and medium enterprises. These include some special incentives and tax credits like investment allowance, pioneer tax incentives, merge, grants and acquisitions allowance, and many more. In addition, the government of Singapore supports their small and medium enterprises in many ways. For instance, it offers grants and loans that mean very much for Singapore companies.
With this help, these companies overcome everyday obstacles like the shortage of proper capital that hinder them from supporting their daily expenses. By taking advantage of these grants and loans, they will support daily expenses. Below is a list of all the startup funding grants in Singapore that the Singaporean government offers. You can get help from these grants and loans for growing and establishing your business in Singapore.
This is the most popular grant in Singapore that you can use to grow your business in the country. This grant is offered by the Inland Revenue authority of Singapore to support the daily expenses of your business. If you are establishing your business in Singapore, then you can get up to a 400% tax deduction totaling $400,000. But you need to know that this scheme will expire immediately, so it's essential to take complete data about this scheme.
This is the most generous grant that you can take advantage of in Singapore. For those who might not know, it I offered by the monetary authority of Singapore. The main aim of this grant scheme is to support innovations and salvage your business from issues. If you decide to take help from this grant, you will access the finances you need to establish your modern innovation lab in Singapore. As per this scheme, you will get about 50% to 70% of the total calculated qualifying cost from this authority. But it does not exceed more than $200,000. And this period is capped at 18 months.
This is a form of working capital loan that depends on the SME account receivables, including cash or invoices owned by the clients to the company. While the most significant benefit you will get while using this loan is solving your problem of cash that is engaged in unpaid invoices and debts, it leads to the improvement of cash flow which helps you much. This type of loan is a straightforward and a helpful loan type that makes it easy for you to start your business in Singapore.
This bank overdraft loan provides much more advantage to you. Here, you can get financial support from an individual lender or bank to establish your business. The loan provides you with services to help your small business grow and contribute to the country's total economy. You will also be allowed to repay the loan amount at any point, and the benefit is that you won’t incur any early repayment penalty. Learn more about grants available for SMEs here.
