There are many individuals who want to start their own business in Singapore as this country has one of the most successful economies in the world. It provides solid and definite financial success that is why there are many people who want to try their luck and start their own. There are many complicated ways involved when you want to start your own business in Singapore. The company incorporation Singapore procedure is one of these complex processes that an individual must go through to be able to successfully launch a new business. These processes involve a lot of capital which may be heavy for someone who is in the middle of a pandemic. That is why Singapore offers many grants to new and startup businesses. These businesses can then be called a Xero PSG grant vendor. This is to help them get back on their feet and be able to make a living. So, to start the company incorporation Singapore processes immediately, here are 5 startup grants in Singapore.
#1 Startup SG Founder
This grant has been around since 2017 and has been able to help many entrepreneurs start their own businesses. This grant is the most relevant for first-time business owners as they have a comprehensive grant. This assistance is offered by Enterprise Singapore. This grant provides mentorship and guidelines to first-time business owners. It also provides a capital grant of $30,000 that is a big help to start necessary procedures in building your own company. This means that the program matches $3 to every $1 made by the entrepreneur. That is why to receive the $30,000, the entrepreneur themselves must be able to raise $10,000. This monetary grant is very helpful as company incorporation Singapore processes eat up a lot of financial capital aside from the time and effort that it takes to finish it.
#2 Startup SG Tech
This grant is also under Startup SG however it is specifically for tech businesses. They provide successful individuals with early funding for them to be able to commercialize their innovations. These startups have two application options, one is a proof-of-concept (POC) that grants up to $250,000. It can also be a proof-of-value (POV) which grants up to $500,000. These grants depend on the stage of development. The difference between these two is that the POC is at an earlier stage. It is considered to be at the conceptualization stage. This is why the grant is lower because there will be a higher risk. This may be a little different than a Xero PSG grant vendor but the grants also offer promising help.
#3 VentureforGood (VFG) Grant
This grant is available for both new and existing businesses. They are granted to those who need capital to start a new one or those who want to expand their business just like a Xero PSG grant vendor. They allow up to $300,00 in grants. To avail of the VFG, one can send an email pitch to their email address. Within a span of three weeks, they will be meeting you one-on-one to know more about your business pitch. There will be a waiting period before you can know if you are shortlisted and be qualified for further steps. After this, there will still be a lot of evaluation through presentations. The application is usually evaluated based on existing social objectives, a committed team, and a promising business proposition. When the process is done, this will be the time when an enterprise can start the company incorporation Singapore process.
#4 Enterprise Development Grant
This grant is also handled by Enterprise Singapore and it aims to support projects that help early businesses to strengthen their business foundations, improve their productivity, improve innovation, and expand even in the overseas market. This almost has similar goals as a Xero PSG grant vendor. They cover 30% to 70% of the costs of the qualifying enterprises. This large amount of money makes the company incorporation Singapore processes even easier as the capital is already given.
#5 Productivity Solutions Grant
Another is the Productivity Solutions Grant which aims to adopt IT Solutions and equipment to be able to improve their business system and improve the quality of work. This grant can cover up to 80% of the investment to make it easier for enterprises to start a new venture that relies on technology. The approved vendors are called a Xero PSG grant vendor.
There are many ways to keep up with the fast-changing world we live in. There are also third-party firms that you can consult to make things easier for you and your business, contact WLP Group today to know more.