1. Financial Support
   Reduce operational costs and investment risks.
2. Business Growth
   Access funding for expansion, technology adoption, and workforce development.
3. Market Entry
   Leverage grants to navigate Singapore’s competitive market more effectively.

Overview:

• Support businesses in their transformation journey by funding projects in three areas:
  • Core capabilities (e.g., branding, strategy development).
  • Innovation and productivity.
  • Market access (expansion into international markets).

Funding Amount:

• Covers up to 70% of qualifying project costs.

Eligibility:

• Business must be registered and operating in Singapore.
• At least 30% local shareholding.
• Group annual turnover of less than S$100 million or fewer than 200 employees.

Application Tip:

• Work with an Enterprise Singapore (ESG) – certified consultant to prepare a strong application.

Overview:

• Aims to encourage businesses to adopt pre-approved IT solutions and equipment to enhance productivity.

Funding Amount:

• Up to 50% funding support.

Eligibility:

• Business must be registered and operating in Singapore.
• At least 30% local shareholding.
• Annual sales turnover of S$100 million or fewer than 200 employees.

Overview:

• Supports SMEs in expanding overseas by funding activities such as market entry research, in-market promotions, and business matching.

Funding Amount:

• Up to 70% of eligible costs, capped at S$100,000 per company new market.

Eligibility:

• Business must be incorporated in Singapore.
• Annual turnover not exceeding S$100 million.
• At least 30% local shareholding.

Key Insight:
Focused on helping businesses enter new international markets, making it ideal for export-oriented foreign businesses.

Overview:

• Designed to support startup in Singapore, particularly those in innovative sectors.

Popular Schemes Under Startup Singapore:

• Startup SG Founder: Provides mentorship and up to S$50,000 in capital grant.
• Startup SG Equity: Co-investment fund for startups with high growth potential.

Eligibility:

• Must be registered as a Private Limited Company in Singapore.
• At least one applicant must be a first-time entrepreneur and a Singapore resident.

Overview:

• Supports companies in upskilling their workforce and improving productivity.

Funding Amount:

• One-off S$10,000 credit per eligible company.

Eligibility:

• Must have contributed at least S$750 in Skills Development Levy (SDL) in a year.
• At least three (3) Singaporean or PR employees.

How Foreign Businesses Benefit:

• Access funding for employee training programs to ensure a competitive and skilled workforce.

1. Local Shareholding Requirement:
   Many grants require at least 30% local ownership, limiting access for fully foreign-owned entities.
2. Administrative Complexity:
   Preparing detailed applications with required documents can be resource intensive.
3. Sector Specific Focus:
   Grants may prioritize specific industries, such as technology or sustainability.

Solution:

• Collaborate with local partners or consider restructuring ownership to meet eligibility requirements.
• Engage grant consultancy firms to streamline the application process.

1. Stay Updated
   Regularly check the Enterprise Singapore and SkillsFuture websites for the latest grant updates.
2. Engage Experts
   Work with certified consultants to increase the chances of a successful application.
3. Combine Grants Strategically
   Leverage multiple grants for different aspects of your business (e.g., PSG for productivity tools and EDG for market expansion).
4. Track Performance
   Measure the impact of grants on your business to demonstrate success in future applications.

Government grants in Singapore present significant opportunities for foreign businesses to grow and succeed. While eligibility requirements may pose challenges, strategic planning and collaboration can help foreign entrepreneurs unlock these benefits. By staying informed and leveraging available support, foreign-owned businesses can thrive in Singapore’s competitive landscape.

Need help accessing government grants? Contact Lett for expert advice and seamless application assistance.

Disclaimer: The information provided in this article is accurate as of 25/02/2025. Policies and regulatory requirements are subject to change. Readers are encouraged to consult official sources or seek professional advice to ensure compliance with the latest regulations.