Are you going to take a leap of faith and launch your startup business opting for company registration Singapore? But, you have no spare money to fund the business. That does not mean that you have to drop your idea of bootstrapping. Singapore government has pumped tons of money into grants and schemes to provide succor to startup entrepreneurs. The country is perhaps one of the most proactive government who nourishes young and new entrepreneurs to strengthen its economy.
Despite the availability of various cash grants and programs, you might face a hard time figure out and secure the right one for your business. A professional firm can help you fit into any one of the grants offered by the government. Or you may also devote some time to make some effort to find and secure a grant yourself prior to registration of the company.
Before jumping in too deep, let us discuss Singapore company registration in brief.
Company Registration Singapore
The Accounting & Corporate Regulatory Authority (ACRA) is the national regulator who oversees the process of company registration in Singapore. The process must be followed as per the Singapore Companies Act, Cap 50. There are few requirements which must be met before filing the application for Singapore company registration with ACRA.
Once your company name got approved, you must submit the application form and required documents with the authorities. The entire process does not take much time provided your application does not require review by the approval authority. You will be notified by ACRA through an email regarding your successful incorporation. The email contains the incorporation certificate along with the company registration number.
How to Find a grant for your startup in Singapore?
Follow the below-mentioned points to secure government-backed funding in Singapore.
Conduct a research on available grants: Find out which are the grants available for start-up businesses and suits your industry type. The best source to find the data is the official websites of various government-backed agencies such as SPRING. There are good numbers of cash grants, equity programs and incubator schemes available for startups in Singapore.
Compile a list of grants related to your business: Make a list of the grants related to your business plan and idea. It makes sense as businesses often face fierce competition in obtaining grants during their days of company registration. Nevertheless, your hard work will be paid off, if you succeed to secure the grant. Many other new entrants want a grant for the very same reason you do. It is better to cast your net wide by applying for different grants. This way, you are more likely to get the funding of your desire.
Prepare a grant proposal: Write a grant proposal and fill up the application form. When writing the grant proposal, make sure to use standard business language (avoid flowery and slang language). The proposal must include a financial plan (details of existing funding) and how the fund will be used in the course of business operation. You may consider hiring a corporate firm to write the proposal on your behalf. It will give it a more professional look. This works great especially when you are new to grant proposal writing.
Learn from the rejection: It is evident that majority of grant applications got rejected. That is the hard truth of government-backed grant world. But, do not let down your spirit after the rejection. You can learn from the rejection of a grant. In the case of rejection, you have the right to know the reason behind it. If the reason is not made clear in the rejection letter, the applicant may call the agencies to provide more feedback. You may re-apply for the grant while searching for more grants and options. You may also consider applying for a business loan while waiting for government' approval for grants.
The top start-up grants available in Singapore are ACE Startup Grant, ComCare Enterprise Fund, Technology Enterprise Commercialisation Scheme (TECS), Ideas. Inc Business Challenge, SPRING Startup Enterprise Development Scheme (SPRING SEEDS), Early-Stage Venture Funding Scheme (EVFS) and so on. The tactics mentioned above may help you secure funding for your dream venture. Meanwhile, make sure to get acquainted with the process of company registration to give your start-up a strong start.
Despite the availability of various cash grants and programs, you might face a hard time figure out and secure the right one for your business. A professional firm can help you fit into any one of the grants offered by the government. Or you may also devote some time to make some effort to find and secure a grant yourself prior to registration of the company.
Before jumping in too deep, let us discuss Singapore company registration in brief.
Company Registration Singapore
The Accounting & Corporate Regulatory Authority (ACRA) is the national regulator who oversees the process of company registration in Singapore. The process must be followed as per the Singapore Companies Act, Cap 50. There are few requirements which must be met before filing the application for Singapore company registration with ACRA.
- Minimum one resident director of 18 years or above. He must be a citizen, PR or holder of Employment or Entrepreneur Pass in Singapore.
- The number of shareholders must ranges between 1 to 50. 100% foreign shareholder is allowed. An individual or a corporate can act as a shareholder.
- A registered office address must be lodged at the time of registration. It must be physical one (residential or corporate space). P.O. Box address cannot be entertained.
- The minimum paid-up value is $1.
- Appointment of a company secretary within six months of company incorporation is a must. The applicant must undergo two simple steps to accomplish the process. 1) company name approval and 2) company registration. The proposed company name has to be unique, meaningful and decent. The approval of the name is subject to availability with ACRA.
Once your company name got approved, you must submit the application form and required documents with the authorities. The entire process does not take much time provided your application does not require review by the approval authority. You will be notified by ACRA through an email regarding your successful incorporation. The email contains the incorporation certificate along with the company registration number.
How to Find a grant for your startup in Singapore?
Follow the below-mentioned points to secure government-backed funding in Singapore.
Conduct a research on available grants: Find out which are the grants available for start-up businesses and suits your industry type. The best source to find the data is the official websites of various government-backed agencies such as SPRING. There are good numbers of cash grants, equity programs and incubator schemes available for startups in Singapore.
Compile a list of grants related to your business: Make a list of the grants related to your business plan and idea. It makes sense as businesses often face fierce competition in obtaining grants during their days of company registration. Nevertheless, your hard work will be paid off, if you succeed to secure the grant. Many other new entrants want a grant for the very same reason you do. It is better to cast your net wide by applying for different grants. This way, you are more likely to get the funding of your desire.
Prepare a grant proposal: Write a grant proposal and fill up the application form. When writing the grant proposal, make sure to use standard business language (avoid flowery and slang language). The proposal must include a financial plan (details of existing funding) and how the fund will be used in the course of business operation. You may consider hiring a corporate firm to write the proposal on your behalf. It will give it a more professional look. This works great especially when you are new to grant proposal writing.
Learn from the rejection: It is evident that majority of grant applications got rejected. That is the hard truth of government-backed grant world. But, do not let down your spirit after the rejection. You can learn from the rejection of a grant. In the case of rejection, you have the right to know the reason behind it. If the reason is not made clear in the rejection letter, the applicant may call the agencies to provide more feedback. You may re-apply for the grant while searching for more grants and options. You may also consider applying for a business loan while waiting for government' approval for grants.
The top start-up grants available in Singapore are ACE Startup Grant, ComCare Enterprise Fund, Technology Enterprise Commercialisation Scheme (TECS), Ideas. Inc Business Challenge, SPRING Startup Enterprise Development Scheme (SPRING SEEDS), Early-Stage Venture Funding Scheme (EVFS) and so on. The tactics mentioned above may help you secure funding for your dream venture. Meanwhile, make sure to get acquainted with the process of company registration to give your start-up a strong start.
