Singapore has one of the most lucrative environments for businesses. Both locals and foreign investors will have an excellent opportunity to set up their businesses here. The government and other financing institutions are supportive to startups through grants and other options.
For entrepreneurs who intend to have a Singapore business incorporation, then following the right procedures will lead you to the right grants to boost your startup capital. In fact, many young people have been coming to Singapore in search of these grants for their businesses.
As mentioned earlier, this is Asia’s most preferred business hub. In addition to political stability, the state has robust and advanced technology. The internet service, which is an important aspect of business today, is excellent and connected to all parts of the country.
The other factor that is bringing startups here is the availability of numerous grant options. The Singapore government is the leading provider of grants to businesses, especially the small startups. Additionally, they also give support through advice and guidance to the young beginners. Finding a business mentor in Singapore is easy.
Local startups are in a position to benefit from grants and equities for which they are eligible. If you have the right information and guidance, then you will get what fits you well. Here are a few options that will interest you.
This government-funded grant is the most common in Singapore. It caters to any startup in the country under different categories. The Startup SG Founder program is popular for helping those who are venturing into business for the first time. They will give both capital and advice that you need to succeed in your area. However, you will have to prove that you have a great idea through a business plan.
Another category is Startup SG Tech. In this option, entrepreneurs in technology will get both the capital they need for the early development of their business and the advice to succeed. The program covers the grants for POV (proof-of-value) and POC (proof-of-concept), which will be determined by the stage at which you are in.
Another option young entrepreneurs have is to go for the Startup SG Equity program. Here, other investors will chip in on top of what the government is offering. This is a powerful grant that exposes people to global investment potentials since the startups get to interact with international companies.
Other Grants in Singapore
Other options like FSTI (financial sector technology and innovation), CDG (capabilities development grants) and ESVF (early stage venture fund) schemes are available for the startups. They offer help under different conditions and qualifications. Therefore, startups are supposed to complete detailed research to understand how each grant works and apply for the ones for which they qualify. It is a prudent idea to consult first before applying to avoid rejection and disappointment.
Any startup in Singapore whether local or foreign is in a position to receive grants if they find the right one. All they need to do is prepare an appealing business plan and request letter. It may take some time to process, but it will eventually be successful.