Singapore is a pro-entrepreneur-friendly country, with a plethora of available government schemes especially targeting the local small and medium enterprise (SME) sector.
Here at ETHOZ, we have compiled an extensive list of such schemes below to help transform your business:
1. Innovation & Capability Voucher (ICV)
The Innovation & Capability Voucher (ICV) is a simple to apply, easy-to-use voucher valued at $5,000.
It encourages SMEs to take their first step towards capability development through consultancy projects or improving business efficiency and productivity through the adoption and implementation of simple solutions.
- From 1 April 2018, the Innovation & Capability Voucher (ICV) will be streamlined under the Productivity Solutions Grant (PSG). PSG combines the existing grants under various agencies, including the ICV Programme, Landscape Productivity Grant (LPG), and grant support under the SME Go Digital Programme. The streamlining of financial assistance schemes would ensure companies now have a centralised platform to access pre-scoped technology solutions that meet their business needs.
2. Enhanced iSPRINT (Includes ICT for Productivity & Growth)
The Info-communications Development Authority of Singapore (IDA) had introduced the concept of pre-qualified infocomm packages supported under Increase SME Productivity with Infocomm Adoption & Transformation (iSPRINT) to simplify the grant application process. These packages help SMEs to start deploying IT into their operations quickly and easily.
SMEs can receive up to 70% grants for adopting infocomm technology.
With effect since August 2014, ICT for Productivity & Growth (IPG) has been incorporated into iSPRINT, giving SMEs enhanced and broadened coverage, with simplified application process.
3. Productivity and Innovation Credit (PIC)
The Inland Revenue Authority of Singapore (IRAS) Productivity and Innovation Credit (PIC) scheme is to encourage businesses in Singapore improve their capabilities and enhance competitiveness. This scheme supports qualifying activities that improve productivity and promote innovation.
Apply to get a 400% tax deduction or 60% cash payout on the investments in productivity and innovation activities, valid till 2018.
4. Wage Credit Scheme (WCS)
The Wage Credit Scheme (WCS) aims to help businesses facing rising wage costs in a tight labour market.
The Government will co-fund 20% of the wage increases given to Singaporean employees earning a gross monthly wage of $4,000 and below. In addition, for wage increases given in 2015 which are sustained in 2016 and 2017 by the same employer, employers will continue to receive this 20% co-funding for 2016 and 2017.
5. SME Enhanced Training Support
A programme by Workforce Singapore (WSG), formerly known as Singapore Workforce Development Agency (WDA), this enhanced funding is an initiative by the Singapore Government to encourage SMEs to send their employees for training. This was based on feedback from SMEs and industry associations who identified training and upgrading as a key area where they hoped to receive Government support.
6. WorkPro (Employers)
WorkPro is a one-stop programme that helps employers adopt a progressive workplace that facilitates job redesign, improves work-life and age management practices, as well as encourages employers to recruit and retain back-to-work locals and mature workers to meet their manpower needs.
7. Market Readiness Assistance Grant (MRA)
Designed by International Enterprise (IE) Singapore, the Market Readiness Assistance (MRA) grant is targeted at SMEs who are interested to venture overseas. MRA helps to defray a portion of the costs for pre-determined professional services and overseas activities such as market assessment, set-up and promotion.
8. Global Company Partnership (GCP)
In today’s increasingly volatile economy and competitive global marketplace, more companies are expanding into emerging markets with challenging business environments. IE Singapore helps partner companies – regardless of the company’s size or annual turnover – by providing comprehensive solutions for international success.
The GCP is an approach adopted by IE Singapore to groom companies to become competitive globally by providing relevant assistance in the areas of building internal capabilities, manpower development, gaining market access and financing.
9. Double Tax Deduction (DTD)
By IE Singapore, DTD provides a 200% tax deduction on eligible expenses to support overseas market expansion and investment development activities. SMEs can automatically claim DTD without prior approval from IE Singapore for these 4 areas of activities: overseas business development trips and missions; overseas investment study trips and missions; overseas trade fairs and local trade fairs approved by IE Singapore or Singapore Tourism Board (STB).
10. SME Micro Loan
The SME Micro Loan, formerly known as Micro Loan Programme provides loans of up to $100,000. This SME loan in Singapore is specially designed for local SMEs with 10 or less employees or annual turnover below S$1m that requires working capital to fund operations, or for automation and upgrading of factory and equipment.
11. Local Enterprise Finance Scheme
The Local Enterprise Finance Scheme (LEFS) is a SPRING-initiated project to assist and encourage the growth of locally-owned SMEs by providing loans of up to S$15m to automate and upgrade factory and equipment, or to purchase factory and business premises, construction equipment and heavy vehicles.
If you would like to find out more about how ETHOZ can assist you and your business, you can contact our friendly Relationship Managers at 6654 7799 or drop us an email at contactus@ethozgroup.com today!
