Singapore has become one of the top destination for investors looking to start a business, thanks to its business-friendly environment and strong support for startups. The government offers various grants and funding opportunities to help new businesses grow in their early stages. Below is a guide to the different types of Singapore startup grants and funding available.

Startup SG Founder

Startup SG Founder is a well-known Singapore grant program that supports new startups. It offers up to $50,000 SGD in funding, along with access to helpful resources and mentorship. The Startup SG Founder program also includes the following two courses:

• The Startup SG Founder “Train” track
  This program is for entrepreneurs with solid business plans who are ready to get started. Participants will go through a 3-month venture building program and receive a monthly stipend of $1,500 SGD during the program.
  
• The Startup SG Founder “Start” track
  The program is designed for entrepreneurs with innovative business ideas. It provides $50,000 SGD in starting capital from Enterprise Singapore and connects you with an Accredited Mentor Partner (AMP) of your choice for guidance.
  Venture Builders and Accredited Mentor Partners (VB-AMPs), selected by Enterprise Singapore, offer a 3-month Venture Building (VB) course to help refine and scale your business idea. The goal is to drive innovation by finding new ideas, transforming them into scalable businesses, securing funding, and validating products or solutions with consumers.
  
  Alternatively, the “Start” track allows you to present your business ideas to any AMP appointed by Enterprise Singapore, who will assess factors such as:
  • Uniqueness of the idea
  • Feasibility of the business model
  • Potential market value
  • Strength of the management team
    
• For more general funding, you can also explore the Startup SG Equity scheme, which offers up to $500,000 SGD in funding for early-stage startups. This program matches government funding with investments from third-party investors, encouraging private investment in innovative, technology-driven Singapore-based startups with potential for global growth.

Enterprise Development Grant (EDG)

The Enterprise Development Grant (EDG) is a government-funded program that supports businesses in Singapore to grow and transform. It covers various activities such as product development, expanding into new markets, changing business models, and hiring talent. Successful applicants can get up to 80% of eligible costs funded.

In short, the grant helps businesses innovate, improve, and enter international markets by providing both funding and resources. It focuses on three key areas: building core capabilities, boosting innovation and productivity, and increasing market access.

Small and medium-sized enterprises (SMEs) can apply for this grant, provided they meet these requirements:

• Be a registered business in Singapore
• Have at least 30% local ownership
• Be financially stable to start and finish the project

If your business meets these criteria, you can apply for the EDG on the Enterprise Singapore website.

VentureForGood (VFG)

VentureForGood (VFG) is designed to help social enterprises grow. Social enterprises are businesses that aim to make a positive difference in society. Through this program, businesses can receive up to S$300,000 in grants, along with access to various resources and mentorship.

To be eligible for VFG, your business must:

• Be registered in Singapore
• Have a social mission that benefits society
• Be incorporated and registered as a member when the grant is disbursed

To improve your chances of getting the grant, VFG looks for businesses with:

• Clear and impactful objectives
• A solid, workable business plan
• A dedicated and committed team

If your business aligns with these criteria, the VFG grant could be a great fit for you.

Financial Technology and Innovation (FSTI) Scheme

The Financial Sector Technology and Innovation (FSTI) scheme is a government program designed to promote collaboration between the financial industry and tech startups. Its goal is to foster innovative solutions for the financial sector while opening up new opportunities for tech startups in Singapore.

The FSTI scheme consists of several sub-programs:

The Financial Sector Technology and Innovation (FSTI) scheme offers various funding opportunities to promote innovation in the financial sector. Here are the different sub-schemes under FSTI:

• Innovation Centre:
  Encourages financial institutions to set up innovation hubs or labs in Singapore to test and launch market solutions.
  
• Proof of Concept (POC):
  Provides funding to help experiment, develop, and share new innovative technologies in the financial services sector.
  
• Institution-level Projects:
  Supports Singapore-based financial institutions in driving innovative ideas and market solutions.
  
• Industry-wide Technological Infrastructure/Utility:
  Focuses on enhancing the technology infrastructure across the industry to boost productivity in the financial services sector.
  
• Artificial Intelligence and Data Analytics (AIDA):
  Supports projects that use AI and data analytics to improve decision-making and provide better insights.
  
• Cybersecurity Capability Grant:
  Aims to strengthen cybersecurity skills and support the growth of local cybersecurity talent in Singapore.
  
• Digital Acceleration Grant:
  Helps smaller financial institutions and FinTech firms (with less than 200 employees) in Singapore adopt digital solutions to enhance productivity, manage risk, improve operational resilience, and serve customers better.

To be eligible for FSTI funding, businesses must:

• Be registered in Singapore
• Have innovative solutions applicable to the financial sector
• Collaborate with a financial institution (FI) or FinTech firm on the project

If your startup is in the tech or financial industry, the FSTI scheme can offer great support for your business.

Productivity and Solutions Grant (PSG)

The Productivity and Solutions Grant (PSG) is a government program in Singapore that helps businesses adopt IT tools and equipment to improve efficiency. It provides funding for various needs, such as software, hardware, and IT services. Eligible businesses can get up to 70% of their costs covered.

The PSG supports specific industries, including:

• Retail
• Food & Beverage (F&B)
• Construction
• Logistics
• Landscaping
  

Eligibility criteria:

• Be a registered business in Singapore.
• Purchase IT solutions or equipment not funded by other government grants and use them within Singapore.
• Have at least 30% local ownership.
• Have an annual group sales turnover of no more than S$100 million OR a group size of no more than 200 employees.

