- May 22, 2022
- Updated 2:57 pm
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8 Government Grants Available for Singapore Tech Startups
A vast majority of Singapore’s businesses are Small and Medium Enterprises (SMEs). They account for 47 percent of the country’s GDP. The city-state has traditionally attracted considerable amounts of both domestic and foreign investment due to its pro-growth and pro-business atmosphere.
Rapid development in the technology sector, backed by government policies enforces growth of technology and innovation industries as core competencies in Singapore. As such, more and more tech startups are establishing every year in Singapore. There are a number of SME grants Singapore that can finance startup ideas as well as support them to grow faster.
As a pioneer business consultant in Singapore, Business Grants is sharing with you some valuable insights on tech startup grants available for you to apply. Let’s have a look at some of the most prevalent and beneficial incentives in Singapore for tech firms!
FSTI Proof of Concept Grants
FSTI Proof of Concept Grants from the Monetary Authority of Singapore (MAS) provide financing support for the experimentation, development, and diffusion of emerging innovative technologies. It can be obtained by a technology or solution provider who works with at least one MAS-regulated financial institution. The award covers up to 70% of eligible costs, with a ceiling of $200,000 for an investigative project or tech equivalence trial.
Startup SG Tech
Enterprise Singapore (ESG) Startup SG Tech provides Proof-Of-Concept (POC) and Proof-Of-Viability (POV) for the commercialization of new technologies. Depending on the level of development of the technology/concept, businesses may apply for POC or POV awards. It is aimed at startup enterprises who want to acquire early-stage finance for the commercialization of proprietary technology and meet certain criteria such as number of years in business, percentage of local shareholding, and location of primary activities, among others. The maximum award amount for POC is $250,000, and the maximum grant amount for POV is $500,000.
Start-Up SG Equity
The government will co-invest with independent, qualified third-party investors in eligible firms through the Start-Up SG Equity grant scheme run by SEEDS Capital Pte Ltd (an investment arm of Enterprise Singapore) and SGInnovate. This grant is intended for startups in the general and deep tech sectors that are eligible. The investment is limited to S$2 million for general technology and S$4 million for deep technology.
Startup SG Founder
Startup SG Founder by Enterprise Singapore, in collaboration with Accredited Mentor Partners (AMPs), provides mentorship and a S$30,000 startup capital grant to first-time entrepreneurs. It is aimed at first-time entrepreneurs (Singapore Citizens or PRs only) with unique business concepts that meet predetermined requirements. The main advantages are mentorship and a S$30,000 startup capital award.
Tech@SG is a collaboration between the Singapore Economic Development Board (EDB) and Enterprise Singapore, aims to assist fast-growing enterprises in gaining access to the vital talent required to expand and scale their businesses in Singapore and the region. It is aimed at digital or technology startups that have obtained finance from a program-recognized investment company and have raised more than $10 million in the last 36 months. Eligible companies can receive up to ten new Employment Passes throughout a two-year period, including coverage for the first renewal for core team hires at the organisation.
Enterprise Development Grant (EDG) FROM Enterprise Singapore supports programmes that assist you update your firm, develop, or expand internationally, with three pillars: Core Capabilities, Innovation & Productivity, and Market Access. The award is intended for qualifying enterprises that want to expand further and meet the requirements for a certain percentage of local shareholding and financial feasibility to carry out the project. Up to 70% of qualifying project costs are reimbursed, including third-party consultation fees, software and equipment, and internal labour costs.
Productivity Solution Grant (PSG) assists businesses in implementing pre-scoped IT solutions and equipment that improve productivity. Various government organisations, including Enterprise Singapore (ESG), the National Environment Agency (NEA), and the Singapore Tourism Board, have pre-scoped these solutions (STB). PSG intends to target Singapore-registered SMEs that will implement pre-scoped IT solutions for use in Singapore. Funding can provide up to 70% funding for easily adaptable solutions identified on Tech Depot.
The Market Readiness Assistance Grants is intended to help Singapore SMEs expand and obtain access to abroad opportunities, including market setup, identifying overseas partners, and promotion.
This award will cover up to 70% of eligible costs, with a cap of S$100,000 per company and new market. The award is divided into three parts: S$20,000, S$50,000, and S$30,000 for overseas market promotion, overseas firm development, and overseas market establishment, respectively.
The grants listed above are some of the most frequent that a Tech Startup can apply for. If you want to set up a tech company in Singapore to take advantage of these grants, we can help. Please contact business consultants at Business Grants Singapore for a hassle-free application that can bring out the best for your business.