Technology has incorporated the use of high-end and expensive solutions. The government of Singapore has introduced the Enterprise development grant (EDG) in a move to encourage and support businesses in their transformation journey.
The transformation requires a massive investment in local and overseas. The enterprise development grant will help companies to purchase and adopt new technological solutions in an aim at remaining competitive in international digital marketing. Enterprise development grant (EDG) is dedicated to supporting the business firms that are interested in adopting software’s and equipment’s to make their business processes more effective and efficient.
EDG will provide support to Singapore company enterprises of all sizes through capability building and internationalization. This article will go through all what you need to know about the Enterprise development grant for Singapore business.
Companies that are thriving today are those that have the latest innovations, technology, and a strong business strategy. These companies can grow their overseas presence. Enterprise development grant empowers your business to venture oversees by upgrading and innovating your industry.
The enterprise development grant is meant to support Singapore businesses to help them compete better in the local and international market. EDG was developed as a final product of harmonizing enterprise grants from SPRING, and IE Singapore was known as capability development grant (CDG) and the global company partnership (GCP).
THE EDG features a streamlined eligibility criterion, support level and application platform that has confusion gradually for companies. This is made possible through three pillars;
- Core Capabilities
Core capabilities help give a support grant to businesses preparing for growth and transformation by strengthening their business foundations. However, these transformations should be at a higher level than the basic sales and accounting.
The business foundations feature in core capabilities include financial management, service excellence, human capital development, business strategy development and strategic brand and marketing development.
- Innovation and Productivity
Innovation and productivity pillar have projects that support companies looking to find new innovative ways of enhancing business efficiency or exploring new growth area. Many companies are trying to introduce automation and technologies in increasing the efficiency of performing their tasks.
More so, companies may be looking into redesigning the workflow and processes in an effort of increasing their popularity and productivity. All these improves are featured under innovation and productivity. A summary of these foundations includes automation, process redesign, and product development.
- Market Access
Market access features projects of the Singapore companies willing to venture overseas. This under the market access support grant. This government initiative helps business companies to invest abroad and take part in international marketing.
These projects include standards adoption, mergers and acquisitions, pilot project and test-bedding and overseas marketing presence. You can try and get into EDG to be granted some funds to support you from the cost incurred when venturing into the overseas market.
How Does EDG Support Businesses?
Enterprise development grant helps to fund about 70 percent of your business project cost. These costs include the software and equipment, increased workforce in the business and third-party consultancy fees. EDG is administered by enterprise Singapore. This grant is of great assistance in empowering small businesses in Singapore to establish itself in overseas.
The revolution of IT solutions is fast growing through the incorporation of social media marketing, online marketing, and search engine optimization. In that case, most of the businesses downfall is as a result of poor digital marketing strategy. Company development ‘requires a vast lead generation investment to keep it competitive in online marketing internationally.
Online marketing has become a huge investment for small and big investors and has had tremendous growth throughout the world. About fifty-five percent of people accessing the internet use their devices to search or purchase products. This proves the need for the companies to apply for the Enterprise development grant to try and sell their business brand to the demographic market.
Digital consultant agencies are key players in the application of EDG. They will help you in applying the best SEO strategy for your business. A solid SEO foundation is crucial in making sure your company delivers. A basic SEO audit provides a tool that guides you on the online marketing areas you need to focus on.
SEO gives your website an online presence. This makes it simple for individuals looking for you to quickly find you and convert from visitors to clients. Many tools provide an SEO overview. However, knowing how to perform the basic SEO audit using free tools is a skill that will ensure your time on SEO is beneficial.
Today, business digital transformation and automation is crucial in all business firms. Your business cannot afford to work manually in calculating and keeping its marketing records. The government is funding for innovation of these local businesses through EDG.
The grants will provide a computerized accounting that is more accurate and gives the online marketer more room in concentrating on other business matter. Additionally, the use of automated transactions places your business at the exposure of a larger area of online users. You can gain access to more potential buyers and also gives you an ideal platform for company campaigns to make it popular overseas.
Your company is your brand. The social media, e.g., Facebook will never be your company and while it may be a popular and best advertising platform, that might change in the future. Social media will build your business brand, or you may not have the same popularity in the coming days.
You, therefore, need to have a marketing strategy that you will progressively build your business brand in unlimited duration. To have a business without a real webpage regarding an available, lead generating a website with a blog feature is a cynical mistake. EDG enables you to make changes to your business platforms frequently. The static sites that give you overnight traffic after posting are already outdated.
