Launching an IT Business in Singapore

This grant provides project funding for local Singapore companies to develop breakthrough technology that can disrupt current markets or create new markets. Startup SG Tech offers cash grants to companies in the following industries:

• Advanced manufacturing and robotics
• Biomedical sciences and healthcare
• Clean technology (e.g. waste management solutions, sustainable energy generation)
• Information and communications technologies
• Precision engineering (e.g. composite technology and silicon photonics technology)
• Transportation technology
• Food science and technology

With Startup SG Tech, companies will receive funding for both Proof-of-Concept (POC) and Proof-of-Viability (POV) projects. POC projects, which are designed to test the technical and scientific viability of a new technology, can receive funding of up to S$250,000. POV projects designed to test the commercial viability of a lab-proven technology can receive up to S$500,000 in funding. Furthermore, to qualify for Startup SG Tech, companies must meet the following requirements:

• The company must be a registered Singapore company less than 5 years old
• The company must operate in Singapore
• The company must have at least 30% local shareholding
• Annual revenue must be less than S$100 million, or the company must employ fewer than 200 people

An initiative called Startup SG Equity aims to entice private investment into innovative Singaporean tech startups. The incentive is specifically developed for:

1. General tech startups – companies that use existing technologies to provide an online solution for an offline issue;
2. Deep tech startups – companies that deal with high-level concerns and provide advanced solutions to complex problems.

To be eligible for this program, a Singapore-based tech startup must:

• Be incorporated as a Private Limited company for less than five years.
• Have paid-up capital of at least S$50,000.
• Be able to prove substantial innovative and intellectual content for your product(s) and/or service(s) and application(s).
• Have high-growth potential with clear scalability for the international market.
• Have identified a ready, independent third-party investor(s).

Startup SG Equity helps tech startups access funding from private investors. As a co-investment scheme, the Singapore government will partner with private investors to invest in startups that require significant capital expenditures and time to become commercially successful. You are welcome to read more about the benefits of this program.

The incentive was developed by the Startup SG to provide funding for new entrepreneurs with innovative businesses. Startup SG Founder provides up to S$50,000 by matching S$5 to every S$1 raised by the startup. Along with funding, entrepreneurs will also receive mentorship and business guidance from Singapore-based incubators. The program is open to Singapore citizens and permanent residents. To be accepted into the Startup SG Founders program, first-time entrepreneurs must apply through an Accredited Mentorship Partner (AMP).

To receive the grant, the first-time entrepreneur must adhere to the following conditions:

• Startup’s team should have at least 3 Singapore Citizens or Permanent Residents, who are the main applicants for the grant.
• At least 2 of the 3 main applicants should be first-time founders.
• The main applicants who are first-time founders should hold at least 30% equity in the company collectively.
• The first-time entrepreneurs must dedicate a reasonable amount of time to the business, not be employed full-time by another employer, and must be key decision-makers in the company.
• The first-time entrepreneur cannot have already received funding for the proposed business from another government organization.
• Upon approval, the first-time entrepreneur must register a private limited company in Singapore.
• If the first-time entrepreneurs have already registered a company, it must not be more than 6 months old and must have at least 51% shareholding in Singapore.