GST Registration in Singapore

GST- Goods and Services Tax is a tax imposed on the import of goods, as well as almost all supplies of goods and services in Singapore. In some countries, GST is known as the Value Added Tax (VAT). Businesses’ liability for GST registration depends on the value of their taxable turnovers. This refers to the value of goods and services supplied by businesses which are deemed as taxable supplies for GST purposes.

 

Read more… “GST Registration in Singapore”

Government Grants & Subsidies for Startups

We assist startups in claiming grants, strategising grant position, fulfilling grant criteria and the evaluation of grants claimable.

Our fees range from $180 depending on the type of government grant.

 

Our Government Grant for Startups services include:

StartupSG Equity

Overview

The startup would be considered for investment if it possesses the following key business attributes:

  • Has substantial innovative and/or intellectual property content developed or owned in-house
  • Able to demonstrate a commercially viable business model from its products and/or services – this includes being able to secure some pilot/paying customers
  • Able to articulate clearly its value proposition and potential for scalability in the target customer segment(s) and across international markets
  • Has a committed and capable management team, with the relevant experience and business acumen skills (e.g. business, industry, technical capability) and receptive to guidance from co-investors.

Grant Information

Investment Parameters
  General Tech Deep Tech
Investment Cap for each Startup $2 million $4 million
Co-investment Ratio 7: 3 (up to $250,000)

 

1 : 1 (thereafter up to $2 million) – only for SSC’s investment

7: 3 (up to $500,000)

 

1 : 1 (thereafter up to $4 million) – only for SSC’s investment

Funds will be disbursed over several investment rounds in tranches based on milestones prescribed in each round.

 

Eligibility

Both startups and investors can apply for this co-investment equity scheme but the eligibility varies as below:

For Startups

  • It must be a private limited company incorporated in Singapore with a paid-up capital of at least S$50,000.
  • It must not be a subsidiary or a joint venture.
  • It must not be incorporated for more than five years.
  • Its core activities must be carried out in Singapore.
  • It must demonstrate that its products/services/applications are highly innovative and have substantial intellectual content.
  • It must have high growth prospects and international scalability.
  • It must have identified a third party investor(s) ready to invest in it.
  • Business must not be involved in the following business activities: gambling, tobacco-related products, or any other activities which are in violation of law, or against public interest.

For third-party Investors

  • The investor(s) must be able to contribute to the startup’s growth by means of mentorship through experienced management team or help embed the startup into its supportive business network or value-adding expertise.
  • The investor(s) must be prepared to invest at least $50,000 each into each startup.
  • The investor(s) should not hold shares in the investee prior to the co-investment.

 

Application

Documents Required

The following documents must be submitted for the first level assessment

  • Business plan
  • Financial statements or management accounts
  • Business ACRA
  • Background of potential co-investor (if available)
  • A two page executive summary providing the following details:
    • Company Profile – provide details on existing products/services, traction achieved, management profile etc.
    • Proposed Product/Solution and its Distinct Advantage – explain what needs or problems of the market will be solved, describe the novelty and merits.
    • Technology/Innovation to be Developed (if applicable) – describe the technology involved, stage of its development, potential hurdles in the development and prospective partners (if any).
    • Business Roadmap – Describe the go-to-market strategy, revenue model and scalability.
    • Competitive Landscape – Describe potential or existing competitors and your edge over the competition.
    • Use of Funds – provide details on estimated fund requirement and allocation along with information on any existing or potential investors.

 

StartupSG Tech

Overview

  • A grant to develop technology ideas at conceptualisation stage to trial test the prototype

Your solution must:

  • Clearly demonstrate how science/technology is applied;
  • Be of a breakthrough level of innovation (i.e. distinctly different or new technology which either (i) has the potential to disrupt an existing market; or (ii) to replace, or create, a new market/purpose/niche);
  • Lead to or build on proprietary know-how/IP;
  • Be commercially viable.

Purpose:

  • Fast-tracks the development of proprietary technology solutions, and catalyses the growth of startups based on proprietary technology and a scalable business model
  • Companies may receive early-stage funding for the commercialisation of proprietary technology

Eligibility

Applicants should be: Startup Companies

  • Registered for less than 5 years at time of grant application;
  • Registered or incorporated, and physically present in Singapore (Private Limited Entity)
  • At least 30% local shareholdings;
  • Company’s group annual sales turnover is not more than $100 million OR group employment size is not more than 200 workers; and
  • Core activities to be carried out in Singapore.

