Singapore government grants for 2019
As a business consultant, providing information on government grants is my bread and butter. government grants are only useful on a short-term basis to help business units to adopt a new solution to streamline the business. The needs of the business must ultimately be aligned with the business strategy to compete with the evolving trends and competitors in the market ecosystem. As a result,
What is government grants?
Government grants are schemes created to help business to improve its core capability or infrastructure. Singapore government would often announce its national budget (usually on Feb 15 by the finance minister) for the year. Depending on the direction of the country, money would be allocated to schemes supervised by a different ministry. Singapore companies would participate in these schemes to enjoy the benefits of government grants. Most would most likely work with consultants or advisors to upgrade on business units to improve its efficiency or competency. Part of the project cost could be subsidised by government fundings. Therefore, it is also known as business grants.
How does government grants work?
Government grants in Singapore are usually subjected to approval by relevant ministry. As a result, it is crucial for the business to evaluate their needs before submitting an application. For that reason, applicants would have to write a simple proposal to explain their business need and how this project would benefit the company. After the assessment is done relevant government ministry, approval would be given for successful application. They could then start their project. At the end of the project, Business could file their expenses in claim and government funding would then be release.
**Information on this website might be outdated, please verify with relevant government ministry on the latest development.**
4 government grants every Singapore business must know
SME Go Digital grant is announced by the Parliament by Finance Minister Heng Swee Keat in April and a budget of 80 million would be injected into the scheme for over 4 years to groom SME to develop their technical competencies. Launched by IMDA in 2017.
CDG Scheme is started by Enterprise Singapore (formerly known as SPRING Singapore), the scheme encourages business to develop their core capabilities and it supports investment into 10 supportable areas. The scheme supports up to 70% of the project cost subjected to approval.
PSG is crafted as a replacement for Innovation and Capability Voucher (ICV). The scheme funds up to 70% for purchase on pre-approved software solutions and equipment. The scheme is created to assist small business to leverage
This scheme was launched in 2010 by IRAS. PIC scheme encourages business to develop into 6 qualifying activities. Government grants are given to business in form of 60% cash payout or 400% tax deduction. this scheme is supposed to end in YA 2015 but was extended until YA 2018. This scheme has ended in 2017
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