Over the years, the Singapore government has enabled various incentives consisting in grant programs meant to help small and medium-sized enterprises (SMEs). Considering these grants are given by more agencies, depending on the companies’ need and qualifications, the ministry for trade and industry decided to streamline the procedures for applying for one or more grants by consolidating two or more programs into one.
Below, our Singapore company formation consultants explain the new measures announced by the ministry.
What are the grant programs to be improved?
One of the oldest programs launched by Enterprise Singapore was the Local Enterprise and Association Development, simply known as LEAD which will be renewed by integrating several more projects into it. The new LEAD program will comprise the former grant, the Collaborative Industry Projects (TAC) program and Association Development Fund which was under the umbrella of the Singapore Tourism Board.
Other incentive programs to be gathered under LEAD are the Business Improvement District initiative and the Car-Free Zone’s Streets for People program. These were formerly under the government of the Urban Redevelopment Authority.
Under the new LEAD program, Singapore companies will be able to combine the development capabilities they seek for and place management.
Our company formation advisors in Singapore can help foreign investors who want to open companies in the city-state.
The new Productivity Solution Grant in Singapore
Another program to streamline three other grants into one is the Productivity Solutions Grant, simply known as the PSG. The improved program will host the Landscape Productivity Grant, the Innovation and Capability Voucher, the SME Go Digital scheme and the Digital Ordering and Payment System.
Under the new PSG scheme, Singapore companies will receive more support from the government, which can increase by 70% in certain cases. The caps for these grants have also been increased and tailored in order to provide better support for companies.
The new project presented by the ministry for trade and industry aims at helping companies interested in improving their productivity.
We remind that you can contact our specialists in company formation in Singapore if you want to establish a company here and need assistance.