Starting a business has never been easy. Be it formulating an idea or getting the funds; an entrepreneur faces many challenges during his business put up. And, if you don’t get the right support, it only adds to the many challenges.

This is why Singapore, being one of the best countries to start up a business, has everything that a new start-up desires. Be it infrastructure, cash grants, tax incentives, or financing schemes, Singapore has it.

The country has the most proactive government that promotes entrepreneurship and grants to companies at an early stage.

So, if you are also starting a business in Singapore, here are a few funding schemes and attractive grants that are sure to help your business grow.

1. FSTI – Financial Sector Technology and Innovation

Launched by the Momentary Authority of Singapore, the FSTI scheme provides support for financial institutions and Fintech companies looking to creating a vibrant and innovative ecosystem.

There are quite a number of schemes that will be of interest to financial institutions and Fintech Startups. We will highlight two of them.

FSTI-Proof of Concept (POC)

One of the schemes is the FSTI-Proof of Concept (POC), which offers support of up to 70% of qualifying costs capped at $200,000 for a maximum of 18 months to develop early stage innovative solutions to issues and problems in financial sector. The funding level will depends on the type of project.

Digital Acceleration Grant

The other scheme is the Digital Acceleration Grant for financial institutions and FinTech firms looking to adopt digital solutions, there is 80% co-funding of qualifying expense for institution projects that last up to one year. This can be used to implement cloud services, communication and collaboration tools, enterprise services (including HR and accounting systems).

The scheme covers building appropriate infrastructure for industry-wide technology and promotes the development of advance solutions.

2. raISE SG: VentureForGood Grant

VentureForGood grant or VFG is a funding scheme launched by raISE, which supports social enterprises in a variety of stages of their business. Whether you are a budding or existing company looking to start or expand your business, you can apply for up to $300,000 in grants under this scheme.

The scheme will provide funds to both new and existing companies that are register or about to get themselves register under the Co-operative Societies Act or the Companies Act.

While you submit an application for this scheme, make sure it has a compelling social objective, a committed team, and a viable business proposition.

3. Start up SG

If you are planning to start your business or incorporate a Company in Singapore, Startup SG might have the best schemes for you. The platform is divided into six parts:

  • Start-up SG Founder
  • Start-up SG Tech
  • Start-up SG Equity
  • Start-up SG Acceleratorl
  • Start-up SG Talent
  • Start-up SG Loan
    • The primary motive of this government scheme is to endow Singapore-based start-ups with access to mentorship programs and funding sources. It will help them by converting their innovative business ideas into flourishing companies.

      There are two schemes that we feel is really relevant to new Singapore Companies:

      The primary motive of this government scheme is to endow Singapore-based start-ups with access to mentorship programs and funding sources. It will help them by converting their innovative business ideas into flourishing companies.

      There are two schemes that we feel is really relevant to new Singapore Companies:

      Startup SG Equity

      This is for technology companies that needs additional funding. Under this scheme, companies that has been incorporated less than 5 years and that have located external investors willing to invest a minimum of $50,000 into the startup may seek co-investment from the government. The government may invest up to 70% of the total investment for the first $250,000 and match investments up to $2 million cap for general tech. For deep technology companies, the investment cap will be raised to $4 million.

      Start-up SG Tech

      Through Startup SG Tech, companies may receive early-stage funding for the commercialization of proprietary technology. The project must either be a Proof-of-Concept (POC) Project for which the solution is at the conceptualization stage or a Proof-of-Value (POV) Project A grant of up to $250,000 for POC or $500,000 for POV will be granted for the Company to commercialize the technology.

      4. BIF – Business Improvement Fund

      If you are a Singapore-based company that focuses on tourism, Business Improvement Fund could benefit you and your business. By encouraging technology adoption and innovation, remodel of business structure, and the tourism sector’s process, this scheme focuses on improving competitiveness and productivity.

      The funds under this scheme are based on the evaluation of STB by taking into account the scope and its merits.

      A successful SME applicant can get funds up to 70% of the qualifying costs. But if you are a non-SME applicant, you will only get a fund of up to 50% of the qualifying costs.

      Conclusion

      Since Singapore knows that start-ups and SMEs play an essential role in its economy, the country is always trying to implement new and innovative ideas for the betterment of companies. So, regardless of the size of your company, you can rest assured that your business is going to get excellent support from the government of Singapore through its various grants and schemes.

      Needless to say, Singapore is the best country to start or expand your business. So, before you start your business, you can go through the above schemes to see which one caters to your needs. You can always take a look at our incorporation packages. or drop us a note here for discussion.