Government Grant & Assistance Scheme
There quite a number of government grants and assistance schemes to assist local companies especially SME (small & medium enterprises). These schemes are normally offered by different government agencies (eg. MOM, IDA & etc) to encourage companies looking into specific area of developments.
Any company, no matter a Private Limited, partnership or sole proprietorship, that fulfills the following criteria, the company will most likely qualify for most of the schemes. Of course, some schemes even apply to all companies in Singapore (even 100% foreign owned).
By the way, the qualification criteria for an SME as follow,
- At least 30% local shareholding; AND
- Company’s group annual sales turnover not more than S$100 million; OR
- Company’s Group employment size not more than 200 workers
These are some of the grants offered by different government agencies,
The Innovation & Capability Voucher (ICV) is a simple to apply, easy-to-use voucher valued at S5,000, to encourage SMEs to take their first step towards capability development.
Enjoy 400% tax deductions/allowances and/or 60% cash payout for investment in innovation and productivity improvements under the Productivity and Innovation Credit (PIC) scheme.
The Capability Development Grant (CDG) is a financial assistance program aimed at helping Small and Medium Enterprises (SMEs) defray up to 70% qualifying project costs.
One-off grant to help employers learn about and implement age management practices such as good re-employment practices, performance management and job redesign.
The SME Talent Program helps local SMEs attract local talents from the Polytechnics and Institute Education (ITEs) by sponsoring students study awards and job opportunities upon graduation.
Obtain up to $20,000 to defray cost (eg. Laptop, computer server & etc) on implementing work-life strategies.
Obtain up to 70% subsidy on Accounting Software (eg. MYOB Premeir), Payroll Software(eg. MYOB Payroll) or Point-of-Sales Software (eg. Wincor Nixdorf POS System)
Obtain up to $110,000 to defray cost on hiring workers.
Do feel free to contact any of our friendly consultants if you require more information.