There are many government assisted schemes offered to Singapore SME (Small and Medium) companies to encourage companies to grow and expand in various aspects of developments.
What qualifies a company an SME?
- Company must be at least 30% local shareholding; And
- Company’s group employment size does not exceed more than 200 workers; Or
- Company’s group annual sales turnover not more than S$100 million
These are some useful Grants offered by respective Government Agencies:
Innovation & Capability Voucher (ICV)
The Innovation & Capability Voucher (ICV) is a simple to apply, easy-to-use voucher valued at S5,000, to encourage SMEs to take their first step towards capability development.
Productivity & Innovation Credit (PIC)
Enjoy 400% tax deductions/allowances and/or 60% cash payout for investment in innovation and productivity improvements under the Productivity and Innovation Credit (PIC) scheme.
Capability Development Grant (CDG)
The Capability Development Grant (CDG) is a financial assistance program aimed at helping Small and Medium Enterprises (SMEs) defray up to 70% qualifying project costs.
Get up to 70% subsidy on Accounting Software Solutions
Age Management Grant
One-off grant to help employers learn about and implement age management practices such as good re-employment practices, performance management and job redesign.