Start Your Company in Singapore with Startup SG

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Overview of Startup SG The platform provided by the said initiative caters to every possible permutation of a start-up ecosystem, and is categorised under six different pillars. For providing valuable mentoring to first-time entrepreneurs, the pillar to go to is Start SG Founder. To get early-stage funding for commercialising a tech idea, entrepreneurs can take advantage of Startup SG Tech. Then there is Startup SG Equity, which catalyses equity investment for start-ups, and Startup SG Accelerator aimed at enhancing capabilities of accelerators or incubators. As people are the most important resource of any organisation, Startup SG also has a pillar called Startup SG Talent, which guides entrepreneurs on how to attract and retain promising global talent as part of their team. Finally, we have Startup SG Loan, which connects start-ups to their lifeline – much needed financing.

Startup SG Founder The Startup SG Founder scheme provides mentorship and start-up capital grant to

first-time entrepreneurs with innovative business ideas. Under this, SPRING, which matches $3 for every $1 raised by the entrepreneur, has appointed Accredited Mentor Partners (AMP) whose job is to identify qualifying applicants based on the uniqueness of business concept, feasibility of business model, strength of management team, and potential market value. These AMPs – already 17 in Singapore right now – were approved after a call-for-partnership by SPRING in March-April 2017. They were assessed on the strength of their incubation and management team, programme quality and operational sustainability. The next call is scheduled at the end of 2017. One leading example of an AMP in Singapore is the Action Community For Entrepreneurship (ACE), which has Rikvin as its official corporate services partner. In collaboration with ACE, come September 2017, Rikvin will have presence in ACE’s base in JTC Launchpad @ one-north, which houses close to 750 startups.

Startup SG Tech This scheme is aimed at providing early-stage funding to companies for the commercialisation of proprietary technology, and includes both Proof-of-Concept (POC) and Proof-of-Value (POV) grants depending on the technology's developmental stage. Do note that this is a competitive grant, which tech start-ups can use to fast-track the development of their proprietary solutions and generate a scalable business model.

Startup SG Equity

This scheme – where the Singapore Government co-invests in a start-up along with third party investors - is aimed at encouraging and stimulating private-sector investments into innovative, Singapore-based technology start-ups with intellectual property and global market potential.

With regard to the co-investment ratio with third party investors, it is 7:3 up to $250,000, and 1:1 thereafter up to the investment cap of $2 million for general tech companies.

The figures for deep tech companies are 7:3 up to $500,000, and 1:1 thereafter up to the investment cap of $4 million.

But the Government only co-invests if the interested third party individual or corporate investors are prepared to invest at least $50,000 each, and are able to contribute to the start-up’s growth via management experience, relevant business contacts and necessary technical expertise.

Startup SG Accelerator

This scheme provides funding and non-financial support to incubators and accelerators working in strategic growth sectors to further enhance their programs and expertise in nurturing successful start-ups.

Startup SG Talent

This pillar includes schemes such as EntrePass, T-UP and SME Talent Programme (STP) for Start-ups, and has a two-pronged approach. The first is to help start-ups attract good talent in their teams, and second is to foster a conducive environment for promising global talent to set up innovative businesses in the city-state.

Startup SG Loan While offered through participating financial institutions, these are Government-backed loans, which provide start-ups with the much-needed working capital, equipment/factory financing and trade financing. Briefly, these can be summarised as below:

SME Micro Loans – for companies with 10 or less employees, which can access working capital financing of up to S$100,000 to support their day-to-day business operations

SME Venture Loan – for high-growth companies, which can access alternative financing of up to S$5,000,000 for the purpose of business expansion

SME Working Capital Loan – in place between June 1, 2016, to May 31, 2019, start-ups can access unsecured working capital financing of up to S$300,000 to support their day-to-day business operations

SME Equipment and Factory Loans – start-ups can access financing of up to S$15 million to purchase equipment, machines or selected factory properties

Considering the detailed overview of Startup SG elaborated above, Singapore, it seems, has embarked on making its global reputation of being Asia's start-up hub, even more robust. And when you add other advantages such as low corporate tax rates, tight intellectual property rights regime, integrity, skilled man-power, high productivity, rule of law, good connectivity and a high quality of life, choosing Singapore as the regional base for your company's businesses in Asia and beyond is a no-brainer.

Take advantage of Startup SG and start

your company in Singapore today

Rikvin’s expertise is unrivalled in Singapore. With 20 years of know-how in company incorporation, accounting, tax, payroll and immigration services, and as the official Corporate Services Partner of ACE and EDB, you can count on us to be your dedicated one-stop business solution.

Call us at +65 6320 1888 or Email us at Info@rikvin.com for a free consultation.