Support for Singapore companies going overseas
Local enterprises looking to venture abroad can tap on various support schemes to help them find success internationally
Despite the recent backlash against globalisation in some parts of the world, businesses still operate in a highly connected world with increasingly porous borders. For many Singapore enterprises, leaving the safety of home to take a chance abroad has become a critical part of their strategies to grow.
However, navigating an uncertain global economy can be daunting for many companies, especially SMEs, who are looking to internationalise. The good news is there are several schemes that offer financial and marketing assistance to local firms looking to take the leap.
As we begin a new year, here are some of the grants and initiatives you can tap on to begin your internationalisation journey.
Market Readiness Assistance Grant
This grant from Enterprise Singapore (ESG) offers SMEs funding for up to 70% of eligible costs for their internationalisation activities, capped at S$20,000 per company per fiscal year. The grant covers a maximum of up to two applications per fiscal year and is limited to one activity per application. These can include activities those related to market entry, or participation in a trade fair, among others.
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Enterprise Development Grant
ESG’s Enterprise Development Grant (EDG) offers much broader support to help Singapore firms transform and grow. In particular, the grant can be used to enhance their core capabilities, boost innovation and productivity, as well as defray some of the costs of expanding overseas. The EDG funds up to 70% of qualifying project costs, including third party consultancy fees, software and equipment, and internal manpower costs.
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Scale-up SG
Scale-up SG is an initiative that helps selected high-growth local companies scale rapidly, with the aim of grooming them to become global champions. Under the scheme, ESG supports up to 70% of programme costs.
The Scale-up SG companies can benefit from peer learning and collaboration in a community of CEOs and business founders, support in developing their leadership talent, as well as access to the expertise and networks of ESG and their programme partners to support their growth objectives.
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Enterprise Financing Scheme
ESG’s Enterprise Financing Scheme gives local enterprises access to a range of financing options to support their activities at different stages of their growth. For those looking to internationalise, there is the Project Loan to finance the fulfillment of secured overseas projects, and the Mergers & Acquisitions Loan to help fund the acquisition of overseas enterprises.
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iTalent Solutions Map
Developed by SkillsFuture Singapore and the International Trading Institute at Singapore Management University, the iTalent Solutions Map helps companies to identify the critical skills required to find success on the international stage.
This tool maps out the different stages a business undergoes when it internationalises and the capabilities it might require at each stage; whether its understanding the culture and language of target markets, building networks or digitalisation efforts.
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GlobalConnect@SBF
Set up last year with the support of ESG, GlobalConnect@SBF aims to help companies venture overseas regardless of market, industry or where they are on their internationalisation roadmap. Through this platform, companies can tap on the Singapore Business Federation’s market knowledge and extensive network of local and overseas partners as well as Singapore’s network of FTA agreements and access a comprehensive suite of assistance services including research, market connection and in-market activities.
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