What Grants Are You Eligible for in Singapore?
The Singapore Government offers several grant options for businesses of all sizes. The best way to find out what grant you need is with a government grant consultation.
At 3E Accounting, we can assist you through a consultation. The one-on-one discussion will enable both parties to get a better understanding of what your business needs.
Who is Eligible for Singapore’s Government Grants?
The available government grants are meant to help start-ups in Singapore. As a start-up, understandably cash flow and profits are hard to bump up in the first few years. Hence the reason why the government is trying to help these start-ups.
In Singapore, a start-up business that meets the qualifying conditions does not need to pay full tax for the first chargeable income amounting to $100,000. This excludes Singapore’s franked dividends. This exemption is valid for the first three years of your tax assessment years.
You will also receive a 50% tax exemption for each year of the first three years. This exemption amount is applicable for the next $100,000 of your earnings within those three years.
You are eligible for a government grant if:
- Your company is incorporated in Singapore.
- You are a Singapore tax resident for that year of assessment.
- You don’t have more than 20 shareholders throughout the year of the assessment period. Also, you did not have more than 20 shareholders who were:
- Individuals that have beneficial shares in their name; OR
- A minimum of one shareholder that had at least 10% of the company’s issued ordinary shares.
What Types of Grants Can I Apply for?
There are several grant options available for you. To determine the best option, 3E Accounting can help through our Government Grant Consultation services.
The types of grants you can choose from including the following:
- Enterprise Development Grant (EDG) – A combination of the Spring Singapore’s Capability Development Grant (CDG) and International Enterprise Singapore’s Global Company Partnership (GCP).
- Productivity Solutions Grant (PSG) – An initiative organised by the MTI’s Grants Management Office (GMO). This grant is administered by the relevant agencies and primarily focused on IT solutions.
- Digital Resilience Bonus (DRB) – You could get up to $10,000 in bonus pay-outs credited to your PayNow account. This sum is in addition to any assistance you may already have under MIDA.
- Market Readiness Assistance (MRA) Grant – This grant can help your business if you plan to set up an overseas market, promote overseas, and identify business partners.
- SkillFuture Enterprise Credit (SFEC) – If you need funding for your e-commerce website, you might be able to secure more than 80% funding. This may be possible by combining SFEC and PSG.
Need Assistance? Get in Touch With Us
Need help with grant support for your business? We can help you figure out what grant would best suit your business needs. For all your government grant support questions and more, contact us today for a consultation.