Businesses that flourish present and potential are those that have viable business underpinnings and techniques, embrace technologies and modern methods, and expand their worldwide exposure. The EDG or Enterprise Development Grant Singapore aids in the growth and transformation of businesses. Under three pillars, this grant strengthens endeavors that help you improve your company, reinvent, or expand internationally.
Need for EDG?
Eligible construction costs, such as third-party consulting fees, systems engineering, and internal workforce costs, are covered by the grant. The facilities provided by enterprise development grant singapore are:
Core Competence projects allow enterprises to solidify their business underpinnings to plan for change and growth. These need to go beyond basic sales and reporting systems.
Efficiency and Innovation
Projects in the Innovation and Productivity category assist businesses that are looking for fresh ways to grow, improve efficiency, or optimize resource usage to improve their sustainability goals. Reviewing and redesigning workflow and processes is one example. Organizations could also use digitization and technology to improve the efficiency and sustainability of routine activities.
Access to the Market
Market Access projects assist Singapore enterprises that are prepared and eager to expand internationally. You can use the EDG to help defray some of the costs of entering new international markets.
What is the application procedure?
The application procedure requires individuals and businesses to fulfill the stated criteria.
- Be a Singapore-based corporation that is official and functioning.
- A threshold of 30% local ownership is required.
- To be able to start and complete the job, you must be in an economically beneficial situation.
Enterprise Singapore will evaluate applications depending on the project purview, project results, and service provider expertise. For the schemes offered by ESG, there are no mandatory application fees. The government does not promote any processing fees cited by individuals or firms providing grant application facilities. Under the SkillsFuture Enterprise Credits (SFEC) scheme, eligible employers who meet the following criteria may be eligible for additional subsidies: Letter of Recommendation, Document Preparation, BGP claim selection, and auditor selection.