Why apply for grants?
Singapore is a very attractive place for entrepreneurs to set up a business. Besides the low tax rates and the ease of doing business, another important factor that attracts entrepreneurs from around the world to the country is the multiplicity of financing sources for startups. If you decide to incorporate your startup in Singapore, the government offers several attractive grants and funding schemes that help grow a business through its various early stages.
Productivity Solutions Grant
To make it easier for businesses to access support to adopt technologies and productivity solutions, the Singapore government will streamline existing grant schemes that support pre-scoped, off-the-shelf productivity solutions into one Productivity Solutions Grant (PSG). As announced at Budget 2021, the enhanced maximum support level of up to 80% will be extended from 30 September 2021 to 31 March 2022.
PSG covers sector-specific solutions including retail, food, logistics, precision engineering, construction and landscaping industries. PSG also supports adoption of solutions in areas of customer management, data analytics, financial management and inventory tracking.
PointStar Consulting is a pre-approved PSG vendor by IMDA. Our PSG approved packages can be utilised across industries and covers such as in areas of Accounting Management, Customer Relationship Management, Inventory Management, and Sales Management System.
Your business can apply for the PSG if it meets the following eligibility criteria:
- Your business must be registered and operating in Singapore
- Purchase/subscription of the IT solutions or equipment must be used in Singapore
- Have at least 30% local shareholding (for selected solutions only)
You should choose PSG if one of the packages suits you. If you need a customised solution, you should consider EDG instead.
Enterprise Development Grant
In order to provide more holistic and customised support to local enterprises seeking to build deep capabilities, scale up, and internationalise, SPRING’s Capability Development Grant (CDG) and IE’s Global Company Partnership (GCP) grant will be combined into the Enterprise Development Grant (EDG). As announced at Budget 2021, the enhanced maximum support level of up to 80% will be extended from 30 September 2021 to 31 March 2022. EDG grant helps companies fund projects companies carry out to upgrade their businesses, innovate or venture overseas, under three pillars:
- Core Capabilities – Companies strengthening their foundation to prepare for growth and transformation.
- Productivity and Innovation – Companies looking to automate business workflows and processes to enhance work efficiency
- Market Access – Companies expanding into overseas markets can tap into the EDG to help defray some of the costs.
For firms that are most severely impacted by COVID-19, the maximum support level can be further raised to 90% on a case-by-case basis. Unionised enterprises and e2i partners under the Labour Movement are eligible to receive an additional 10% funding support, subject to NTUC e2i’s assessment.
To qualify for the EDG, you need to:
- Be a business entity registered and operating in Singapore
- Have a minimum of 30% local shareholding
- Be in a financially viable position to start and complete the project
Applications will be assessed by Enterprise Singapore based on project scope, project outcomes and competency of service provider.
Exploring grants for your business
When a business arrives at the growth stage, it is crucial for them to acquire the right tools to ensure they are ready for the next development stage of their business. Growing a business could be a huge challenge especially when it comes to financial and technical capabilities. If you are looking to grow your business, you can save a lot of money on consultation and training with the new schemes introduced by the government. The cost for companies embarking on the workplace transformation usually includes consultation, setup, migration and deployment. With the grants, companies can receive up to 70% subsidy to offset the consultation.
When it comes to diagnosing the problems, developing solutions to implement interventions and recommending other schemes, engaging a cloud consultant can be beneficial for your organisation. Not only will you save on consultation cost, you will also be ensured of a solid grant proposal to the authorities.
Need assistance for grants?
As a cloud consulting company, PointStar has a full-fledged team of consultants to help companies and SMEs in Singapore. We have the experience and expertise in dealing with grants to assist SMEs since our team is certified in Practising Management Consultant (PMC), which is recognised by government agencies such as SPRING Singapore, IE Singapore, IPOS, WDA and others
By using a qualified consultant, you can ensure that you are tapping the experience of a Practising Management Consultant who has proven his expertise in productivity consultation.