Get 70% reimbursed for your business upgrading expenses – Two grants to know for your consultancy, manpower, and business capabilities needs

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With growing customer demands, it is only logical to improve your business’ productivity and constantly upgrade your operations and staff’s skills set. Pulling funds together for expansion or training could be a major headache among small business owners. Today, we introduce two common schemes in Singapore that cater to your business upgrading needs - The Spring Capability Development Grant and Business Advisors Programme.

 

SPRING capability Development Grant

What is this scheme about?

The SPRING Capability Development Grant (CDG) is an enhanced business upgrading scheme that has been tailored to meet the business upgrading requirements of Singapore businesses. The CDG can be used in enhancing business capabilities in ten different areas. Below are some samples of what the CDG could achieve for your business:

1. Brand Development: Enhancing competitiveness of business by differentiating the products and services from those offered by competitors – such as brand audit, brand & marketing strategy, implementation roadmap

2. Business Innovation & Design: Developing innovative capabilities for existing business integration and in solving operational problems - such as Business Model Integration, Design Thinking, Service Innovation and Open Innovation

3. Business Strategy Development / Excellence: Identifying existing gaps in operations while developing an improvement plan – Development of SME’ strategies, mission, vision and values as well as identification of gaps between internal resources and capabilities are activities that assist in this aspect.

4. Enhancing Quality & Standards: Growing business operations to industry or international standards by increasing competitiveness through better products and services that have standard certification.

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5. Financial Management: Proper management of businesses’ financial resources and resilience in financial accountability – This is achieved by formulating financial growth strategies; developing driver based financial metrics, and structuring risk frameworks.

6. Human Capital Development: Ensuring strong human capital foundation through enhanced corporate culture and staff retention strategies – such as building effective HR processes, policies, and practices in recruitment, training, communication, compensation, and business planning

7. Intellectual Property & Franchising: Replicating successful business models through protection and management of intellectual property – a business needs to commercialize its intellectual property by creating, owning, and protecting the same.

8. Productivity Improvement: Improving on processes and raising productivity through optimum resource allocation – Such as optimizing manpower, streamlining business processes, implementing energy efficient projects, and improving land productivity.

9. Service Excellence: Increasing service standards by enhancing service levels and in driving customer satisfaction – By adopting technological solutions to enhance service processes and engaging service excellence consultants to review processes offers help. 

10. Technology Innovation: Strengthening of technology innovations and capabilities of the business – Such as leveraging technology for the development of new products, better sales channels, or business models

Are you eligible for this?

SPRING usually assesses individual applications for the CDG based on business needs. The project scope and competency of the service provider are also reviewed to ascertain the possibility of achieving improvement and upgrading of business capabilities. The CDG is designed for Singapore registered businesses that meet the following requirements:

 

1.     At least 30% local shareholding

2.     Group annual sales turnover that do not exceed S$100 million

3.     Group employment not exceeding 200 employees

 

How does the scheme work?

The grant reimburses up to 70% of qualifying project costs in areas like consultancy, equipment, certification or training costs. To encourage more applications, the application process for grant support of less than $30,000 SGD is simplified.

 

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How to apply

The application process is quite simple with key steps outlined as follows:

1.     Review if your business meets the eligibility criteria outlined above

2.     If yes, prepare an application with the following documents and submit online:

  • Latest ACRA search of the company
  • Latest audited financial statements
  • Project proposal
  • Project quotation
  • Consultants proposal

3.     SPRING will assess your application to give an approval or a decline

4.     If approved, the company receives an offer letter over the online portal. If a decline, then the company receives a letter of rejection

An officer from SPRING may contact you to arrange for a meeting to enable them understand more about your company and the project you seek to undertake.

Business Advisors Programme

What is this scheme about?

The Business Advisors Programme (BAP) is a scheme designed to help improve your business process through qualified business advisors who:

1. Holds at least 5 years working experience in management position related to your project area needs and ready to commit time for the project

2. Undertakes short term assignments as free agents. They can either be independent experts or retired / semi-retired executives between jobs.

3. Undergoes orientation or training needed for the project

4. Noted that the use of practicing consultants like owners or partners of consultancy businesses are not allowed under the BAP

 

Are you eligible for this?

Applications are usually assessed based on the business operations and the advisors in play. The businesses as well as the advisors need to meet the following criteria for the BAP to be approved:

1.     Registered in Singapore and operates in the same region

2.     A minimum of 30% local shareholding

3.     Group annual sales turnover not exceeding S$100 million

4.     Group employment not exceeding 200 employees

5.     Recruits above existing baseline & undertakes not to displace current staff

 

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How does the scheme work?

SPRING co-funds 70% of the total project costs. In the BAP, the business advisors are paid a fixed price monthly fee of S$5,000. The business is expected to pay the 30% of the cost upfront as well as a 3% fixed administration fee of the full project cost.

 

How to apply

The application process for the BAP is simple. This can be done easily online following the process below:

1. Review whether your business meets the eligibility criteria for the BAP grants.

2. If it does, prepare an application and submit the application online to the Singapore Institute of Management (SIM)

3. SIM will assess your application in consultation with SPRING to give an approval or a decline

4. If approved, the business receives an offer letter but if a decline, then the business receives a letter of rejection.

After the evaluation of the application, project matching is carried out and a confirmation of project launch would be done thereafter. Feedback is usually required after the first month of the project where it is evaluated. A final presentation is also done where the business, business advisor, Singapore Institute of Management, and SPRING are involved.

 

If you are interested to know more about various schemes available to Singapore businesses, you are welcomed to speak with our friendly consultants.

 

Other resource highlights

 

Want to know more about the procedures for Singapore company setup and Singapore corporate tax rates versus OECD peers? Refer to our introductions below.

PILOTO ASIA'S GUIDE TO SINGAPORE COMPANY SETUP

SINGAPORE AMONG LOWEST IN CORPORATE TAX RATE WITHIN OECD