Setting up business in Singapore is remarkably attractive for many investors, mainly because of the country’s sustained geopolitical and economic stability as well as attractive tax options. For both locals and foreigners alike, the nation’s drive to encourage business growth also comes with a very helpful third component – grants.
Singapore’s government has been enthusiastic about companies setting up shop on the island and there are many options available for businesses of all sorts. However, knowing which grants are available and what to apply for can be challenging. To make it easier for those interested, they created the Business Grants Portal (BGP) – a one-stop online hub to help those setup businesses in Singapore.
Before you visit the site, here are some things you might like to note to help you with finding and applying for these grants on the Business Grants Portal.
1. It is a multi-agency partnership that expedites the process.
It is a collaboration between the Ministry Of Finance, Ministry Of Trade And Industry and Government Technology Agency. Because it was designed for efficiency, it’s best to apply through the BGP site to have an expedited process between the agencies. The application process has been streamlined to help with this, and it’ll also save you time and the hassle of shuttling info between agencies as they can help deliver the applications to the right person internally, even between agencies.
2. The grants provided are broad and you’ll likely find at least one to fit your business.
The encouraging business climate in Singapore means you are entitled to grants in many areas, across many industries. Here are some examples you can apply on the BGP site:
- Enterprise Singapore’s Market Readiness Assistance and Enterprise Development Grant
- Singapore Tourism Board’s Business Improvement Fund and Experience Step-Up Fund
- Civil Aviation Authority of Singapore’s Aviation Development Fund
- Singapore Food Agency’s Agri-Food Cluster Transformation Fund
- Land Transport Authority’s Electric Vehicle Common Charger Grant
- Productivity Solutions Grant
Singapore wants to be seen as an innovative space, so you’ll find there is also a lot of support for startups and tech companies, even in soft areas of marketing, branding etc.
3. The Business Grants Portal is designed to assist you with the right grants
Through a series of questions, the system filters out the grants you are eligible for, which makes the BGP portal a great first stop to research for grants. You can access this after you log into the website.
To better optimise your documentation or further help you clarify grey areas, one can consult firms such as Peter Leow Consulting to tap into their experience and expertise for successful applications and less turnaround time.
4. The portal and its grants are for both local and foreign businesses
Both local and foreign business owners are welcome to use the Business Grants Portal. While additional documentation might be required for foreign investors, the portal remains the best official avenue to apply for these funds.
5. Both existing and new companies can apply for grants on BGP
Although there is a focus on startups, the portal includes grants that can help businesses looking to find innovation or pivot themselves in their business models. While grants like SG Startup Tech offers aid to companies developing proprietary tech, there are others like the Energy Efficiency Grant and Enterprise Development Grant which help with investing in energy-efficient equipment or strengthening core capabilities and aid in transformation.
6. Before you apply, create your profile with ACRA
ACRA, which stands for Accounting and Corporate Regulatory Authority, is a statutory board that registers and regulates applicants, financial reporting, public accountants and corporate service providers.
By first creating a profile there, it’s a lot easier to apply for grants at the Business Grants Portal site. It even extracts the registered information and self-populates your applications for you when it comes to certain pages.
7. Sign up for a Corppass account as a business user
Singpass is a local digital identification app that securely signs you in to registered governmental sites. Corppass is the same thing but for business account holders. For businesses, a Myinfo business account allows company owners to consent and share its corporate and applicant’s personal data for simpler and faster online transactions. Benefits include having instant access to some basic transactions with round-the-clock availability, less physical administration and human error. You can register and assign the main account holder here and this will be necessary before you log into the Business Grants Portal.
8. The idea of grants seems tedious, but it’s worth it in the long run
Because of the perceived red tape, some skip the grant process and prefer to raise capital elsewhere. The truth is some grants can be underutilised, and with the Business Grants Portal, the process is kept simple. Do act fast if you hear of a good grant, they don’t usually have a huge allotment when those appear. You can assign a business to provide you with corporate secretarial services to help you keep track of the latest grants to appear.
9. Be clear about your business
Clarity is everything. Keep your answers succinct and submit an application with clear goals and direction for the best chance of approval. Be extremely clear on the nature of your business, the format, your eventual size, your revenue projections etc.
BGP also has features for you to update your applications, especially if further documentation or proposals are needed. The system also updates results within the portal, and if applicants are successful, they will be notified with a Letter of Offer.
10. It’s okay to ask for help
Don’t feel overwhelmed, there’s always help. BGP provides consultation through their SME centres and you just need to make an appointment with them. There’s even e-advisers that can take you through the hundreds of grants, loans, tax incentives and more to give you a bigger picture. And if you’re looking to have someone administrate and advise you through the entire process, engaging a credible consultancy firm such as Peter Leow Consulting can give one’s peace of mind knowing that everything is produced with a history of successful case studies.
To help you navigate the process of gaining grants for your business, let Peter Leow Consulting take the lead.
