Singapore’s Top 8 Government Grants For Startups [2022]

Singapore is undeniably one of the world’s most attractive country for startups. Indeed, there are plenty of free money grants startups can receive from the government, to start off or scale up. So, what are Singapore’s top 8 public grants for startups? Is your company eligible? How much money can you actually receive?

In this article we’ll look into what are the most famous startups grants in Singapore:

#1: Startup SG Tech

Founded in 2017, Startup SG supports the Singaporean startup ecosystem, both locally and overseas. 

Under the scheme, startups and ecosystem partners can take advantage of Startup SG’s connections and access multiple sources and types of support (e.g. incubation and accelerator programs).

Startup SG also offers a grant for startup that need funding to commercialize their Proof-of-Concept (POC). The grant ranges from $250,000 and POV at $500,000.

Eligibility criteria

• Must be a registered firm in Singapore for no more than 5 years
• Must have at least 30% stake in the company
• Yearly revenue must not exceed $100 million, or must employ no more than 200 workers
• Core activities must be carried out in Singapore
• Must show Proof Of Concept (POC)
• Must also demonstrate that the product/service is commercially viable (Proof Of Value)

#2: Enterprise Development Grant (EDG)

Enterprise Singapore (ESG) is a Singaporean government agency that has produced and manages the Enterprise Development Grant (EDG) programme.

The EDG programme aims to help Small and Medium Enterprises (SMEs) in Singapore forge core competencies that include:

1. Core capabilities which include business development, branding & marketing, business strategy, etc.
2. Innovation and productivity (e.g. product development, product design)
3. Market Access for companies targeting markets overseas

SMEs in Singapore who are in need of financial assistance can obtain up to 80% of the EDG in order to supplant the costs to develop their projects.

Eligibility criteria

• Must be incorporated in Singapore
• Your company must demonstrate it has sufficient financial resources to see the project through its completion

#3: Startup SG Equity Programme

The Startup SG Equity Programme is a specific government grant for startups in Singapore. Indeed, it’s more of a co-investment scheme whereby the Singapore government, along with SEEDS Capital and SGInnovate, co-invest in high-potential startups.

The goal of this scheme is to support private investment in technology startups based in Singapore. In order to be eligible, startups must have intellectual property and the potential to reach global markets.

The terms also vary based on the type of startups:

• Deep tech startups: co-investment ratio of 7:3 (up to $500,000) or 1:1 co-investment ratio is for funding of up to $4 million
• Other tech startups: co-investment ratio of 7:3 (up to $250,000) or 1:1 co-investment ratio is for funding of up to $2 million

Eligibility criteria

The company must:

• Be headquartered in Singapore
• Be Incorporated as a Private Limited company for no more than 5 years
• Not be a joint-venture or subsidiary company
• Secure a capital of at least $50,000
• Have Proof of Concept (POC)
• Prove that it has the potential to grow internationally

#4: Productivity & Solutions Grant (PSG)

Productivity & Solutions Grant is another of Enterprise Singapore’s grants for startups. It offers SMEs (including startups) up to 80% subsidy on qualifying technology expenses.

PSG subsidises solutions encompassing customer management, data analytics, financial management, and inventory tracking.

Eligibility criteria

In order to be eligible, your company must be registered in Singapore and have less than $100 million annual sales or no more than 200 employees.

#5: Market Readiness Assistance Grant (MRA)

MRA is another of Singapore’s grants for startups that aims to help SMEs expand overseas by subsidising qualifying expenses.

Eligible third-party costs include market set-up, identification of business partners, and overseas market promotion. Therefore, if companies incur such expenses, they can claim up to 80% back under the MRA grant.

Eligibility criteria

In order to be eligible, your company must be registered in Singapore and have less than $100 million annual sales or no more than 200 employees.

#6: Business Improvement Fund (BIF)

Business Improvement Fund (BIF) is a grant for businesses in the tourism sector in order for them to invest in innovative technologies.

The BIF’s level of support depends on the type of business: SMEs can get up to 70% refund on qualifying costs whilst non-SMEs only get 50%.

Eligibility criteria

• Companies in the tourism sector that have capability development initiatives
• Companies that offer new innovative technology-based products and services for tourism businesses

#7: VentureForGood (VFG)

VentureForGood (VFG) is a grant from raiSE, a government body created in 2015 to develop the Social Enterprise industry in Singapore. 

VFG offers grants of up to $300,000 to businesses that offer social solutions and need financial assistance to launch or expand their operations.

raiSE also created a new grant as part of the COVID-19 pandemic. It now also offers grants to businesses that create solutions to solve community issues that may rise in Singapore during the recovery phase once the pandemic ends. These businesses can get up to $100,000 in grants if they qualify.

Eligibility criteria

The company must address a local social gap/need (e.g. employment opportunities, mental health, caregiving, etc.) in order to be considered for this grant.

#8: Double Tax Deduction for Internationalisation (DTDI)

The Double Tax Deduction Scheme for Internationalisation (DTDI) program is a government tax incentive program that promotes companies investing overseas. 

Eligible companies can get up to 200% tax deduction for their international market expansion and investment development expenses, which includes costs such as market research and advertising.

Eligibility criteria

Your business must have its base of operations in Singapore with a primary purpose of promoting trade and commerce locally and internationally. Yet, other businesses may be considered on a case-by-case basis.

More Resources For Startups In Singapore

We have other free resources for Singaporean startups and entrepreneurs so make sure to read our article on the best accelerators in Singapore:

• Singapore’s Top 15 Startup Accelerators You Should Know