Singapore Offers Cash Grants For Start-Ups
The future is looking bright for aspiring local and foreign entrepreneurs in Singapore in 2012 as they would have to look no further for raising their capital. Singapore government agencies are offering to fund start-ups. By meeting the requirements and criteria imposed by the governing agency, start-ups can now set up their dream businesses in no time.
Singapore offers the following start-up plans for different industries:
1. Action Community for Entrepreneurship (ACE) offers to match $7 to every $3 of an entrepreneur’s raised capital. For example, in order for a businessman to receive a S$50,000 cash grant, he would have to raise exactly SG $21,429.
2. The Infocomm Development Authority and SPRING Singapore provides funding for new IT companies in Singapore under what’s called the Technology Enterprise Commercialisation Scheme. The scheme is categorized into two types: one for applicants who are developing their projects at the conceptual stage, and one for applicants who are looking into developing an existing prototype. The grants bestowed by the joint government agencies ranges between $250,000 and $500,000.
3. Another start-up grant awarded by the Infocomm Development Authority is the iSTART: ACE Scheme (Accelerate and Catalyse Entrepreneurship). Through the grant, newly incorporated companies can take advantage of new technologies and trends to increase productivity and profits.
4. The Ministry of Community Development, Youth and Sports (MCYS) administers what’s called the ComCare Enterprise Fund or CEF which provides capital funding for start-ups that concern social services. The maximum grant is capped at SG $300,000 or 80% of the company’s operational costs for its first two years of incorporation.
5. The National Volunteer and Philanthropy Center (NVPC) also offer seed funding for community-driven and philanthropic business organizations. Start-ups that qualify for the fund will receive a grant capped at a maximum of SG $200,000 or 80% of the operational costs for one year.