government grants & other options to power up your expansions
Singapore is well-known for its business friendly stance and the myriad of government funding and grants available. Funding support for 2019 focuses on internationalisation and growth, with an emphasis on digitisation, productivity, and the mutually beneficial collaboration between enterprises of all sizes.
To power up your 2019 expansion plans, here are the latest Singapore government grants and other avenues that you can tap into:
Productivity Solutions Grant (PSG)
The Productivity Solutions Grant supports companies keen on adopting digital solutions to improve productivity.
The PSG provides up to 70% funding support for qualifying SMEs in the following industries:
- Precision Engineering;
- Construction and Landscaping.
With the funding and support the PSG offers for smaller businesses, they will have opportunity to make long-term investments in technology. It also enables them to pick and choose appropriate solutions to upgrade their capabilities.
Digitisation is the key to streamline processes and boost store revenue.
Enterprise Development Grant (EDG)
The Enterprise Development Grant was launched in 25 October 2018 to provide support to companies upgrading their business capabilities, planning to internationalise, and in the area of innovation and productivity.
Replacing the existing Capability Development Grant (CDG) and Global Company Partnership (GCP) Grant, the EDG provides up to 70% funding support for qualifying SMEs.
Where the PSG helps smaller businesses in Singapore, the EDG is focused on helping larger businesses expand and internationalise. Leveraging on the grant, businesses can enjoy higher savings while focusing on upgrading business capabilities and growth.
Double Tax Deduction for Internationalisation (DTDi)
The DTDi was implemented to encourage and help local Singapore companies internationalise.
From the Year of Assessment 2019, businesses carrying out select overseas activities can claim a double tax deduction of up to S$150,000 - an increase from the previous cap of S$100,000.
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These activities include, but are not limited to:
- design of packaging for overseas markets;
- overseas business development drips;
- overseas advertising or
- promotional campaigns and overseas trade offices
The DTDi helps businesses reduce their tax burdens, allowing them to focus more on overseas expansion and internationalisation opportunities.
The PACT scheme aims to foster relationships and mutually beneficial collaboration between enterprises of all sizes. The scheme funds up to 70% of qualifying costs for SMEs and 50% for non-SMEs.
PACT collaborations will be held by one company (known as the Lead Enterprise) who will drive enterprising projects that will benefit all collaborating parties.
It was developed to facilitate and encourage knowledge transfer, capability building, and co-innovation. Smaller companies will also have the resources and opportunity to scale up with the support of larger companies.
Crowdfunding is when a project or venture is funded by raising money from a large number of people from the public. Funds are typically raised through the Internet on crowdfunding platforms. Local platforms in Singapore include FundedHere, MoolahSense, and Crowdo.
Two of the most popular platforms used internationally are Kickstarter and Indiegogo. Kickstarter is a platform for creative projects, like gadgets, games, films and books. If a campaign does not reach its goal amount, existing backers are not charged for the amounts they have pledged, and the campaign creators do not receive any of the funds.
Indiegogo, on the other hand, has a larger variety of campaigns you can carry out. There are two different ways you can fund your campaign: flexible funding, which allows you to keep the money raised even if the goal is not reached, and fixed funding, which returns all funds to backers if the goal is not reached.
Crowdfunding has a two pronged benefit for businesses, it allows businesses to secure the money they need whilst providing them with the access to interact with the crowd they engage with. This way, businesses can gain feedback from contributors and have instant access to market testing.
Angel investors are private investors who invest in start-ups in exchange for equity ownership of that business.
They typically invest $25,000 to $100,000 into a company, depending on the opportunities involved. On top of that financial investment, they also contribute their business expertise and skills to the business during its early-stages.
The best ways to find angel investors are:
- Networking with entrepreneurs
- Signing up on AngelList
- Listing campaigns on crowdfunding sites
- Presenting to venture capitalists and investment bankers
Talent incubators spot talent and groom them into founders, accelerating their ability to build start-ups.
Incubators provide not only funds but guiding assistance to aspiring entrepreneurs. They provide mentoring and networking opportunities and are perfect for start-ups that need continual guidance and mentoring, along with financial aid.
The top three incubator platforms in Singapore are:
- Antler – a Singapore-based incubator platform
- Platform E – an educational and incubator programme, based in the Singapore Institute of Management (SIM)
- Entrepreneur First (EF) – a London-based platform backed by SGInnovate, the local government owned firm that nurtures deep-tech startups
With the variety of business grants available, ensure you tap into these valuable resources and prepare your business for 2019.
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