Singapore is famous globally for its ease of doing business, hassle-free Singapore company registration process, simple tax policies, and great infrastructure facilities. In addition to its success in latest years, the city-state known as the favorite destination of investors from overseas is increasing in popularity for being a regional centre for startups. There are a lot of assistance schemes in Singapore for startup companies. The schemes are generally provided in forms of support or grant schemes. Startup SG is one such centralized scheme that unifies support schemes and offers updated and organized assistance to SMEs. Startup SG is a scheme led by the leading agency in Singapore ‘SPRING’, which is authorized by Ministry of Trade and Industry to assist Singapore companies to grow along with the aim to drive the nation towards a flourishing startup ecosystem.
The Startup SG scheme was started in the year 2017 that makes sure that it administers the requirements and problems associated with the startup ecosystem. It focuses on the major goal of providing a suitable platform for a hassle-free business environment that has been categorized under six broad types.
- Startup SG Founder
- Startup SG Tech
- Startup SG Equity
- Startup SG Accelerator
- Startup SG Talent
Startup SG Founder is a scheme that provides assistance and capital grants to companies that are first time opting for Singapore company registration with innovative ideas and starting up business. Under this scheme, SPRING matches $3 for every $1 raised by the businessman or the entrepreneur. There is a provision for mentorship by the government agency (AMP). They provide assistance in regards to networking contacts, guidance and learning programs. The applicants are qualified based on unique and practical business ideas, prospective market value and management strengths.
Startup SG Tech is a scheme that provides initial stage funding for businesses that are involved in technological development and innovations. This helps in speeding up the development and growth of the business through technology in the sectors such as robotics, information and communication technologies, precision engineering, advanced manufacturing, healthcare, clean technologies, transport engineering and services, biomedical sciences and biotechnology. The scheme is subdivided between two types of grants (POC) Proof-of-concept and (POV) Proof-of-value. The grant is offered to the applicants that produce solutions that are practical, built on business-related technology, and can be measured as a revolutionary level for technology.
Startup SG Equity scheme is developed with the aim to support and encourage investments from private sectors through co-investments in deep-tech and general tech startups with third-party investors. The government only co-invests in startups with $50,000 of investment along with management expertise for the startup’s growth.
Startup SG Accelerator intends to enhance the startup ecosystem by providing assistance to accelerators and incubators that play important role in commercialization, patent formation and growth inventions. The team helps through funding, assist in developing new products and services along with global market access. For example expenses such as salaries of the incubation team, exerts and mentors etc.
Startup SG Talent is the scheme started with the motive to attract global talent to join local startups. The scheme has three avenues for this – Entrepreneur Pass (EntrePass), Technology for Enterprise Capability Upgrading (T-UP) and SME Talent Programme (STP) for Start-ups.
- Entre pass is a work pass scheme for foreign entrepreneurs who are interested in Singapore company registration and start a business there.
- SME Talent Program (STP) assists technology-based startups to develop their talent by providing internship subsidies of 70% of intern’s stipends.
- T-Up provides subsidies of up to 70% for seconding cost of engineers and research scientists for a period of two years. The eligibility for this scheme includes Singapore company registration and at least 30% of local shareholding and less than 200 employees.
This scheme offers a loan that is government backed to provide capital and financial aid to businesses for trade, factory and equipment. It offers loan of up to $100,000 to small businesses and larger businesses can opt for SME Venture Loan of up to $5,000,000.
Startup SG makes it a trouble-free experience for local business entrepreneurs to recognize appropriate schemes for their distinctive requirements and situations. In short, Startup SG is one-stop for doing business in Singapore where Start ups, incubators and accelerators, and investors can now find and connect with one another