Grant Information

Qualifying Projects

(Either one of them)

Proof-of-Concept (POC) Project Proof-of-Value (POV) Project
·         Solution at conceptualisation stage (technical / scientific viability still needs to be proven)

·         Explain clearly the innovative science or technology concept behind the solution

·         Individual applicants from public sector research institutes must demonstrate entrepreneurial commitment to continue their technology commercialisation work upon successful completion of the project

Maintaining financial discipline

·         Inject an increase in paid-up capital of 10% for POC

·         Grant capped at $250,000

·         Have a POC available, and wish to carry out further development of a working prototype

·         Need to show the technology concept and commercial merit to be validated

·         Also need to demonstrate proof-of-interest from a potential customer or 3rd party investor, and the other business competences to execute the project

 

Maintaining financial discipline

·         Inject an increase in paid-up capital of 20% for POV

·         Grant capped at $500,000

 

Application

There are three stages for Startup SG Tech: (About 3 months)

  • Stage 1 (Registration of Interest)
  • Stage 2 (Application and Evaluation)
  • Stage 3 (Final Panel Evaluation)
Stage 1 (Registration of Interest):
  • Submit a summary of the proposed project by completing the *Registration of Interest Form
  • Form should be emailed to enquiry@enterprisesg.gov.sg
  • Enterprise Singapore will inform project’s eligibility
Stage 2 (Application and Evaluation):
  • If accepted, Enterprise Singapore will invite the company to submit a *formal application comprising of the full business proposal, cost breakdown and project proposal
  • Proposals are assessed for the innovativeness, technical feasibility and commercialisation potential
Stage 3 (Final Panel Evaluation):
  • Shortlist applicants will present their proposals to a final evaluation panel comprising of industry experts
  • Decision of evaluation panel is final

 

StartupSG Founder X ACE Grant

Eligibility

All Singapore Citizens and Permanent Residents who:

  • are first-time entrepreneurs
  • hold at least 30% equity in the company
  • are the key decision makers and committed to the company on a full-time basis
  • In addition, the Startup Company must:
  • be operating within six (6) months of incorporation at the point of application
  • have minimum 51% Singaporean Citizen/PR shareholding
  • have business activities conducted wholly or mainly in Singapore
  • have not received funding for the proposed business idea from another government or organization

Your proposed business idea must not be in the following list:

  • nightclubs, lounges, bars
  • foot reflexology, massage parlours, beauty salons
  • gambling, prostitution, social escort services

Grant Information

  • ACE will match $3 to every $1 raised by the entrepreneur for up to $30,000.
  • ACE will provide mentorship and assist the startups with advice, learning programs and networking contacts.

Criteria

Differentiated Business

  • How does the company differentiate itself from competition?
  • How different or novel is the idea/product/service/business model/ process compared to what is available in the market?

Feasibility of the business model

  • Is the revenue model sustainable?
  • How does the company manage its cashflow?
  • Does the company have potential to be scalable?

Potential market opportunity

  • What market(s) is the business idea targeting?
  • How big is this targeted market(s)?
  • How does the company reach out to its targeted market(s)?

Management Team

  • How committed and passionate is the team to the company?
  • What relevant skill sets does the team possess which would be useful in executing the business idea?
  • How is the applicant(s) contributing to the development of the company?

Government Grants & Subsidies for Companies

Government Grants


We assist companies in claiming grants, strategising companies’ grant position, fulfilling grant criteria and the evaluation of grants claimable.
Our fees range from $180 depending on the type of government grant.

 

Our range of Government Grant services includes:

 

 

Productivity & Innovation Credit (PIC)


SUITABLE FOR:

All eligible companies intending to make IT purchases.

Grant Information

1)Cash pay-out option:

Get cash pay-out of 60% of up to $100,000 of total qualifying expenditure each year

2) Tax Deductions or Allowances

Up to 400% tax deductions/allowances on up to S$400,000 of annual expenses incurred for any of the six (6) qualifying activities

ELIGIBILITY

Qualifying activities:

  • Acquisition and leasing of PIC IT automation equipment
  • Training of employees
  • Acquisition and licensing of intellectual property rights
  • Registration of patents, trademarks, designs and plant varieties
  • Research and development
  • Investment in design projects

Conditions:

  • Must incur the required qualifying expenditure and must be entitled to PIC during the qualifying YA.
  • Must be actively operating in Singapore.
  • Must have at least 3 local employees (either Singapore citizens or Permanent Residents) who are actively giving their respective CPF contributions.

