There are several government grants available to businesses in Singapore to help them. Here are some of the common ones:
The JGI will provide up to 12 months of salary support for each non-mature local hire and 18 months of salary support for each mature hire, person with disability or ex-offender hired by employers that managed to increase their local workforce within the qualifying window (from September 2020 to September 2021). For more information, please click here.
This grant supports projects that help you upgrade your business, innovate or venture overseas, under three pillars: Core Capabilities, Innovation & Productivity and Market Access. This grant will fund qualifying costs such as third party consultancy fees, software and equipment and internal manpower costs. For more information, please click here.
Small and Medium Enterprises ("SMEs") can utilise the MRA grant to help expand their business overseas. It provides the following support, defraying up to 70% of eligible costs, capped at $100,000 per company per new market. For more information, please click here.
Enterprise Financing Scheme ("EFS")
This scheme provides various financing options for your business in which Enterprise Singapore will share the loan default risk in the event of insolvency with the participating financial institutions. For more information, please click here.
Startup SG Equity
As part of the Startup SG Equity scheme, the government will co-invest with independent, qualified 3rd party investors into eligible startups. This scheme aims to stimulate private-sector investments into innovative, Singapore-based technology startups with intellectual property and global market potential.
This program offers a co-investment ratio of 7:3 (up to $250k). For up to $2 million, a ratio of 1:1 applies. These are the numbers for general tech investments.
For deep tech investments, there is a co-investment ratio of 7:3 (up to $500k) while the ratio of 1:1 applies for investments of up to $4 million.
For more information, please click here.