Early Stage Venture Fund (ESVF)

The Early Stage Venture Fund (ESVF) is a government initiative designed to support early-stage startups in Singapore, especially those in the high-tech sector. Here’s what you need to know:

• Funding Support:
  The National Research Foundation (NRF) invests $10 million in corporate venture capital (VC) funds on a matching basis. These funds focus on Singapore-based early-stage tech startups.
• Buyout Option:
  The VC has the flexibility to buy back NRF’s share of the fund within 5 years by repaying NRF’s capital with interest.
  

Eligibility Criteria:
To qualify for the ESVF, venture funds must:

• Be registered in Singapore.
• Show strong financial management and dedication.
• Have a capable and committed team.

If you’re planning to start a high-tech business but need help with funding, the ESVF could be the boost your startup needs!

Business Improvement Fund (BIF)

The Business Improvement Fund (BIF), managed by the Singapore Tourism Board (STB), helps businesses in Singapore kickstart projects that enhance the tourism sector.  

Purpose of BIF
The fund focuses on:  

• Driving technology innovation and adoption
  Redesigning business models and processes to improve productivity and competitiveness in tourism.  
• Funding Support
  Support levels depend on the project’s scope and whether the applicant is an SME or non-SME.  

Eligible costs include: 

• Consultancy fees (e.g., sustainability certification). 
• Hardware, software, and equipment. 
• Materials and consumables.  
• Training (if part of the project).  
• Travel related to the project. 
• Internal manpower costs (for tech development). 

Eligibility Criteria

To qualify for BIF, companies must:  

• Be registered in Singapore.  
• Operate in or focus on the tourism sector. 

Either:  

• Develop innovative tech products/services for tourism, or  
• Undertake initiatives that enhance tourism businesses.  

Grant Disbursement

• Payments are made on a reimbursement basis.
• Applicants must meet project milestones and submit audited third-party documents to claim funding.  

If your business is in tourism and aims to innovate with technology, the BIF can help you enhance your operations and achieve your goals.

Double Tax Deduction for Internationalisation (DTDi)

The Double Tax Deduction for Internationalisation (DTDi) is a government scheme that helps businesses in Singapore reduce their tax burden by claiming deductions on eligible expenses incurred while expanding overseas.

Eligibility for DTDi
To qualify, businesses must:

• Be registered and operating in Singapore.
• Have expenses related to overseas expansion, such as: 
• Market research.
• Overseas exhibitions and conferences.
• Overseas business development trips.

Key Areas Supported by DTDi
The scheme supports activities in four main categories:

Market Preparation

• Market research and feasibility studies.
• Product or service certification.
• Packaging design for overseas markets.

Market Exploration

• Overseas and local trade fairs (physical or virtual).
• Market development trips or missions.

Market Promotion

• Overseas advertising campaigns.
• Corporate brochures for international distribution.
• Advertising in approved local trade publications.

Market Presence

• Setting up overseas trade offices.
• Franchising or master licensing.
• Employee postings overseas.
• Feasibility studies for overseas investments.

Automatic DTDi Claim
Businesses can automatically claim up to 200% tax deduction on the first $150,000 of eligible expenses for these activities without prior approval from Enterprise Singapore:

• Local, overseas, and virtual trade fairs.
• Market development or investment study trips/missions.
• Certification for products/services.
• Overseas advertising campaigns.
• Packaging design for international markets.
• Advertising in approved local trade publications.
• DTDi makes it easier and more cost-effective for businesses in Singapore to explore and grow in overseas markets!

Market Readiness Assistance (MRA) Grant

The Market Readiness Assistance (MRA) Grant is a government initiative to help businesses cover costs related to expanding overseas. This includes expenses for market research, trade fairs, and setting up overseas offices.

Who Can Apply?
To qualify for the MRA Grant, businesses must:

• Be registered and operating in Singapore.
• Have at least 30% local ownership.
• Meet one of these criteria: 
  • Group turnover of S$100 million or less, OR
  • Group size of 200 employees or fewer.

What Expenses are Covered?
The grant support covers like:

• Market research and feasibility studies for overseas expansion.
• Business development trips to explore or grow projects in overseas markets.
• Temporary office setup costs, such as renting premises or equipment abroad.
• Participation fees for international trade fairs and exhibitions approved under the scheme.

The MRA Grant is a great option for businesses planning to grow globally while managing costs effectively!

LEAD International Fairs & Missions (LEAD IFM)

The LEAD IFM programme supports businesses by covering part of the costs for participating in international trade fairs and business missions organized by Trade Associations and Chambers (TACs).

How Does It Help?
The grant provides:

• Up to 70% funding for companies attending the same trade fair more than 3 times.
• 50% funding for companies attending the trade fair fewer than 3 times.

Who Can Apply?
To be eligible, your business must:

• Be an SME registered and based in Singapore.
• Plan to promote your business in overseas markets through trade fairs or missions.
• Have at least 3 core business functions in Singapore (e.g., management, marketing, and operations).
• Meet TAC-specific requirements for LEAD IFM participation.

Why Apply?
If you’re looking to expand your business internationally, the LEAD IFM programme can help reduce costs and make global market access easier!

Conclussion

Government grants offer the financial support you need to kickstart your business and open doors to valuable networks of potential investors. Take the time to research and identify the grant that best suits your company’s needs. Always review the eligibility requirements and prepare the necessary documents before applying. For more information or assistance, contact Clooud Consulting —we're here to guide you with expert advice every step of the way.