There are a good number of government grants and assistance schemes for Small & Medium Enterprises (SMEs) in Singapore. These schemes are offered by various government agencies, and aim to incentivise companies looking into building their business capabilities.
Typically, the qualification criteria for an SME are as followed:
- Registered or incorporated in Singapore
- 30% local shareholding
- Company’s group annual sales turnover of not more than $100 million or Company’s group employment size of not more than 200 employees
Some of these grants are:
Capability Development Grant (CDG)
Defray up to 70% of qualifying project costs for upgrading initatives in areas like increasing productivity, process improvement, product development and market access. With effect from 1 January 2017, SMEs seeking CDG support for consultancy-related costs under their upgrading projects will have to engage management consultants who possess SPRING-recognised certification.
Productivity Innovation Credit Scheme (PIC)
Enjoy 400% tax deductions and/or 40% cash payout for investment in productivity improvements under the Productivity and Innovation Credit (PIC) scheme. Most of our solutions are eligible for the PIC scheme.
WorkPro is a scheme for employers to augment local manpower, foster progressive and age-friendly workplaces and jobs, and strengthen the Singaporean core.
Companies tapping on WorkPro can receive up to $480,000 to support:
a) Implementation of flexible work arrangements for all workers
b) Implementation of age management practices
c) Redesigning of workplaces and processes for older workers