Overview of government schemes for startups in Singapore
What are the government schemes available to help fund my startup idea in Singpore?
1）Startup SG Founder
Kickstart your business with Startup SG Founder, a scheme where Enterprise Singapore matches $3 for every $1 raised. That accounts for a whopping 75% of your overall capital!
Unsure of how to begin or develop your business further? Fret not. Enterprise Singapore presents you with the opportunity to receive COMPANY-SPECIFIC mentorship tailored to your business model with their Accredited Mentor Partners (AMP)
2） Startup SG Tech
If your business falls under these sectors, you can stand to gain access to these two grants:
- Advanced manufacturing
- Healthcare sector
- Biotechnology and biomedical sciences
- Robotics, information and communication technologies
- Clean technologies
- Transport engineering and engineering services
This is where your proposed line of trade is still at the conceptualization stage. To qualify for the grant, you as the business owner must present the innovative science and technology concept behind the solution.
This is for businesses that wish to further develop and spearhead the entry of their proprietary technology. To succeed, the proposed proprietary technology is required to fulfil the following conditions:
- Be commercially viable
- Be leading on or building on proprietary technology
- Be in a breakthrough level of technology
3）Startup SG Equity
Together with private sector investors, this scheme ropes in SG Government to co-invest in general tech and deep-tech startups. Investors involved will have to each pledge a minimum of $50,000 in investments and be willing to provide the necessary guidance and management experience to spur company growth.
4）Startup SG Accelerator
This scheme provides grants for startup enablers such as incubators and accelerators. Such companies are specifically aimed at growing a business by providing business advice, resources, contacts and capital.
5）Startup SG Talent
With how globalized and accessible Singapore is, this scheme aims at providing ease of setting up a company and ease of attracting global talent. Some schemes covered are:
A work pass scheme facilitating rising entrepreneurs with innovative and revolutionary ideas to set up business in Singapore
T-Up grants businesses access to talent from top tier research institutions, helping them in their research and development, should they fulfil the following conditions:
- Be registered as a local business
- Have a minimum of 30% local shareholding
- Have less than 200 employees
6）Startup SG Loan
Via the Enterprise Financing Scheme, this scheme offers government loans providing companies with working capital and financing for equipment, factory, and trade. Such loans include:
SME Micro loan:
Provides financing of up to SG$100,000 to support companies with 10 or fewer employees in their business operations.
SME Working Capital Loan:
Grants financing of up to SG$300,000. In this scheme, SMEs can rely on the Equipment and Factory Loans that grant up to $15 million, if they intend to purchase equipment or factory properties.