Looking at 8 of the Best Startup Support Schemes in Singapore

Singapore plays an important role in the global economy. This city-state is often acknowledged for being one of the best places in the world to do business. With such a formidable reputation, it is no wonder that many entrepreneurs look forward to launching their own start-ups here. If you too are one such visionary, you will be delighted to know that Singapore offers a plethora of facilities to support startups. The Government has itself taken up immense initiative to encourage an influx of business ideas and entrepreneurs into the city-state. From business support infrastructure to tax breaks, the assistance that is offered to budding business owners is aplenty. Innovation and ideation in the city-state are appreciated and rewarded.

Startups in Singapore can avail a host of support schemes too. These schemes have now been brought together under Startup SG which provides immense support for startups in Singapore.

Are you too thinking of starting your own venture in the Lion City?

If so, this article is perfect for you. Read on to discover the detail on 8 fabulous startup support schemes that have been launched so far in Singapore.

1. Startup SG

Let’s kickstart this list with the platform that provides truly impressive support to entrepreneurs in Singapore. Startup SG has a range of platforms that each offer unique forms of support to businesses. For instance, Startup SG Infrastructure offers infrastructure support, Startup SG Loan provides schemes of loans, and Startup SG Talent comprises of schemes such as Technology for Enterprise Capability Upgrading to help businesses get the right research and development support.

2. Capabilities Development Grant

The Capabilities Development Grant (CDG) is the Singapore government’s financial assistance programme aimed supporting startups. True to its name, the CDG assists startups in growing capability in certain focussed areas of business such as product development, intellectual property and business excellence. The CDG offers subsidies up to 70% of certain project costs such as equipment costs, training, and manpower, among others.

3. Angel Investors Tax Deduction

This scheme from the Singaporean Government was launched with the sole aim of increasing angel investment. Under this scheme, the angel investor enjoys tax deductions of 50% of the investment amount at the end of the 2-year holding period. When getting your tax filing services in Singapore taken care of, do also note that there are certain tax deduction caps placed too on such benefits.

4. Market Readiness Assistance (MRA)

The Market Readiness Assistance (MRA) grant provides assistance to startups and SMEs so that they can expand into international markets. Under this grant, a company can get up to $100,000 per new market. That kind of support can truly prove to be immensely helpful for overseas promotions which can help in major business expansion activities.

5. Financial Sector Technology and Innovation (FSTI)

This scheme by the Monetary Authority of Singapore (MAS) helps support innovation in Singapore. Under FSTI, eligible applicants can get a funding support towards experiments and the development of technology that promotes innovation in the sector of financial services. Interested applicants can also avail a sub-scheme known as the FSTI-Proof of Concept which provides funding that can go as high as $200,000.

6. Building Information Model Fund

The Building Information Model Fund aims to promote BIM collaboration by giving support with the costs of consultancy, training, hardware or software. The goal is to ultimately help reduce costs and raise productivity through the successful implementation of BIM technology in a business.

7. The Innovation and Capability Voucher (ICV)

The Innovation and Capability Voucher (ICV) from SPRING Singapore is a $5000 voucher. The ICV has been launched with the aim of encouraging and inspiring startups to push forward by improving their capability in core business areas. This voucher can be used by a startup towards the end goal of improvement in four crucial areas - innovation, productivity, human resources and financial management. Best of all, the limit has not been set to one but rather to eight vouchers for a single startup or small/medium enterprise.

8. Double Tax Deduction for Internationalisation

The Double Tax Deduction for Internationalisation, also known as DTDi, has been created in order to provide a system of support to companies looking to grow globally. Under this scheme, a startup that plans to expand internationally beyond Singapore can benefit from 200% tax deduction on certain qualifying costs. These costs should be related to the activities of global market expansion and investment development activities for the startup to be able to avail this benefit.

In conclusion

We hope that the information given in this article has proved to enlighten you on the many support schemes made available over the years to entrepreneurs in the nation of Singapore. As an aspiring business owner, you will be glad to know that the Lion City can offer all the infrastructure and facility to take your venture to roaring new heights of success. What more could you ask for as an entrepreneur…with such kind of support, the sky is truly the limit for your business dreams!

And, if you are seeking a reliable cross-border advisory firm, look no further than IMC. From business setup solutions to company registration in Singapore and even corporate advisory, we offer quality business services and solutions. Looking for accounting services in Singapore or any other similar business needs? Get in touch with us today for expert guidance and service par excellence.

I am Working as a finance professional with seven years of diverse experience in investment management, financial analysis, due diligence, training, quantitative & qualitative appraisal of investments, project management.