Singapore is known as one of the most ideal countries in the world for businesses. The government offers several business grants not just for start-up industries as well for small and medium enterprises (SME) as well.
The Singaporean government has several agencies that could provide specific grants for different types of SMEs. Those interested could choose from these agencies to apply for the grant that they need.
One of these grants include the Productivity and Innovation Credit (PIC) Scheme. It is made to inspire SMEs to come up with different ways to innovate and increase productivity within their industry. SME companies that aim to invest in meeting the requirements in innovative and productive activities that fall under the specific categories set by the Inland Revenue Authority of Singapore (IRAS) can take advantage of cash payouts or tax deductions.
Those who will be given the PIC Scheme grant will be able to enjoy a tax deduction scheme from this year until Year of Assessment (YA) 2018. This type of grants of SME in Singapore could also take advantage of a PIC bonus or a “dollar-for-dollar matching” cash out.
Another option for grants for SME Singapore include the Partnerships for Capability Transformation (PACT), which promoted equally-beneficial relationships between large-scale corporations and SMEs.
PACT is known for supporting three different types of partnerships, which include the Partner Development which explores the capability upgrade that would be beneficial for new or existing Large Organization (LOs) suppliers, the Knowledge Transfer partnership that allows the Los to transfer their knowledge to at least one partner SME, as well as the Co-innovation partnership that deals with the expansion of innovative solutions between the Los and the SMEs.
Those who will be qualified for this grant will have an exclusive access to various projects that are meant for upgrading areas involving capability development, total productivity, as well as various opportunities in developing innovative products or solutions.
SPRING Singapore will be assessing and approving the grant for SMEs. Once the grant has been given, SMEs will get partial funding support for as much as 70% of qualifying development expenses.
Another grant-giving sector in Singapore is known as the SPRING Startup Enterprise Development Scheme (SPRING SEEDS). This aims to encourage private sectors to put their investment in developing start-ups with ground-breaking products or services that aim to be known in the international markets. This scheme could provide qualified applicants with a “dollar for every dollar” grant that comes from private sectors up to a maximum of SG$1,000.000.
To be able to qualify for the SPRING SEEDS grant, a start-up must be registered as a Private Limited Company Incorporated in Singapore for less than five years and must operate mostly in the country.
It could also be beneficial to take note of the kinds of business areas which the Singaporean government provide different grants. It includes the Brand & Marketing Strategy Development, Business Excellence, Business Strategy Innovation, Enhancing Quality and Standards, Financial Management, Human Capital Development, Intellectual Property & Franchising, Productivity Improvement, Service Excellence, as well as Technology Innovation.
With all these in mind, it would be a breeze for any SME owners to get Singapore grants for SME.
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