5) Startup SG – Diverse startup support grants and schemes in Singapore
The Singapore government is a strong proponent and supporter of the local startup ecosystem. In March this year, the government announced the Startup SG initiative, a consolidation of all startup support grants and schemes under an umbrella branding.
The schemes under Startup SG currently include:
- Founder for first-time entrepreneurs
- Tech for the development of deep-tech innovations
- Equity to incentivise equity co-investments for startups
- Accelerator for incubators and accelerators
- Talent for talent development
- Loan for financing needs via government-backed loans
Ramesh Shahdadpuri, Head, International Centre at ACE, highlighted a few schemes that would be of significant interest to Indonesian startups. He also shared that Indonesian entrepreneurs are welcome to explore Singapore as possible business expansion ground by working with ACE and making use of the business networks ACE can provide. With the impending launch of the ACE International Centre, ACE advisors and partners such as In.Corp Global will be able to guide entrepreneurs in their business expansion journey.
Startup SG Founder
SPRING Singapore will match $3 for every $1 raised by first-time entrepreneurs for up to $30,000 to turn their differentiated business ideas into reality. The startups’ applications must be recommended through Accredited Mentor Partners (AMPs). This scheme is for applicants with strong differentiation, business model feasibility, potential market, and management team
Startup SG Tech
This grant fast-tracks the development of proprietary technology solutions and catalyses the growth of startups based on proprietary technology and a scalable business model.
|What It Is
||Your solution is at the conceptualisation stage, and the technical/scientific viability still needs to be proven.
||You already have a technically/scientifically viable concept (POC available), and you wish to carry out further development of a working prototype, to validate the commercial merit of an established concept.
|Amount of funding
||S$250,000 per project (up to 100% of qualifying costs)
||S$500,000 per project (up to 85% of qualifying costs)
Startup SG Equity
The government will co-invest with independent, qualified third-party investors into a startup. This scheme aims to stimulate private-sector investments into innovative, Singapore-based technology startups with intellectual property and global market potential.
|Types of Startups
||7:3 up to $500,000, 1:1 thereafter up to $4 million
||7:3 up to $250,000, 1:1 thereafter up to $2 million
*Examples: Clean Technology, Medical Technology, Advanced Manufacturing & Engineering, Robots, Artificial Intelligence (AI), Cyber Security and Immersive Media – Augmented Reality (AR) / Virtual Reality (VR), etc.
**Examples: Software programming and development, mobile and desktop applications and computer games etc.
Related Article: Singapore startups life cycle
The Singapore Advantage
In light of all the activity that the various startup ecosystem players are generating and are a part of, there has never been a better time to expand into Singapore.
And when you do, trust In.Corp Global to help you get started. As the official Corporate Services Partner of both ACE and EDB, In.Corp Global’s expertise is unrivaled in Singapore. With years of know-how in company incorporation, accounting, tax, payroll and immigration services, you can count on us to be your dedicated one-stop business solution.