Grant Consultancy Services

Understand government grants in Singapore which will help to grow your business

Introduction
Type of Business Grants
Important Guide

Business Grants in Singapore 2023

As a country that prides itself on nurturing a keen entrepreneurial spirit within its citizens, Singapore boasts a multitude of locally grown businesses. These companies and startups establish the country as a global trading epicentre and destination, a fact that further boosts Singapore’s reputation as well as its economy. As such, the Singaporean government provides a variety of business grants to support startups and growing companies in developing their organisations and improving their products or services. From technology to company expansion, checking the eligibility and applying for a Singapore business grant could be the critical step to take your business to the next level.

As such, we at CZ Consultancy have compiled key steps, factors and questions to consider when applying for government grants in Singapore for your company.

header12

Establishing your business's place in the market and your future goals

While this may seem trivial, performing a thorough analysis of the market, your competitors, your business and its aspirations, and, what you would need to achieve success is crucial in applying for a grant from the Singaporean government. The sheer volume of grants, while useful, also have specific parameters which your company would need to fulfill. Applying for the best possible grant for your industry would lead to a higher amount of success down the road. Examples of facts pertaining to your business can include but are not limited to, the size of your company, the industry you operate in, your target market and demographic, your organisation’s core capabilities, the productivity and efficiency in which your business operates, and, number of local and foreign employees contracted to your corporation.

These are all factors that the Singaporean government will take into consideration when the approval for your grant is being considered. To offset this step, we recommend setting up an appointment for grant consultancy with us to determine the exact characteristics of your organisation for a higher chance of success. Our years of experience in the industry will help us determine the nature of your company and the type of grant you should be applying for; be it for SMEs, or a larger one tailored to a specific industry.

Type of Business Grants

Understand the types of grants for businesses that can integrate with your company’s business strategies.

Enhance your productivity

by adopting IT solutions and equipments

Explore new ways for growth

by tapping on innovative technologies

Reduce unnecessary overhead/labour expenses by digitizing your operating

procedures, reskill and retain your employees

Increase business efficiency by reviewing, redesigning and

automating your workflow and processes

You can also take a look at our guide to types of Salary Support Grants in Singapore and also MRA Grants for overseas business expansion.

Guide To Know Suitable Grants

Gap analysis

Identify your business challenges and/or areas for development

Business Model Analysis

Analyse your company background for suitability

Financial Statues Analysis

Analyse your current financial strengths as various grants have different levels of financial requirements to get approvals.

Solution Building

Drafting & planning of the solution or strategy for your business

Grant Application

Tap onto the relevant grant that applies to the solution

Execution

Execute the solution or strategy according to your plan.

Capital Reimbursement

Receive the grant from the government body

Find a business grant consultant who can help you navigate this process

Applying for a business grant in Singapore is a drawn-out journey, and without a guide, you could get lost in the sheer volume of parameters that need to be followed carefully. CZ Consultancy, with our years of experience in the industry, can help you navigate the process of securing such a grant. Our team has been trained to effectively evaluate your business and provide you with tips and tweaks to ensure your proposals are accepted by the grant agency. All your paperwork and documentation will be covered by us with your permission.

Our team will oversee every bit of your project till completion to ensure positive growth for your business. We assure you solutions to any problems you may face during the entirety of the grant process.

While expanding overseas, you may also need help with other services. As a consultancy, we also provide additional services, such as China market entry consultancy, venture overseas consultancy, business consultancy, accounting, and corporate secretarial services.

Resources

salary support

Salary Support Grants in Singapore 2023 – Things You Need To Know Before Applying

mra grant

MRA Grants in Singapore – What Are They & How Can They Benefit My Business?

FAQs on Business Grants

What if the industry I work in or the purpose of my grant is not covered by the Singaporean government?

This is extremely unlikely to happen. From startup business grants, financial service assistance, and engineering funds, to training support grants that increase and diversify the skillsets of your employees, the Singaporean government has all its bases covered. There is however one grant that would apply to most growing businesses, that being the Enterprise Development Grant (EDG).

This grant applies to SMEs (Small and Medium Sized Enterprises) that are registered and operational in Singapore, have 30% local shareholding and are in a financially viable place to achieve their goals. While we at CZ Consultancy will work closely with you to ensure that the specific grant relevant to your company’s uniqueness is applied for, you can be assured that the failsafe EDG can be relied on to help boost your company. The EDG would help to fund project, consultancy, equipment, manpower and software costs. To browse through all the various grants available in Singapore, we recommend heading to Go Business Singapore for a closer look at their Singaporean business grants portal.

What would a Step-By-Step process look like when applying for a business grant in Singapore?

There are a number of steps that need to be carefully deliberated and executed before your application can be approved. Firstly, your application preparation. This first step in applying for a business grant in Singapore involves needing to conduct research on the specific grant that you want and the various requirements involved in procuring it. Documentation detailing project proposals, financial forecasts, growth charts and the effectiveness of your organisation’s workflow will need to be drafted and vetted for submission to the government. After carefully evaluating your documents and getting external parties to provide you with a final overlook, they will need to be submitted to an online portal such as the Business Grants Portal where they will be appraised by government evaluators. The final decision can take anywhere between 2 to 12 weeks, during which you can expect queries on your business’ elements. These queries will need to be effectively responded to, and further revisions and edits may be required to proceed with the application.

Secondly, should your grant application be approved, you would then receive an offer letter as well as advice on any requirements that you would need to fulfil through the course of your project. This would then lead to starting your company’s project. Each element of the process must be documented and compliant with any terms or requirements stated in your offer letter. If there are any delays or further funds are needed, you would need to raise those concerns immediately so as to maintain the integrity of the project as well as provide transparency.

Thirdly, as your project is being completed, you would need to prepare a report detailing the project and if your company’s goals and the offer letter’s requirements are met. The paperwork related to this must then be filed with the agency providing the grant for perusal. You may be audited by an external agency or individual for impartiality regarding the state of your company and project. Only after any or all queries are satisfactorily answered and all paperwork is filed and approved, will you receive your business grant funds in your company’s bank account. While tedious, this process is thorough and ensures that these grants are only provided to companies with a clear goal and effective bookkeeping.

What are some of the grants available in Singapore?

You can also tap on Enterprise Singapore MRA grants available to help your business expand into China. There are also other schemes like salary support scheme available to you.