It is the desire of every company to break into the global front. However, things tend to be hard for most businesses especially when they do not have enough funds to compete with well-established companies. The good news is that most governments are now offering a helping hand in the form of grants to aid companies in stamping their authority as global powerhouses while at the same time competing on an international front. But how much do you know about the Enterprise Development Grant in Singapore?
Well, many people do not seem to understand the essence of the Enterprise Development Grant. To clear any doubts that you might have in mind, EDG is aimed at supporting specific projects that improve your business, inject innovations or even help your company compete at the global market. No wonder it does not come as a surprise when the government of Singapore issues grants to help with mergers and acquisitions. Simply because you run a business, it does not mean you qualify for a grant directly. It is for this reason that you ought to know the eligibility criteria for government grants.
In Singapore, all businesses having a solid financial background are eligible for grants. In addition, the company should be registered and operational in Singapore while at the same time having a minimum of 30% local shareholding. If your business is having a new project that is not generating income, then you can still apply for a grant. Unfortunately, many business owners are still in limbo regarding how to apply for EDG grant Singapore. To offer a helping hand, you need to log in to the Business Grants Portal using your CorpPass after which you can submit the proposal. Keep in mind you can never submit your proposal without having a CorpPass. When it comes to how long for approval for EDG grant to be processed, you will have to wait at least 8 to 10 weeks after submitting the project proposal. Those who qualify for a grant receive a Letter of Offer (LOF) stipulating the grant amount awarded. To avoid invalidation, it is mandatory to acknowledge receipt and accept the terms and conditions of the LOF. It is then that you can benefit from government schemes to help small businesses thus completing with other enterprises in Singapore on a level playing field.