Grants in 2016: The Backbone for Singapore Innovation and SMEs
We have seen Singapore as one of the best hub for initiating and expanding a business. It has always been one of the most friendly and dynamic market for countries all over the world. But for Singaporeans, there cannot be a better place than their home country to start a business and flourish it. The government of Singapore has always been very much concerned about their own economy and has launched several grants till now to add innovation, research and quality to the market. Today we are going to talk about the Capability Development Grant: A unique strategy by government that is helping out small and medium enterprises to bring in giant changes at small prices.
Singapore’s Small and Medium Enterprises, also called as SMEs will stand to gain and benefit in their Research and Development, Human Resource Planning, IT sector and other efforts with an array of grant favors being provides by the grant currently being offered by the government bodies.
A boost to the Small Businesses
For SMEs, the CDG is indeed a fresh hope and great help that is easier to avail. Businesses from all sectors are vouching up to upgrade their operations and management by introducing the much needed advancements and complying with the easier to follow rules and conditions. The grant has only three basic conditions:
The company must be having stake holders from Singapore (30% or more), a turnover of not more than $100 Million or employee head count of less than 200 employees. The Capability Development Grant is being funded by SPRING Singapore and will provide the eligible and legitimate applicant with more than 70% of the funding support for the SMEs upgrading efforts. The grant deals with selected development areas like Technology Innovation, Intellectual Property, Franchising etc.
The application process for this particular grant is $30,000 or even less and paves more simplified way to encourage SMEs to build up some business capabilities.
Defrays high costs of R&D
There are a lot of other schemes that are being run by various governmental bodies for SMEs just like CDG that are helping these firms to defray the cost their Research and Development Capabilities. The schemes have laid a special and stronger focus on Research and Development in general and are specifically aimed to boost the financial stability to the local SMEs productivity and innovation.
Going forwardCDG grant
Apart from this, the CDG grant has helped many small and medium firms to rise up and above from their usual operational procedures and give them a support of more than 70% expenditure support. It clearly means that if you planning to invest some machinery or innovative product in your Human Resource or IT department and seeking an expenditure of $10,000 as an upgrade then you will be needed to pay only $3000 and the rest will be borne by the governmental body itself. Great relief, isn’t it?