Complete list of startup schemes and grants in Singapore

How do most people start a business? Usually, they come up with an idea, register their company, and maybe head to a bank for a loan to get things rolling. But don’t be surprised, there are funding options designed to make life a lot easier for startups like yours. Especially when you are starting a business in Singapore.

Singapore is known as one of the best places in the world to start a business, not only because it is ranked first for economic freedom but also because it offers many funding schemes and government grants that can help companies get off the ground.

We will be looking at all of the different startup funding schemes and government grants available in Singapore, as well as how you can apply for them. So if you are thinking about starting a business in Singapore, then this article will be helpful for you! 

Quick overview of startup grants Singapore

Startup & Early-Stage Funding

• Startup SG Founder – Mentorship support + grant for first-time entrepreneurs.

• Startup SG Equity Funding – Equity investment to help startups scale.

• VentureForGood – Funding for social impact startups.

Productivity & Innovation Grants

• Productivity Solutions Grant (PSG) – Funding for productivity tools, equipment, and software.

• Financial Sector Technology and Innovation (FSTI) Scheme – Supports fintech innovation projects.

• Advanced Digital Solutions (ADS) Grants by IMDA – Funding for advanced digital solutions adoption.

Enterprise & Business Development

• Enterprise Development Grant (EDG) – Supports business growth, innovation, and expansion.

• Business Improvement Fund (BIF) – Funding to improve business operations or infrastructure.

International Expansion & Market Access

• Market Readiness Assistance (MRA) Grant – Helps SMEs expand overseas (includes overseas marketing, consultancy, travel).

• LEAD International Fairs & Missions (LEAD IFM) – Specifically funds participation in overseas trade fairs.

• Double Tax Deduction for Internationalisation (DTDi) – Encourages SMEs to expand overseas by giving tax deductions on eligible activities.

Startup SG equity funding

Startup SG Equity is a government co‑investment programme run by Enterprise Singapore, together with partners like SGGrowth Capital and EDB. Its goal? To encourage private investors to put money into Singapore-based startups with big growth potential, especially those with innovative tech and the ability to scale globally.

Example of deep tech startups:

1. biotech,

2. advanced manufacturing,

3. AI,

4. and other high-impact tech

Who can apply?

To qualify, a startup usually needs to:

• Be incorporated in Singapore as a private limited company.

• Have its core activities based in Singapore.

• Offer products or services that are innovative and packed with intellectual content.

• Show strong growth potential and the ability to scale internationally.

• Have backing from, or a commitment from, an independent third-party investor.

Funding details

Government co-investment caps can vary, and recent updates have increased support to help deep-tech startups scale even further.

Startup SG Founder

Startup SG Founder is one of Singapore’s most popular Startup Schemes. The scheme provides funding for startup companies up to 50,000 SGD and access to several resources and mentorship programmes. 

Startup SG Founder program now offers and includes both of these courses:

The Startup SG Founder “Train” track

• For entrepreneurs who are ready to start and have viable business plans.

• Will put through a 3-month venture building program.

• Will receive a stipend of 1,500 SGD per month for the duration of the Venture Building programme.

The Startup SG Founder “Start” track by Enterprise Singapore

• For entrepreneurs with innovative business ideas 

• Will be provided with starting capital of up to 50,000 SGD by Enterprise Singapore. 

• Will receive support from an Accredited Mentor Partner (AMP) of your own choosing.

Venture Builder and Accredited Mentor Partners (‘VB-AMPs’) were chosen by Enterprise Singapore to provide 3-month Venture Building (VB) courses to Singaporeans on the “Train” track.

It aims to improve and expand upon innovation in a variety of ways: by supporting the search for new ideas, converting these innovative concepts into scalable businesses, raising capital, and obtaining product or solution validation from consumers.

On the other hand, “Start” provides entrepreneurs with a chance to connect with any Enterprise Singapore-appointed Accredited Mentor Partners (AMPs) and share their unique business ideas.

The following factors are taken into account and proposed by these AMPs:

• Uniqueness of business idea

• Doability of business model

• Potential market value

• Ability of the management team

If you’re looking for more general funding, you can also apply for the Startup SG Equity scheme, which provides up to 500,000 SGD in funding for early-stage startups. The Singapore government puts money into a company in tandem with third-party investors under this program. It aims to encourage and stimulate private-sector investments into innovative, Singapore-based technology startups with intellectual property and international market potential.

Enterprise Development Grant EDG

The Enterprise Development Grant EDG is a government grant that helps companies in Singapore to grow and transform. The grant supports a wide range of activities, including product development, market expansion, business model transformation, and talent acquisition. Successful SMEs can receive up to 80% funding support for eligible costs.

Simply put, the enterprise development grant aims to help you upgrade your business, innovate and break into overseas markets by funding and providing your business with resources. This grant also has three pillars to help it stay on track with its aim: core capabilities, innovation & productivity, and market access. 

