Apply for Singapore's Incentive Programs in 5 Easy Steps

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Most company owners are either not aware of the incentive programs available to Singapore-based companies or are daunted by the vast number of available incentives. These programs can provide substantial benefit, in some cases worth tens of millions of Singapore dollars. Below, we’ll explain how to find the incentives that are right for you and apply for them.

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singapore company registration in 5 steps

Step 1: Review and understand Singapore's incentive programs framework
Step 2: Use our matchMe tool to find the programs that match your company's profile
Step 3: Discuss your suitability for the matched programs with our experts
Step 4: Work with our experts to prepare your application(s)
Step 5: Submit your application(s)
Frequently Asked Questions

Step 1

Understand Singapore's Incentive Programs Framework

The incentive programs come in several different forms. These are:

Incentive Programs

Grants

Grants provided by Singapore government bodies, specialized grant-making institutions, or charitable foundations help Singapore companies grow, transform, or take action on other specific purposes often linked to public benefit. Grants can help you upgrade your business, innovate, venture overseas, and so on. Some types of grants are given in advance, some on a reimbursement basis, i.e. after your company completes a project. Unlike loans, grants need not be paid back.

This grant provides project funding for local Singapore tech companies to develop breakthrough technology that can disrupt current markets or create new markets. With Startup SG Tech, companies will receive funding for both Proof-of-Concept (POC) and Proof-of-Viability (POV) projects. POC projects, which are designed to test the technical and scientific viability of a new technology, can receive funding of up to S$250,000. POV projects designed to test the commercial viability of a lab-proven technology can receive up to S$500,000 in funding. Furthermore, to qualify for Startup SG Tech, companies must meet the following requirements:

The company must be a registered Singapore company less than 5 years old
The company must operate in Singapore
The company must have at least 30% local shareholding
Annual revenue must be less than S$100 million, or the company must employ fewer than 200 people

Startup SG Tech offers cash grants to companies in the following industries:

Advanced manufacturing and robotics
Biomedical sciences and healthcare
Clean technology (e.g. waste management solutions, sustainable energy generation)
Information and communications technologies
Precision engineering (e.g. composite technology and silicon photonics technology)
Transportation technology
Food science and technology

Set up by the Monetary Authority of Singapore (MAS), POC provides funding support to financial services and fintech companies that develop innovative technologies for the financial services industry. Funding is awarded on a project-by-project basis. Under POC, companies will receive funding for 50%–70% of eligible project costs, up to a maximum of S$400,000. Eligible costs include the cost of manpower, professional services (such as consultancy and subcontractors), equipment and software, and intellectual property.

Managed by the Singapore Tourism Board, BIF provides support for projects that improve the productivity and competitiveness of tourism companies in Singapore. BIF is available to tourism companies that wish to take on any of the following projects to improve business capabilities:

Review and design of business processes
New product development
Improved financial management
Improved human resources capabilities to attract, develop and retain talent
New branding and marketing strategies
Automation of business processes
Business process redesign
New or existing product development

Furthermore, technology companies that create innovative technology products and services for tourism businesses also qualify for BIF. Under BIF, SMEs can receive funding for up to 70% of qualifying costs, and non-SMEs will receive funding for up to 50% of qualifying cost.

MRA Grant helps SMEs that are moving into overseas markets for the first time. Under MRA, SMEs will receive funding for up to 70% of the cost, capped at S$100,000, for activities that prepare a business to launch in an overseas market. Such activities include securing import and export licenses, drafting franchise or joint venture agreements, securing distribution or joint venture partners, and marketing and PR activities. You are welcome to find out more details about Singapore Market Readiness Assistance Grant in our comprehensive guide.

The incentive was developed by the Startup SG in order to provide funding for new entrepreneurs with innovative businesses. Startup SG Founder provides up to S$50,000 by matching S$5 to every $1 raised by the startup. Along with funding, entrepreneurs will also receive mentorship and business guidance from Singapore-based incubators. The program is open to Singapore citizens and permanent residents. To be accepted into the Startup SG Founders program, first-time entrepreneurs must apply through an Accredited Mentorship Partner (AMP).

