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2021 Definitive Support Kit for SME's in Singapore: Grants, Incentives, Initiatives and Resources
Small and medium enterprises (SME’s in Singapore), typically defined as organizations that employ fewer than 200 workers or have an annual turnover of less than S$200 million, are a key engine of Singapore’s economy.
While the Little Red Dot is renowned for being the Asia-Pacific (APAC) hub of multinational corporates, the truth is that small-medium enterprises contribute to 44% of total enterprise value-add and account for 72% of total employment, according to
As one of the leading
To qualify, host organizations must be registered or incorporated in Singapore and provide documentation describing the traineeship roles and development opportunities of each in their respective companies.
Core capabilities – This includes business strategy and strategic brand management
Innovation and productivity – This covers product development and process redesign
Market access – Includes pilot projects and mergers and acquisitions
SMEs severely affected by Covid-19 can get as much as 90% government grants to defray the cost of qualified projects. The regular support level is 80%. Qualifying SMEs must be registered in Singapore, have at least 30% local shareholding, and be financially capable to run the project.
Apply for tax incentives
The tax incentive is available to all new SMEs in Singapore, except companies that are primarily involved in investment holding and companies that undertake property development for sale, investment, or both.
Productivity and Solutions Grant (PSG)
Digital collaboration tools
Virtual meeting and telephony solutions
Queue management systems
Temperature screening solutions
From April 2020 to September 2021, SMEs can receive up to 80% in funding support for eligible business costs.
Start Digital Pack
Launched in 2019, the
- Human resource management
- Digital marketing
- Digital payments
SMEs can commit to up to two solutions for a minimum of 18 months and have costs waived during the first six months of their use. Lanturn corporate secretary promotion
Singapore law requires new companies to
SMEs can avail of a limited-time promotion that gives them an additional two months of service on a 12-month contract at no extra cost—a savings of 16%.
Digital Resilience Bonus (DRB)
The DRB also provides SMEs in these sectors with the following digital solutions:
PayNow Corporate & e-Invoicing
Accounting and HR/payroll solutions
Digital Ordering for dining and takeaways
e-Commerce, e-Procurement and Food Delivery Platforms
Data Mining and Analytics
Temporary Bridging Loan (TBL)
To qualify, SMEs must be registered and physically present in Singapore, have at least 30% local shareholding, and be financially capable to run the project.
Skills Future Enterprise Credit (SFEC)
The SFEC requires that S$3,000 of the credit should be used for workforce transformation programmes while the other S$7,000 can be allocated towards enterprise transformation initiatives. To qualify, SMEs must have contributed at least S$750 Skills Development Levy over the qualifying period and have employed at least three Singapore Citizens or Permanent Residents every month over the same period. They must also have not previously qualified for SFEC
MAS-SFA-AMTD FinTech Solidarity Grant
Specifically designed for SMEs in the FinTech sector, the
The grant scheme is composed of two parts:
* A business sustenance grant, which provides FinTech SMEs with wage support—up to S$2,000/month for each local staff and S$1,000 for local staff for six months. SMEs can also receive up to S$4,000 to cover office rent for a similar period.
* A business growth grant, which provides funding of up to 70% of the company’s qualifying costs and 100% of internship funding.
Qualifying SMEs must be registered and operating in Singapore at least three months before applying for the grant. They must also have at least two core activities in Singapore and be a certified member of the Singapore FinTech Association (SFA).
SMEs should take the time to consider each grant, service, and product and look at the bigger picture of how these opportunities can help them drive growth in these uncertain times. This way, they can identify the most relevant grants and services to dive into.
Get the support you need
In the competitive business world, time is money. Any grant or bonus that can help you save on valuable resources is one worth looking into. These solutions can help you gain the momentum you need to last past the pandemic and build a thriving organization.
Whether you’re looking to access capital quickly, engage in third party help, or adopt new digital business solutions, there’s bound to be a solution for you. And if you’re an early-stage startup, small company, or asset management firm with more questions about Singapore’s business landscape, you can always get in touch with
Lanturn is a corporate secretary and business service provider that offers a wide range of support. With our
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