Over the last few years, Singapore has enabled several assistance programs for local companies, among which the most familiar one is the Industry Transformation Map. However, this is not the only way the government has planned to help Singapore companies, as there are agencies, such as International Enterprise (IE), which plays an important role in helping small and medium-sized enterprises (SMEs) to expand their activities overseas. Knowing how challenging a new business environment is and the costs it could incur, IE Singapore has enabled the Global Company Partnership Grant.
Below our Singapore company formation consultants explain how to access this program.
Who can enter the Global Company Partnership Grant in Singapore?
The Global Company Partnership Grant is available for both large and small companies in Singapore. Companies with a few years of history can benefit from a 50% refund of the costs generated by hiring another company or individual to develop a strategy which will enable them to expand their operations on foreign market. SMEs will benefit from a 70% refund of the amount spent on the same services.
In order to enter the Global Company Partnership Grant, a company must fulfill the following eligibility criteria:
- – a minimum annual sales revenue of 500,000 SGD;
- – the headquarter of the company must be located in Singapore;
- – a minimum paid-up capital of 50,000 SGD.
Our company formation experts in Singapore can also help you open a company in the city-state.
What are the costs supported by the Singapore Global Company Partnership Grant?
The Global Company Partnership Grant is dedicated to Singapore companies carrying the following activities which help them expand their operations:
- – activities which help them create a brand for their company;
- – the development of financial management strategies;
- – intellectual property management activities;
- – franchising activities;
- – e-commerce development strategies;
- – internationalization strategies.
The Global Company Partnership Grant will be developed by March 2018 for SMEs in Singapore.
If you are interested in opening a company in the Lion City and need assistance, please contact our Singapore company formation advisors.