Enterprise Development Grant

In Singapore's dynamic and competitive business landscape, the Government has consistently played a crucial role in supporting Singapore companies and fostering economic growth. One such supportive measure is the Enterprise Development Grant (EDG), a comprehensive program designed to empower local businesses by providing financial support and strategic guidance. This article explores the key aspects of the EDG, including its overview, eligibility criteria, benefits, and application process.

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Topics To Be Discussed

Key Facts about the EDG Grant

Benefits of the Singapore EDG Grant

Eligibility Criteria for the EDG Grant

How to Apply for the EDG Grant

Key Facts about the MRA Grant

The Enterprise Development Grant is an initiative by Enterprise Singapore, a Government agency championing enterprise development. The EDG aims to support businesses in their efforts to innovate, transform, and expand beyond Singapore's shores. It provides financial assistance for projects in three key areas:

Core capabilities
Innovation and productivity
Market access

This program is designed to incentivize businesses to invest in upgrading their capabilities, exploring new markets, and adopting innovative solutions. By doing so, the grant aims to enhance the overall competitiveness and resilience of Singaporean enterprises, enabling them to thrive in an evolving global marketplace.

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Award Amount

Up to 70% of eligible costs

Timeline

The application process generally spans 8 to 12 weeks.

Key Requirements

1. Company registered in Singapore;

2. 30% or more local shareholding;

3. Enterprise development project.

Benefits of Singapore Enterprise Development Grant (EDG)

The EDG offers financial support for qualifying project costs. These costs include third-party consultancy fees, software and equipment, and internal manpower expenses. Local Small and Medium-Sized Enterprises (SMEs) can receive up to 50% support for eligible costs through the EDG. Notably, starting from April 1, 2023, sustainability-related projects may be supported at a higher rate of up to 70% until March 31, 2026. This enhanced support underscores the Government's commitment to promoting sustainable practices and encouraging businesses to adopt environmentally responsible initiatives. By subsidizing a significant portion of project costs, the EDG empowers SMEs to invest in their growth, innovation, and market expansion, fostering their overall competitiveness in the evolving business landscape.

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Eligibility Criteria for EDG Grant Singapore

To qualify for the Enterprise Development Grant, businesses must meet the following criteria:

Singapore-based company: An applicant should be a company incorporated in Singapore and physically present in the country.
Financially viable: The business should have a sound financial track record and be able to demonstrate its ability to fund the project costs not covered by the grant. The EDG does not have a specific minimum annual turnover requirement. However, based on our past experience with EDG applications, it is advisable to consider a hypothetical figure of at least S$400k as a guideline. Ideally, a turnover of S$1 million would be considered advantageous when applying for the grant. While these figures are not mandatory criteria, they can demonstrate a certain level of business viability and potential for growth, which may strengthen the overall application for the EDG.
Project scope and impact: The proposed project must align with one of the three grant focus areas: core capabilities, innovation and productivity, or market access. The project should have a tangible impact on the business, contributing to its growth and competitiveness.

Note that for the EDG application, projects must meet specific criteria. It is crucial to ensure that your project is new, has not yet commenced, and is not generating any revenue at the time of the grant application. Projects are considered to have commenced if any of the following activities occurred before the application date:

Applicant started work on the project.
Applicant made payments to a third party who is part of the application.
Applicant signed a contractual agreement with a third party who is part of the application.

The grant offers support across three key categories, empowering businesses to upgrade their operations, foster innovation, and explore international markets. These categories include:

This category aims to equip businesses with the necessary foundations for growth and transformation. Projects falling under this category focus on strengthening various aspects of your business operations. They encompass areas such as:

Business Strategy Development: By leveraging this category, companies can enhance their business development efforts, strengthen intellectual property asset management, optimize Research and Development (R&D) operations, and implement sustainable practices.
Financial Management: This category enables businesses to optimize their financial performance and equip their management teams with enhanced skills for effective stewardship of company assets and resources.
Human Capital Development: This category empowers companies to strengthen their teams with the right skills as they scale and support business growth.
Service Excellence: This category enables enhancing the quality of your services and products by gaining a deeper understanding of your customers' needs and comprehending their decision-making processes.
Strategic Brand and Marketing Development: Stand out from the competition and effectively reach your target audience by implementing strategies that differentiate your brand and enhance your marketing offerings.

