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Free Grants For New Businesses – Read this free guide to government grants to help finance the hardware, software and training costs needed to enable your digital transformation efforts.
Note: This page was updated on January 13, 2023 to reflect the most current information. Since 2010, the Singapore government has encouraged businesses in Singapore, including small and medium-sized enterprises (SMEs), to initiate digital transformation of their businesses. They have done this by offering various incentives and grants over the years, including the now defunct Productivity and Innovation Credit (PIC) scheme, the Technology Adoption Program and most recently the SME Go Digital programme. These grants can help you finance the new hardware and software needed to digitize your business processes, or cover any training costs for your employees to acquire the skills needed to use the new technology and tools. can help to do. Take full advantage of what you have. Apply to your operation. But first things first; Does Your Business Need Help? Here’s what you need to consider before applying for one. Based on the most up-to-date information we have received from relevant official sources, we have compiled a list of government grants that can finance the software and services needed to enable the digital transformation of your business. This list is by no means exhaustive, but it does include the government grants you should look into first, as well as some specialty grants that are specific to businesses in your particular area. For your ease of reference, this list is divided as follows: Government grants for which businesses of all sectors are eligible. Government subsidies available to businesses in specific economic zones. What should you consider before applying for help? We have some expert tips that will be useful for you to know. With this list, we hope to provide you with a resource that you can easily refer to any time you consider your options for financing your business’s digital transformation.
Free Grants For New Businesses
The Productive Solutions Grant (PSG) by Enterprise Singapore (ESG) was first implemented on 1 April 2018, and links to previous government incentives to encourage businesses to digitize their processes such as innovation and efficiency . Vouchers (ICV), and the solution developed by Infocomm Media Development Authority (IMDA) under the pre-supported SMEs Go Digital programme. If you want to clear something up about PSG, here are our answers to 13 top questions about it. PSG is designed to support companies that are ready to adopt IT solutions and tools with the aim of improving their business processes. If your business operates in the following sectors, PSG covers the acquisition of IT solutions that provide sector-specific functions: Retail Food Logistics Precision Engineering Manufacturing Landscape PSG for managing business activities designed for multiple sectors Supports businesses in choosing a solution. Commonalities include: Customer Management Data Analytics Financial Management Inventory Tracking In addition to the PSG, Budget 2021 also provides targeted support to sectors most affected by COVID-19. Find out more about it here. Furthermore, with the growing emphasis on the need for WFH regimes and the remote working tools they enable, the scope of PSG has now expanded to include IT solutions that help your business implement COVID-19 business continuity measures. does. These include: Online collaboration tools Virtual meeting and phone tools Queue management systems Temperature checking solutions To be eligible for PSG, your business must meet the following criteria: The business must be registered and operated in Singapore. The purchase/lease/subscription of the IT solution or equipment covered under the grant must be used in Singapore. Selected solutions must have at least 30% local involvement of businesses. By the way, did you know that there is a pre-approved PSG vendor for SAP Business One? In addition, we are the only 7-times Best SAP Business Partner award winner in Singapore till date. If you would like to meet with one of our consultants to learn more about our PSG approved SAP Business One package, send us a note here.
Grants For Business Expansion: An Overview By Americas Got Grants
While PSG helps businesses take the first step in their digital transformation journey by subsidizing essential IT solutions or equipment, ESG’s Business Development Grant (EDG) supports business growth and transformation in Singapore. broad type. Established on 25 October 2018 to replace the Capability Development Grant (CDG) and the Global Enterprise Partnership (GCP), the EDG aims to help businesses finance project costs, including third-party consulting fees, software and equipment and internal personnel. Cost EDG’s scope spans three main pillars: Core Capabilities Innovation and Productivity Market Access Under the Innovation and Productivity pillar, which aims to help businesses in their digital transformation efforts, EDG will help your business. Process Redesign Projects that help your business review existing processes, and identify potential areas where efficiency can be improved. This is an important first step before introducing automation or technology, and the scope of the project includes reviewing and redesigning workflows and processes, as well as exploring the use of technology to automate processes. Automation projects that support your business’s automation and use of technology can result in significant profits and significant growth. Project scope may include selection of hardware or software solutions and training staff to implement these solutions. In addition, eligible businesses can apply for the Automation Support Package to help reduce the cost of large-scale implementation of automation solutions. If you are considering applying for an EDG to help fund your business’s digital transformation efforts under the Innovation and Productivity pillar, or other business development pathways covered under the other two pillars, you should know EDGs like PSG developed in 2020 as a response to the economic impact of COVID-19. If you apply for EDG any time between 1 April 2020 and 31 March 2022, your business will receive financial assistance up to a maximum of 80% of eligible project costs (up from 70% earlier). You may also be eligible for additional funding from EDG in the following scenarios: If your business has been particularly affected by COVID-19, the maximum funding can be increased to 90% on a case-by-case basis. If your business is a union or e2i participant under the labor movement, it is eligible for an additional 10% funding, subject to approval from NTUC-e2i. To be eligible for EDG, your business must meet the following criteria: The business must be registered and operated in Singapore. There should be at least 30% local stake in the business. The business needs to be in a financially viable position to undertake and complete the project. As part of the government’s efforts to help workers keep their jobs in the wake of the COVID-19 pandemic, you will also need to include a commitment to worker outcomes as part of the eligibility requirements when you send an application to EDG from 1 April. By 2020. These commitments include salary increases, job creation, job redesign and training of your existing employees. Take a look at our Budget 2020 summary to know what else the government is doing to help businesses and workers apart from EDG development.
Launched in January 2019 by the Infocomm Media Development Authority (IMDA) as part of the SME Go Digital programme, Start Digital is specially designed to help new SMEs and start-ups start their business Has undergone digital transformation since. StartDigital provides access to affordable and user-friendly digital solutions offered by StartDigital’s partners in subsidized ‘plug and play’ packages called StartDigital Packages. If you apply for the Start Digital package for your business, you can get two IT solutions without partners for at least six months with a minimum contract of 18 months. The solutions cover the following core business functions: Accounting HR Management and Payroll Digital Marketing Digital Transactions Cyber Security If your business has just been established, or if you are ready to take the first steps in digitizing your business processes, Starting digital is probably one. A more ideal choice for you than PSG or EDG, as both are designed for the digital transformation needs of more established companies. Before you sign up to start a digital package, here are a few things you need to know first.
On November 1, 2022, IMDA launched a series of grants to encourage SMEs to adopt InvoiceNow e-invoicing network. To qualify for one of these grants, your business needs to meet certain criteria, depending on the grant in question. Here’s What You Need to Qualify for Each
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