6 New Startup Schemes in Singapore for 2017
All startup schemes in Singapore need funding. How much are you willing to spend on it? More importantly, do you have enough funds for it?
Moreover, how will you launch and start your company if you lack the money to turn up the gear? So funding your business is a priority.
You must be thankful that startup schemes in Singapore are available. Also, the country offers grants to aid startups with promising futures.
However, there are various new schemes and grants present. So how will you know which one applies to your upcoming venture?
The Best New Startup Schemes in Singapore
Startup SG Founder
Eligibility for startups:
- First-time entrepreneurs who are Singaporeans and Permanent Residents
- Must hold or propose to hold at least 30% equity
- The company must have at least 51% of local shareholding
This grant provides mentorship and startup capital of up to $30,000 for first-time entrepreneurs. In addition, it will match $3 to every $1 raised by the entrepreneur. It means that you can raise up to $30,000. It is the maximum possible funds from this grant.
SPRING selected Accredited Mentor Partners (AMP). Its responsibility is to choose qualified applicants. However, it looks for its unique business concept, feasible business model, strong management, and potential market value.
Remember, the application will not be granted if the company receives funds from another government organisation.
If you want to apply, you must submit all the requirements. These are a duly accomplished application form, your ACRA e-statement, business plans or your management teams’ CVs.
Upon successful application, startups will receive learning programs and networking contacts. All these are in addition to their funds.
Startup SG Tech
Eligibility for startups:
- Startup applicants are registered or incorporated in Singapore
- The company must be an SME. In addition, you must have a Company Group annual sales turnover of less than S$100 million. Plus, it must be at least 30% local shareholdings.
- The company must not be older than 5 years at the date of application.
The Startup SG Tech is for a startup with promising proprietary technology solutions and a scalable business model. They can give the funds from this grant at the startup’s early stage to commercialise proprietary technology.
Moreover, the grant will ask for an equity component for SPRING. It keeps the company towards a growth-oriented mindset. Plus, it cultivates greater financial discipline.
Unlike the Startup SG Founder, you may apply to Startup SG Tech even if you have already received a grant from another government organisation. It is possible if the funding is for a different project. And even if you get rejected, you can still reapply. However, you must provide that you can address the highlighted reasons for rejection.
Once approved, you will receive funds upon the completion of each milestone. It starts from the Pre-requisite milestone. First, 20% of the grant will be released to help you kick-start your project. Then, they will release the rest of the funds depending on the verified completion of milestones.
Startup SG Equity
Eligibility for startups:
- A Singapore-based company
- Have paid-up capital of at least $50,000
- Incorporated for not more than 5 years
- Can prove substantial innovative and intellectual content of service, products or application
- Have identified a third-party
With Startup SG Equity, the government will co-invest with an independent third party investor. It is their strategy to help a startup.
Furthermore, the grant focuses on three sectors. These are Urban Solutions and Sustainability, Health and Biomedical Sciences, and Advanced Manufacturing and Engineering.
To apply for this grant, you must email them. Send your business plans and financial statements to email@example.com. Also, you might have to provide additional requirements. These are Business ACRA and the background of potential third-party co-investors. But keep in mind that it is only possible if applicable.
Startup SG Accelerator
This grant does not directly fund the startups. Instead, it funds the business incubators to help create a sturdy startup.
With incubators and accelerators, they can get funds and non-financial support. It helps to nurture startups and help them have the best outcome.
The Startup SG Accelerator may cover three different types of costs:
- Programmes to nurture startups. It can help develop new services or products and improve market access.
- Funds to hire mentors and experts. In addition, it provides management and technical guidance for startups.
- In addition, it can cover operating expenses. However, it is only partial, as determined by SPRING Singapore.
Startup SG Talent
The Startup SG Talent is to create a more conducive environment. Also, it focuses on better leverage for innovative startups to market globally. Under the Startup SG Talent are three schemes:
- EntrePass is a scheme which allows foreigners to jump-start their startups in Singapore. The startup applying for EntrePass must not be older than six months. In addition, it has at least $50,000 in paid-up capital.
- Technology for Enterprise Capability Upgrading (T-UP) funds 70% of the secondment costs. It means it can support the research of scientists and engineers. But it must have a partnership with Agency for Science, Technology and Research (A*STAR).
- SME Talent Programme (STP) for Startups facilitates internships. It goes well between students and technology-based local startups. Those schemes foresee the startup needs for recruitment, retention and talent management through the development of human capital capabilities.
Startup SG Loan
Startup SG Loan has Government-funded loans for startups. These loans are for SMEs which need funds for equipment financing, working capital or trade financing. In addition, there are two types of loans under this scheme:
- SME Micro Loans are for startups. It is for those who need working capital financing of up to $100,000. Also, the company must have not more than 10 employees.
- SME Venture Loan is for high-growth companies who want to expand their business. They can get as much as $5,000,000.
However, what if you need funds for a sudden need. Can you wait for an indefinite time for the grant to be processed?
We all know time is money. If you need additional funding right now, you can get a loan from Cash Mart. Call Cash Mart today at +65 6397 4111 or visit the office in Balestier Road to know more.