The Innovation & Productivity category empowers businesses to drive transformative change through innovation, improved processes, and new business models. This category focuses on harnessing the power of technology and optimizing resource utilization to enhance efficiency and performance. Projects within this category include:

Automation: Under this category companies can improve resource efficiency through automation and technology.
Process Redesign: This category supports companies that optimize their business processes by conducting a comprehensive review of existing workflows and identifying areas for enhanced efficiency before embarking on automation or technology transformation initiatives.
Product Development: This activity covers driving innovation and bringing your ideas to life through the development of cutting-edge technology and products, ultimately aiming for successful commercialization.

This category provides support to businesses as they venture into overseas markets, facilitating their expansion efforts. This category is specifically designed to defray the costs associated with international expansion. Projects falling under Market Access include:

Mergers and Acquisitions (M&A): This category provides comprehensive support in planning, assessing potential M&A projects, and facilitating post-M&A integrations.
Pilot Project and Test Bedding: Under this category you can enter new geographical or product markets by establishing a track record and conducting rigorous product testing.
Standards Adoption: This category supports those who enhance their business competitiveness both locally and internationally by adopting relevant standards, thereby gaining increased trust in their products and services.

How to Apply for EDG Grant

Applying for the MRA Grant is a structured and straightforward process. To successfully apply for the incentive, follow the step-by-step guide below:

To initiate your application, you will need to access the Business Grants Portal (BGP). Sign in to your Corppass account, which is required to transact on the BGP portal. If you do not have a Corppass account, you can sign up following the provided guidelines for assistance.

Ensure that you have prepared your project proposal and all the relevant supporting documents before starting your application on the BGP. It is crucial to provide a comprehensive project proposal that outlines the objectives, deliverables, timelines, and expected outcomes of your project.

By applying through the BGP, you can conveniently submit your EDG application and track its progress.

After submission, your application will undergo a review process by the grant authority. This evaluation may involve assessing the feasibility, impact, and alignment of your project with the grant objectives. The review process duration may take approximately 8 to 12 weeks for a complete submission to be processed. During this time, the grant authority may contact you via the BGP if they require any clarifications or additional information.

Once your EDG project has been completed and all project deliverables have been achieved, you can proceed to submit your claims for reimbursement. It is important to note that EDG projects are supported on a reimbursement basis, meaning you will be reimbursed for the approved grant amount after the eligible expenses have been incurred. Note that claims must reach Enterprise Singapore no later than six months from the end of the project qualifying period defined in your Letter of Offer.

It is important to note that while the EDG application process is designed to be accessible and efficient, it is crucial to invest time and effort in preparing a comprehensive and compelling application. Thoroughly review the guidelines, seek assistance when needed, and present a strong case for how the grant will contribute to the growth and development of your business.

By following these steps, businesses can navigate the EDG application process successfully and unlock the financial support necessary to propel their growth, innovation, and market expansion endeavors.

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How We Can Help with the Singapore EDG Grant

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Our team of Incentives consultants is dedicated to assisting you throughout the application process, ensuring that your submission effectively showcases the essential aspects of your project and increases your chances of receiving an award. By collaborating closely with our consultants, you will provide them with the necessary information, and together, we will prepare and submit your application. Discover more about our comprehensive Incentives services and how they can benefit your business.

In addition, we have developed a powerful tool called matchME to further support your grant application journey. matchME allows you to quickly find the programs that match your company's profile. By answering a series of questions about your company and its business activity, our tool will swiftly identify the programs that are most suited to your needs. We have designed the tool to be user-friendly and accessible for our clients, and best of all, it's completely free to use.

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This series of articles regarding Singapore government incentives was prepared by CorporateServices.com, a leading Singapore-based corporate service provider. We offer a range of services for private limited companies in Singapore. Our team of experienced experts provides Singapore company registration and other incorporation-related services through our cutting-edge online platform.

Contact us if you need assistance with setting up a new Singapore company or would like to transfer the administration of your existing company to us.