SME businesses are eligible for the enterprise development grant, but to apply for the EDG, SME companies must:

• Be a registered business in Singapore

• Have at least 30% local shareholding

• Be in a financially viable position to start and complete the project

If you think your company meets the above criteria, you can apply for the EDG through the Enterprise Singapore website.

VentureForGood (VFG)

VentureForGood (VFG) aims to support social enterprises in their growth journey. Social enterprises are businesses that have a positive impact on society, and the VFG programme provides funding and mentorship for these types of businesses.

Under the VFG programme, social enterprises can receive up to 300,000 SGD in government grants, as well as access to a range of resources and support. To be eligible for the VFG programme, businesses must:

• Be a registered business in Singapore

• Have a social mission that benefits society

• Incorporated and registered as a member at the point of grant disbursement.

Besides that, to ensure your application for this grant is successful, you need to know what VGF is looking for in its applicants. 

• Compelling objectives

• A viable and solid business proposition

• A committed team

So if your business’s nature aligns with what VGF is looking for, then this grant scheme is for your business. 

Financial Sector Technology and Innovation (FSTI) scheme

The Financial Sector Technology and Innovation (FSTI) scheme is a government initiative that encourages collaboration between the financial sector and technology startups. The aim of the scheme is to develop innovative solutions for the financial sector, as well as to create new opportunities for technology startups in Singapore.

Under FSTI, there are a few sub-schemes:

Innovation Centre

To attract financial institutions to establish innovation centres of excellence or labs in Singapore to test-bed and roll out market solutions.

Proof of Concept (POC)

Funding to support experimentation, development, and dissemination of nascent innovative technologies within the financial services sector.

Institution-level Projects

To encourage Singapore-based financial institutions to catalyse innovative ideas and market solutions.

Industry-wide Technological Infrastructure/Utility

To build and improve the efficiency of industry-wide technology infrastructure and boost productivity in the financial services sector.

Artificial Intelligence and Data Analytics (AIDA)

AIDA is catered to projects that are focused on AIDA adoption, with the objectives to improve decision-making and generate better insights.

Cybersecurity Capability Grant

To deepen cybersecurity capabilities and support the development of local cybersecurity talents in Singapore.

Digital Acceleration Grant (for FIs and FinTech firms with <200 employees)

To support Singapore-based smaller financial institutions and FinTech firms adopting digital solutions to improve productivity, manage risk better, strengthen operational resilience and serve customers better.

Under the FSTI scheme, businesses can receive various amounts of grants and funding in accordance with various schemes. To be eligible for the scheme, businesses must:

• Be a registered business in Singapore

• Have innovative solutions that can be applied to the financial sector

• Be able to collaborate with a financial institution (FI) or FinTech firm on the project

If your startup business is in the technology or financial sector, this grant scheme can greatly benefit your startup. 

Productivity and Solutions Grant (PSG)

The Productivity Solutions Grant PSG is a government grant that helps businesses in Singapore to adopt IT solutions and equipment. The grant supports a wide range of activities, including the purchase of software, hardware, and IT services. Successful applicants can receive up to 50% funding support for eligible costs.

It covers industry-specific solutions under these industries, for example:

• Retail

• F&B

• Construction

• Logistics

• Landscaping

To be eligible for the Productivity Solutions Grant PSG, companies have to:

• Be a registered business in Singapore

• Purchase IT solutions or equipment that has not been funded by another government grant, and is to be used in Singapore

• Have at least 30% local shareholding

• The company’s group annual sales turnover should not be more than 100 million SGD or the company’s group employment size should be no more than 200 employees

Business Improvement Fund (BIF)

The Business Improvement Fund (BIF) is a government fund that helps Singapore-registered businesses/companies start on projects with an emphasis on tourism, and is thus run by the Singapore Tourism Board (STB).

It aims to encourage:

1. Technology innovation and adoption

2. Redesign of business models and processes in the tourism sector to improve productivity and competitiveness.

Funding support is awarded based on STB’s evaluation of the scope and merits of the project and varies according to SMEs and non-SMEs.

Successful applicants will be eligible for funding assistance for qualifying expenditures, depending on the project’s scope and STB’s evaluation of its merits. Qualifying costs may include third-party project-related costs such as consultancy fees (which can include costs involved in sustainability certification), hardware/equipment and software, materials and consumables, training costs (if training is an intrinsic component of the project), travel costs associated with the project, and internal manpower costs (only applicable for employees directly involved in technology development).

Companies that are eligible for the BIF grant schemes must be Singapore-registered and tourism-focused. Besides these, the companies have to be:

• Technology companies that create innovative technology products and services for the tourism industry and businesses.

• Tourism companies are taking on development initiatives.

Application for the grant will be evaluated on the proposed project on how it can improve the productivity and competitiveness of tourism companies. 

