Due to consolidation in year 2018. 2019 business grants for Singapore mostly comes down to the following list by Enterprise Singapore ( Ex-Spring and IE) where company with local director at minimum 30% share holder can qualify and expect up to 70% of reimbursement of spending :
- Core Capabilities: Projects under Core Capabilities help businesses prepare for growth and transformation by strengthening their business foundations.
- Business Strategy Development
- Financial Management
- Human Capital Development
- Service Excellence
- Strategic Brand and Marketing Development
- Innovation and Productivity: Projects under Innovation and Productivity support companies that explore new areas of growth, or look for ways to enhance efficiency. These could include reviewing and redesigning workflow and processes. Companies could also tap into automation and technologies to make routine tasks more efficient.
- Process Redesign
- Product Development
- Market Access: Projects under Market Access support Singapore companies that are willing and ready to venture overseas. You may tap into the EDG to help defray some of the costs of expanding into overseas markets.
- Mergers and Acquisitions
- Overseas Marketing Presence
- Pilot Project and Test Bedding
- Standards Adoption
ES group will tend to assess your submission whether with or without management consultant reports and look at it as relevant or not. Then they will reply and grant you an approval to start engaging a vendor. Then you have to pay to the vendor first, provide audit reports and whatever promised goals achieved evidences that make sense to submit to ES group and claim back your investment. Where it could be at risk of 0% back as well.
Here is the possible logic that is not possible to spell out in black and white, blame it to too many fraudsters entrepreneurs whom tries to take advantages on grants.
- The amount: Do not expect to place a large sum in the project you are engaging and expects up to 70% sure claim back. ES group has their own check list and knows what to check upon and they can reject you totally on your claim as that is not the same approval to proceed they had given to you. Claim approval is a different process. You could get 100% rejected or you could claim back between 35 – 55% averagely depending on the size of your company to ask for the realistic and relevant claim amount as well apart from the finished job. If you are a less than 10 Millions turnover company. Do not even expect that asking for a 1 Million SGD dollars of grant investment here as it is not logical. For example, 10 Millions SGD dollars company will probably be asking for 200,000 SGD for a marketing grant and it make sense. Applying a grant without management consultant is fine but unless you know what you are doing and what is going on. Of course, there are many walking stage inactive management consultants in the market so be-careful to meet and understand better are they for real knowing the topics or not.
- Local director shareholder: If you have a local director of 30%. Well the above example of SGD 200,000 could also result down to a SGD 60,000 for a marketing activity of a SGD 10 Millions company. Simple, the rest are not local so they do not entitle. Talk to a management consultant to understand better and know more.
- Management consultants and the nature to their expertise: Ask for the management consultant cert. Look at the specialty before you bring your conversation further. Engaging a not relevant subject management consultant will also jeopardize your grant approval and claim. If you get lucky, you got rejected at submission stage. If you are unlucky, you pulled through and during claim submission… claim officers pull out evidences to show that the management consultant is not a subject expert and has not been recognized with the right skills on their management consultant cert then you are 100% done for already.
- Innovation and productivity: is tricky. It could involve in early stage of consultancy assisting the business plan and goals to help your submission. Very sad thing is that you will have to go with local education and research bodies like A*Star, ITE, Polytechnics, NTU, NUS etc. It will be rare if you have good research capability giant companies like Microsoft or google to back you up. If you do not know what is an IP and consideration of protection before engaging them direct without a management consultant. Good luck! Having a management consultant in early stage will help you a lot better to plan how to engage and how to protect your business at the same time.
- Any solution required investment you will be automatically guided to a list of PSG, pre-qualified vendors where they will try to max out to the highest amount and pitch to you that you will get 70% claim back. Which is not true too. Audit and reports need to match after completion to claim back the investment. This is none consultancy and PSG vendors are solution consultants not to be mistaken as management consultants. So they are sales not in the interest of your company business progression but more to make money from you. You will often end up over paying for a lot of functions or modules or hardware bundled that you are not really require to use because it is nature for them to max out for you for more money. Having a management consultant to come in early and plan and manage for you is not a bad idea.
- Less than 3 Millions SGD Dollars company or start-up: You are very likely to be refer to PSG for matching solution or to be honest, there are many other options beside grants where you could explore. A management consultant does not represents as grant agent. Don’t be mistaken with that. A skillful management consultant could also brings you other solutions which is not entirely grant driven. However, make sure you talk to one that has entrepreneur experience and had done or helped many start-up before. Not all management consultants have experience with start-up company.
Contact our consultants for more details.