 

 

Innovation & Capability Voucher (ICV)


SUITABLE FOR:

All eligible companies planning to spend on productivity solutions or consultancy projects

GRANT INFORMATION

  • Apply for S$5,000 voucher usable for productivity solutions or consultancy projects
  • Productivity solutions covered include Equipment & Hardware, Technical Solutions & Training, and Design & Renovation
  • Consultancy projects should be related to Innovation, Productivity, Human Resources, and Financial Management
  • Entitled a maximum of 8 vouchers, with projects not overlapping with each other

ELIGIBILITY

  • Group annual sales turnover to be less than or equal to S$100 million or group employment of maximum 200 employees
  • Be registered and operating in Singapore
  • Have at least 30% local shareholding

 

 

 

SME Enhanced Training Support


SUITABLE FOR:

All eligible companies intending to sponsor employee trainings

GRANT INFORMATION

1)Course Fee Funding

Receive subsidies covering 90% of course fees for:

  • Continuing Education and Training (CET) Centres’ courses
  • certifiable courses, capped at S$30 per hour
  • in-house certifiable training, capped at S$15 per hour
  • Polytechnics’ and ITE’s academic CET programmes (for Singapore Citizens)

2) Absentee Payroll Funding

Claim payroll funding of up to 80% of your employee’s basic hourly salary, capped at S$7.50 per hour

ELIGIBILITY

  • Registered or incorporated in Singapore
  • Have at least 30% local shareholding
  • Group annual sales turnover to be less than or equal to S$100 million or group employment of maximum 200employees
  • Company fully sponsors employee for the training

The employee must be a Singapore Citizen or a Singapore Permanent Resident.

 

 

iSPRINT


SUITABLE FOR:

Companies interested to invest in packaged solutions such as point of sales systems, CFM software, accounting software, et cetera.

GRANT INFORMATION

The grant will cover up to 70% of the costs, capped at $20,000.

SMEs that prefer to utilize specific sector solutions only need to pay 30% of the expenses upfront to vendors, with the IDA reimbursing the remaining costs directly to the vendors.

ELIGIBILITY

  • Group annual sales turnover to be less than or equal to S$100 million or group employment of maximum 200employees
  • Be registered and operating in Singapore
  • Have at least 30% local shareholding
  • Solutions must be selected from a list of vendors from IDA’s pre-qualified list

 

 

ICT FOR PRODUCTIVITY AND GROWTH (ICG)


SUITABLE FOR:

Companies looking into adopting ICT solutions

GRANT INFORMATION & ELIGIBILITY

  1. Scaling up existing ICT solutions
    • 70%of the qualifying costs will be subsidised
    • Condition: Solution must be able to help company achieve productivity gains, vendor must be pre-approved.

 

  1. Piloting of new solutions
    • 80% of the qualifying pilot project costs will be subsidised, up to $1 million per SME
    • Condition: Proposed solution has to be a first deployment in the Singapore SME sector

 

  1. Enabling high-speed internet connectivity for businesses
    • 50%of the monthly fibre subscription bills will be subsidised, capped at $120 per month and up to 2 years, or $2,880 per SME
    • One-time acquisition cost of the Wireless@SG equipment will be subsidised, capped at $2,400, for SMEs that require wireless connection in their public-facing business premises
    • Condition: the SME must subscribe to service plans that feature speed of at least 100Mbpsand to allow IDA to conduct random network audit

 

 

 

Capability Development Grant (CDG)


SUITABLE FOR:

Companies interested in initiation new projects

GRANT INFORMATION 

  • Enjoy up to 70% of costs for qualified projects
  • The grant only covers projects that have not commenced yet.

Qualifying business areas:

  • Brand & Marketing Strategy Development
  • Business Excellence
  • Business Strategy Innovation
  • Enhancing Quality and Standards
  • Financial Management
  • Human Capital Development
  • Intellectual Property & Franchising
  • Productivity Improvement
  • Service Excellence
  • Technology Innovation

ELIGIBILITY

  • Group annual sales turnover to be less than or equal to S$100 million or group employment of maximum 200employees
  • Be registered and operating in Singapore
  • Have at least 30% local shareholding

 

Market Readiness Assistance Grant (MRA)


SUITABLE FOR:

All eligible companies looking to expand internationally

GRANT INFORMATION 

  • 70% of the eligible cost for qualifying activities, capped at S$20,000 per company per fiscal year
  • Maximum of two applications per fiscal year, starting on 1 April and ending on 31 March the following year
  • Limited to one activity (e.g. market assessment or market entry) per application

Qualifying activities:

  • Market assessment and market entry for overseas market set-up
  • Business matching for Overseas Business Partners
  • Overseas market promotion

ELIGIBILITY

  • Companies are required to have the global HQ anchored in Singapore
  • SMEs with annual turnover of less than S$100 millionper annum based on the most recent audited report

 

Age Management Grant


SUITABLE FOR:

All eligible companies.