To receive the grant, the first-time entrepreneur must adhere to the following conditions:

Startup’s team should have at least 3 Singapore Citizens or Permanent Residents, who are the main applicants for the grant.
At least 2 of the 3 main applicants should be first-time founders.
The main applicants who are first-time founders should hold at least 30% equity in the company collectively.
The first-time entrepreneurs must dedicate a reasonable amount of time to the business, not be employed full-time by another employer and must be key decision-makers in the company.
The first-time entrepreneur cannot have already received funding for the proposed business from another government organization.
Upon approval, the first-time entrepreneur must register a private limited company in Singapore.
If the first-time entrepreneurs have already registered a company, it must not be more than 6 months old and must have at least 51% shareholding in Singapore.

The grant supports Financial Institutions (FIs) that enhance their risk management and compliance functions through the use of technological solutions. It also supports upskilling efforts where employees in FIs acquire new domain expertise in the use of technology to augment and sustain risk management and compliance operations. Eligible companies will receive a grant covering up to 70% of eligible expenses, capped at S$300,000.

This program supports Singapore-based FinTech firms amid the challenging business climate created by the COVID-19 pandemic. Under this incentive, companies may receive a one-time grant for up to S$20,000 to cover day-to-day working capital expenditures, such as salaries and rental costs. In addition, the grant provides funding to cover 70% of qualifying costs related to the Proof of Concept (POC), with financial institutions on the API Exchange (APIX) platform subject to a total cap of S$80,000 per firm

FAMS is a talent development initiative. Its objective is to increase opportunities for Singaporeans to be groomed through structured programmes that can lead to future specialist and management leadership roles in various segments of the finance industry. The FAMS helps defray part of the costs incurred by financial institutions in hiring Singapore citizen staff who would be trained under their structured management or functional programmes.

Incentive Programs

Tax Credits

A tax credit is an amount of money taxpayers can subtract directly from the taxes they owe, i.e. reduce the actual amount of tax owed. Under this category we also cover tax deductions (incentives that lower the amount of taxable income) and tax allowances (the amount a company can earn without being subject to income tax). Tax credits are usually given to companies that conduct certain types of activities that are often linked to public benefit. Examples of such activities can be expanding your activities in Singapore, registering an IP in Singapore, constructing land-productive buildings, etc.

PC & DEI aims to encourage companies to grow their capabilities and conduct new or expanded economic activities in Singapore. Companies that carry out global or regional headquarters (HQ) activities of managing, coordinating, and controlling business activities for a group of companies may also apply for the PC or DEI for the HQ activities. Eligible applicants will enjoy a corporate tax exemption or a concessionary tax rate on income derived from qualifying activities.

The FTC Incentive supports companies in growing treasury management capabilities and using Singapore as a base for conducting treasury management activities. Successful applicants will enjoy a reduced corporate tax rate on income derived from qualifying FTC services and withholding tax exemption on interest payments, such as interest on loans obtained by the approved FTC from banks and non-bank financial institutions outside Singapore.

ALS aims to encourage companies to develop aircraft leasing capabilities and grow the aircraft leasing industry in Singapore. Companies that apply for this incentive will enjoy a concessionary tax rate on income derived from the leasing of aircraft or aircraft engine and qualifying ancillary activities as well as withholding tax exemption on interest and qualifying related payments on loans obtained for the purchase of aircraft.

IDI supports companies in the use and commercialisation of IP rights arising from research and development activities. An approved IDI company is eligible for a reduced corporate tax rate on a percentage of qualifying IP income, including royalties or other income receivable as consideration for the commercial exploitation of qualifying IP rights (i.e. patents and copyrights subsisting in software).

Incentive Programs

Loans

Loans can be given for various purposes, such as to develop new capabilities, create new products, expand a business overseas, etc. Such loans are provided mostly by Singapore banks and other financial institutions. Compared to ordinary bank loans, government co-funded loans provide more attractive conditions, such as higher loan amounts, lower or zero percent interest, an extended repayment period, or extended supportable areas.

EFS helps companies secure loans for various business needs, such as developing new capabilities, creating new products, expanding business overseas, etc. Eligible borrowers may receive up to S$50 million, depending on the type of the loan. It covers seven areas to address enterprises’ financing needs:

Green: financing green growth projects;
SME Working Capital Loan: financing daily operational cash flow needs;
SME Fixed Assets Loan: financing the purchase of domestic and overseas fixed assets;
Venture Debt Loan: financing the growth of innovative enterprises using Venture Debt and Warrants;
Trade Loan: financing trade needs;
Project Loan: financing the fulfillment of secured overseas projects;
Mergers & Acquisitions Loan: financing the acquisition of target enterprises with the intent of internationalization.