Grants fund payment will be made to the successful applicants/companies on a reimbursement basis, subject to achievement of the agreed project deliverables and milestones. Before applicants/companies may receive their grant funds, they must submit third-party audited documents on the qualifying cost to receive their grant payment. 

So, if your business/company is a tourism company and has a strong initiative for technological innovation that will improve the tourism industry, this grant fund will be able to help you and your company to achieve the set goals. 

Double Tax Deduction for Internationalisation (DTDi)

The Double Tax Deduction for Internationalisation (DTDi) is a government scheme that allows businesses to claim a tax deduction on qualifying expenses incurred when expanding their operations overseas.

To be eligible for the DTDi, businesses must:

• Be registered and operating in Singapore

• Have incurred qualifying expenses related to internationalisation, such as market research, overseas exhibitions, conferences, and overseas business development trips

It offers support in 4 essential categories:

Market preparation

• Design packaging for the overseas market

• Product or service certification

• Market survey/research and feasibility study

Market exploration

• Overseas market development trips or missions

• Overseas trade fair

• Local trade fair

• Virtual trade fair

Market promotion

• Overseas advertising and promotional campaigns

• Production of corporate brochures for overseas distribution

• Advertising in approved local trade publications

• Overseas business development

Market presence

• Overseas trade offices

• Master licensing and franchising

• Employee overseas posting

• Overseas investment study trips or missions

• Investment feasibilities and due diligence studies

You can automatically claim up to a 200% tax deduction on the first 150,000 SGD of qualifying expenses for these 9 activities under the Automatic DTDi without approval from Enterprise Singapore:

• Local trade fairs

• Overseas trade fairs

• Virtual trade fairs

• Overseas market development trips/missions

• Overseas investment study trips/missions

• Product/service certification

• Overseas advertising and promotional campaigns

• Design of packaging for overseas markets

• Advertising in an approved local trade publication

Market Readiness Assistance (MRA) Grant

The Readiness Assistance MRA Grant is a government grant that helps businesses to defray costs associated with overseas expansion, such as market research, attending trade fairs, and setting up an overseas office.

To be eligible for the Readiness Assistance MRA Grant, businesses must:

• Be registered and operating in Singapore

• Have a minimum of 30% local shareholding

• Have a group turnover of no more than 100 million SGD or a group employment size of no more than 200 employees

Eligible expenses include:

• Market research and feasibility studies related to the project

• Overseas business development trips to explore and develop specific projects/markets under the project scope

• Rental of temporary overseas premises and office equipment required for the project

• Overseas exhibition participation fees at approved international trade fairs/exhibitions

LEAD International Fairs & Missions (LEAD IFM)

The LEAD International Fairs & Missions (LEAD IFM) programme helps businesses to defray the costs of attending international trade fairs and missions.

This grant gives companies financial support for participation in approved business missions and trade fairs guided by the Trade Associations and Chambers (TACs) of Commerce overseas.

It provides up to 70% of funding support on eligible expenses for businesses that take part in the same trade fair more than 3 times and 50% for those who attend less than 3 times.

To be eligible for this grant, you must be a small or medium enterprise (SME) registered and based in Singapore and looking to promote itself in overseas markets through trade shows or missions. In addition, your company also must:

• Have at least 3 core functions in Singapore.

• Fulfil all the requirements to qualify for LEAD IFM (for TAC only)

So if you are planning to venture your business into the overseas market, this grant scheme will be able to help you achieve it. 

Advanced digital solutions grants by IMDA

Imagine upgrading your business from just using basic accounting software to a fully integrated digital system that handles inventory, sales, and customer management seamlessly.

That’s what the Advanced Digital Solutions (ADS) initiative is about. Run by IMDA as part of the SMEs Go Digital programme, it helps businesses adopt smarter, more advanced digital tools, going beyond simple digitalisation.

The goal? To boost digital capabilities, strengthen business continuity, improve sustainability, and make your business more competitive in today’s digital economy. The programme was first introduced under the Singapore Resilience Budget 2020.

Funding Support

ADS can cover up to 70% of costs for approved IT solutions and equipment, making it easier for businesses to adopt advanced digital tools. This includes hardware, software, cybersecurity, integration, training, and more.

To qualify, your business must be Singapore-registered, have at least 30% local ownership, and usually be an SME (turnover under 100M SGD or ≤200 employees). The programme is for businesses ready to go beyond basic digital tools and adopt fully integrated solutions.

Final notes for startups

These grants can provide the seed money that you need to get your business off the ground, and they can also help you to gain access to important networks of potential investors.

Do your research and see which one is the best fit for your company. Remember to check the eligibility criteria and required documentation before applying.

Of course, once you’ve secured the grant, it’s important to use it wisely. That’s why balancing costs and ensuring efficient use of resources is key to making your startup a success.

Beyond government grants: Smarter ways to manage your business finances

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*Disclaimer: This article is intended for informational purposes only. All details are accurate at the time of publishing. Instarem has no affiliation or relationship with products or vendors mentioned.