How does the Enterprise development grant help SEMs remain competitive? Businesses need productive employees in ensuring that their services or products offered are effective and efficient. Search engine optimisation is arguably a perfect strategy for business development. You need to appear in the search engines top and first page. SEO helps to promote high traffic and lead generation. This will boost your international competitiveness in the market.
Who Can Apply for the EDG?
There are some requirements for a business to qualify for application of the enterprise development grant. One of the main qualification requirements is being registered and operating in Singapore. The business schemes must be established in Singapore and registered by the Singaporean government. Secondly, the company business must have a minimum of thirty per cent local shareholding. The final requirement is financial stability. The company must be in a viable position to continue with the project until completion. Additionally, the group annual sales turnover should be less than a hundred million or the company to have less than two hundred employees. Fulfilling the requirements gives you the legality to apply for EDG. The applications made are assessed by enterprise Singapore company regarding project scope, project outcomes and the competency of your company.
How to Apply for the EDG
Before you make the actual application, you should perform a personal assessment to make sure your business qualifies for the enterprise development grant.
#1. You should check whether you are registered and operating in Singapore, have a minimum of thirty per cent local shareholding and you are financially viable to complete the project.
#2. You should decide on the project category you want to apply. This is between core capabilities, innovation and productivity or market access.
#3. Each section has project details to help you to scope the project subject better. Make sure you download the project proposal templates to guide you in submitting your project. Consult the SMEs agencies for more clarification about your project.
#4. It is crucial for the company’s projects with consultancy costs to engage consultancy agencies. The consultancy agents must have a Singapore recognised certification. Try and identify appropriate providers to support your business project. The people who do not need certification include;
- a) consultants that offer technical advice and expertise in the development of new technology and solutions.
- b) members of the consultancy team that carry out market research, equipment installation, fieldwork, audit and drafting of legal agreements. These members are not involved in dedicated functions of the consultancy agency.
#5. It is important to note that EDG supports new projects which do not generate any revenue in your business at the time of grant application. A project is said to have begun if the project payment has been made and the suppliers and service providers have signed a project.
#6. Preparation of project proposal. You should correctly design your business project proposal.
#7. Preparation of required documents. The documents required include:
- a) Instant information or ACRA. This should not be dated later than six months. Provide the corporate parent’s data in case of corporate shareholders.
- b) The latest financial audited statement of the company that dates no later than six months. If applicable, you should also provide your ultimate parent company financial statement. However, you can fail to submit this document in case you had already provided the information twelve months before the application.
- c) Provide the quotation proof for the cost of your project items. The evidence should be relevant
- d) In case your project involves a consultancy agency, you will need to provide the consultant’s proposal details and its enterprise Singapore recognised certification. The proposal details should include the scope of work, and their service breakdown.
You are supposed to provide the details of the projected figures that arise from the project implementation. These include the staff remuneration, company revenue, depreciation and three years net operation profit before taxation.
EDG Application Checklist
The following are the supporting documents that should be included in your application.
- All Application Submissions Documents
Provide the latest financial audited group statements. They should not be more than 18 months old.
- Software and Equipment Cost Supporting Documents
These documents should quote the unit cost and a number of the units.
- Salary Cost Supporting Documents
The documents should include the staff appointment number or the job designation and description. For overseas projects, they should contain the staff passport number or NRIC.
- Consultancy Cost Supporting Documents
You should obtain the consultancy name, certification number, NRIC, and scanned copies of its certification.
- Office Space Rental Supporting Documents
What these documents only apply to the overseas project. They should feature the rental agreement fee per month quotation in the overseas marketing set up.
Application Of EDG
The CorpPass details are used to sign in to the business grant portal. If you don’t have a CorpPass account, you have to register and activate your CorpPass account. Complete project submission takes about ten weeks since submitting your project’s application. For any clarifications, you can always contact the business grant website portal for explanations. If you become one of the lucky people to be awarded the grant, the company will receive a letter of offer containing the amount f grant awarded and conditions of the support. Acknowledging the receipt and accepting the letter of the offer within the timeline indicated is essential to avoid the grant to be considered invalid.
How many EDG grants can I apply for?
Enterprise Singapore grant allows a single application at a specific time. However, there is no restriction on the number of EDG applications you should make. Moreover, you can only make an EDG grant application of a specialised area once. If you receive an EDG grant in a particular area, you cannot apply for the grant in that same specialisation. But that does not restrict you from applying in other areas of business specialisations. For any updates about EDG, you can visit the enterprise Singapore website.
In conclusion, Enterprise development grant promotes the Singapore SMEs in various sectors in their journey towards improved competitiveness, higher productivity, and internationalisation. The grant will in future have an option to incorporate more software solutions and equipment. The introduction of EDG will see Singapore rise to become a global city through digital productivity, innovation, and skills.