Incentive Programs

Equity Participation

Equity Participation means an investment of capital by the government or private organization into your company. In turn, such organizations receive a share in your business. Often, the Government matches funding from private sector co-investors with a certain proportion, for example on a 1:1 basis. Examples of companies that can apply for such programs include startups developing innovations and technologies that can contribute to Singapore’s national priorities, companies producing plant-based products, businesses that reduce plastics, water, waste, or carbon emissions, etc.

Startup SG Equity is an investment fund managed by Enterprise Singapore. Under the Startup SG Equity scheme, the Singapore government will co-invest with private investment partners in startups that require higher capital expenditures and take longer to become commercially viable.

For startups that are improving existing technologies, the Singapore government will provide 70% of the funding for the initial investment of S$250,000. Thereafter, the Singapore government will invest S$1 for every S$1 invested by private investors, up to a cap of S$2 million.

For startups classified as deep tech, the Singapore government will provide 70% of the funding for the initial S$500K investment. Thereafter, the Singapore government will invest S$1 for every S$1 invested by private investors up to S$4 million. For amounts exceeding S$4 million, the government will co-invest in a 3:7 proportion, up to an investment cap of S$8 million. For amounts exceeding S$4 million, the government will co-invest in a 3:7 proportion up to an investment cap of S$8 million.

The Singapore government describes deep-tech companies as developing products based on scientific or technological breakthroughs that are unique, differentiated and hard to reproduce. Typically, the technology a deep-tech startup is developing is the result of years of research and lab testing and requires a longer period to reach market viability.

To qualify for Startup SG, startups must meet the following requirements:

Be a Singapore-based company
Have core operations of the company taking place in Singapore
Be incorporated as a private limited company for fewer than 5 years.
Have paid-up capital of at least S$50,000.
Be able to prove substantial innovative and intellectual property.
Have high-growth potential with clear scalability for the international market.
Have identified an independent third-party investor.
Must not be involved in gambling, tobacco-related products, or any other activities that are in violation of law or against the public interest.
Cannot be a subsidiary or joint venture.

This is another fund run by Big Idea Ventures. It invests in and accelerates food companies focused on plant-based snacks and substitutes for meat, seafood, and dairy; cell-based meat, seafood and dairy, as well as ecosystem drivers in the form of technologies and ingredients. The accelerator is a proactive program for early-stage companies to build, test, and prepare for growth. Under this fund, eligible startups can receive co-investment of up to S$750,000.

Incentive Programs

Other Programs

In this category fall a large number of incentives different by their nature, including business mentorship, guidance to startups, incubating programs, accelerators, training programs for employees, etc. Often, such programs are a part of larger incentives that include financial support as well.

The Tech@SG Programme aims to help fast-growing companies establish their core teams in Singapore and more quickly capture business opportunities in the region. Jointly administered by EDB and Enterprise Singapore, the program will facilitate the entry of global technology talent for eligible IT companies. It provides company-level endorsement to the Ministry of Manpower (MOM), reducing the risk of rejection for their Employment Pass (EP) applications to MOM.

The Scale-up SG program is designed to help companies scale-up quickly into global enterprises. Only firms with proven track records, the ability to generate economic benefits for Singapore (through spin-offs or supplier development) and strong growth plans are considered for the program. Eligible firms in each batch will receive help in various activities designed to improve their strategy execution. These include activities such as executive sessions with leading institutes of higher learning, peer networking and industry sharing sessions. The participant firms will gain through peer learning, collaboration, development of the leadership team, and succession planning; they will also obtain access to expertise and the relationship networks of Enterprise Singapore and its partners, which will include partners from the public and private sectors.

Singapore Week of Innovation and Technology (SWITCH) is an annual event organized by the Singapore government where entrepreneurs, investors, researchers, innovators and industry professionals from diverse backgrounds come together to share scientific discoveries and advancements in order to create disruptive technology applications. It focuses on deep tech applications in the areas of manufacturing, urban solutions, health and biomedical sciences and digital services. Entrepreneurs in these industries should consider attending the event to form collaborations, seek investors and hire potential employees.

Singapore FinTech Festival (SFF) is an annual conference (attended by 45,000 participants from over 130 countries in 2018) for entrepreneurs, key executives and decision makers, from global financial institutions, corporations, innovators and technologists from fintech startups to unicorns, investors, and academia. The schedule for the conference consists of the FinTech Conference & Exhibition, FinTech Awards, Global FinTech Hackcelerator Demo Day, Global Investor Summit, and Innovation Lab Crawl. It is a great resource for companies in the fintech sector.