GRANT INFORMATION 

  • Funding of up to $20,000 per company
  • Implement two out of six age management practices
  • Attend compulsory training in age management, job redesign
  • Organising a health programme
  • Undertake an age profiling exercise

ELIGIBILITY

  • Be legally registered or incorporated in Singapore
  • Have not received funding under the first edition of WorkPro (April 2013 to 30 June 2016) for Age Management Grant and Work-Life Grant.

 

 

 

Job Redesign Grant


SUITABLE FOR:

All eligible companies.

GRANT INFORMATION 

  • Funding of up to $300,000 per company, multiple project applications are allowed
  • Sub-caps of $150,000 for JR projects targeted at mature workers aged 40 years and above, or the economically inactive

ELIGIBILITY

  • Be legally registered or incorporated in Singapore
  • Have not received funding under the first edition of WorkPro (April 2013 to 30 June 2016) for Age Management Grant and Work-Life Grant.

 

Work-Life Grant


SUITABLE FOR:

All eligible companies intending to, or have implemented flexible work arrangements

GRANT INFORMATION 

Developmental Grant: up to $40,000

  • Conduct FWA pilot by completing 6-steps for implementing the FWA pilot
  • Formalise the piloted FWAs in the HR policy and communicate it to all employees
  • Co-funding covers work-life training, work-life consultancy, IT infrastructure for FWAs, other selected employee support schemes

Flexible Work Arrangements Incentive: up to $120,000 over three years

  • Achieve at least 30% FWA utilisation for three years

ELIGIBILITY

  • Be legally registered or incorporated in Singapore
  • Have not received funding under the first edition of WorkPro (April 2013 to 30 June 2016) for Age Management Grant and Work-Life Grant.

 

Micro Loan Programme (MLP)


SUITABLE FOR:

All eligible companies.

GRANT INFORMATION 

  • Loan quantum of $100,000 with repayment period up to four years.
  • Loan can be obtained for daily operations, automating and upgrading of factory and equipment
  • Be registered and operating in Singapore

ELIGIBILITY

  • Company annual sales turnover to be less than or equal to S$1 million or employment of maximum 10employees
  • Group annual sales turnover to be less than or equal to S$100 million or group employment of maximum 200employees
  • Be registered and operating in Singapore
  • Have at least 30% local shareholding

 

 

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Tax Exemption for Companies in Singapore

Singapore is known as a best city for incorporation, not only for their robust economy but also for their government support and tax system. Once having completed company registration in Singapore, a company can enjoy attractive tax exemption from the government as a means of supporting investment and entrepreneurship.

With effect from Year of Assessment 2010, a company is taxed at a flat rate of 17% on its chargeable income regardless of whether it is a local or foreign company.

 

 

Read more… “Tax Exemption for Companies in Singapore”

Business License Application

Business License Application


Business license applications are essential to the commencement of your business. It is mandatory to apply for and obtain the license prior to commencement of certain types of businesses. ACRA’s automated system will indicate if another approving authority is required to grant a license or permit during the application-for-name approval process.

For most licence application such as money changer licence, employment agency licence, food stall licence, IDA licence and many others, the Company must have an executive local director who is a Singaporean or a Singapore P.R. and the appointment of such director must have already been lodged with ACRA before the licence application.

Besides, most licence application documents will need to be signed and submitted by a local key executive personal/director therefore you will need to have such person (either Singapore Citizen, Singapore PR, or employment pass holder) to act for your company and apply for the licence.

Most businesses do not require licences or permits to operate but there are handfuls that do as they are regulated by the approving authorities such as those in food businesses, employment agencies, private schools, travel agencies, liquor distributors, moneylenders, banks, childcare centres, etc.

With our many years of experience in this field, we can get your license applications processed within the shortest time-frames possible so that you don’t miss any business opportunities.

Our fees are based on the type of license applied.
We specialize in the following license applications:
  • AVA License Application
  • NEA License Application
  • Travel Agency License Application
  • Liquor License Application
  • Tobacco License Application
  • Employment Agency License Application
  • Activation of custom account
  • Hotel-Keeper’s License Application
  • Massage Establishment License Application
  • Medical Clinic License Application
  • Capital Markets Services License Application
  • Financial Advisers License Application
  • Arts Entertainment License Application
  • Public Entertainment License Application
  • Animal Exhibition License Application
  • Printing Press License Application
  • Other Business License Application

 

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