To develop social enterprise entrepreneurs in Singapore, the Singapore Centre for Social Enterprise (raiSE) was set up in 2015. raiSE seeds and nurtures new enterprises and provides advisory services, programs, training and resources. It also creates financing options and capacity-building and mentorship programs for social startups and enterprises and connects them with other social enterprises and intermediary bodies in the region to enable exchange of best practices and collaboration. raiSE currently supports over 400 social enterprise members in their social enterprise journeys, from setup to growth and expansion.

Step 2

Find the programs that your company qualifies for

Our matchME tool helps you quickly find the programs that match your company's profile. You will answer several questions regarding your company and its business activity, and our tool will quickly match you to those suited to your company. In matchME, we maintain a large database of all programs for Singapore businesses and their requirements. We have made it as easy to use as possible for our clients. The tool is free to use.

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Step 3

Review your selected programs with our Incentives Experts

Once you receive the matchME results and review the incentives your company can qualify for, you may select those you like. In that case, you may book a detailed consultation with our Incentives Expert, who will review your particular situation and provide you with a detailed Incentives Eligibility Report. This report will contain an overview of each selected program, the assessment of your chances for a successful application, application procedures, and other necessary advice.

Competent

Our team consists of seasoned incentives experts and corporate services and technology professionals. We have advised thousands of Singapore companies.

Comprehensive

Our matchME system maintains a comprehensive database of all incentives offered by the government and private organizations for Singapore businesses.

Cost effective

Our matchME tool is absolutely free to use. In most cases, our fee for the application process is only a certain percentage of the grant received. If you are not approved, we do not charge the fee.

Clear

The matchME search results and all of our expert advice are expressed as clearly as possible. You will not have to seek any additional consultations or spend hours on Google search.

See a sample Incentives Eligibility Report here.

Download Report

Step 4

Prepare your applications

Once you have selected the programs you wish to apply for, we will take the lead in preparing the applications and collecting the supporting documents for each application. We will collaborate with you in this information gathering.

No paper shuffling

To prepare the applications, you will collaborate with our team through our online portal. Our team will prepare the applications. All communication with government bodies will be done by our team as well. Your only task will be to answer our questions and provide any required supporting documents about your company and business.

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And no need to notarize and send the physical documents. You can just upload them to our secure portal.

sign singapore business registration documents electronically

All documents are signed electronically! No faxes, scanned documents, courier, or mail necessary.

We make it easy!

We will prepare the applications and supporting documents. All you have to do is review and electronically sign the documents through our online portal.

Step 5

Submit applications and wait for approvals

After preparing the form, we will help you submit the application and keep track of its progress. The relevant agency will review it and send you the Letter Of Offer that you will need to accept. After this step, depending on the type of the program, you will either receive funds or be permitted to start your project. In the latter case, after the project completion, we will help you complete and submit the claim form. After such a claim is processed, the funds will be credited to your bank account.

Next Steps...

With all the government business assistance schemes, it is essential to evaluate whether they are applicable to your business. It is best to seek the expert advice of a corporate service provider who can analyze your business and provide guidance on the schemes and incentives that fit best for your business.

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FAQs for Singapore's Incentive Programs

All incentive programs have unique eligibility criteria. At the same time, a large number of the incentives are meant for SMEs, so your business must meet that criterion first and foremost. To qualify as an SME in Singapore, your company should meet the following conditions:

Be registered and operate in Singapore
Company group annual sales turnover should not exceed S$100 million OR
The company's group employment size should not exceed 200 workers
Have a minimum of 30% local shareholding

Companies with local shareholding will enjoy more opportunities and benefits from the government's financial support than foreign-owned companies.

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Apply for Singapore's Incentive Programs in 5 Easy Steps

Understand Singapore's Incentive Programs Framework

Incentive Programs

Incentive Programs

Incentive Programs

Incentive Programs

Incentive Programs

Find the programs that your company qualifies for

Is your Singapore company using all tax credits, grants, and incentives from the government that it is entitled to?

Review your selected programs with our Incentives Experts

Prepare your applications

We make it easy!

Submit applications and wait for approvals

We Have Helped Thousands Register Companies In Singapore

FAQs for Singapore's Incentive Programs

Visit Us

We Have Helped Thousands Register
Companies In Singapore