Starting a business is an exhilarating journey filled with both opportunities and challenges, especially for small business owners in Singapore. One of the valuable resources available is the Startup SG Founder Programme, which offers essential support to help you launch your enterprise. If you’re a foreign founder, you might be wondering about your eligibility for this programme. Let’s delve into the specifics.
The Startup SG Founder Programme aims to empower first-time entrepreneurs by providing:
Example: Sarah, a Singapore Citizen, receives S$50,000 through the programme to launch her app development company. She uses this funding to hire developers and effectively market her product.
While the Startup SG Founder Programme primarily targets local entrepreneurs, foreign founders can still be involved under specific conditions:
Example: John, a Singapore Permanent Resident, wants to start a food delivery service and qualifies as the main applicant since he has never registered a company before.
Example: If John partners with Emily, a foreign national, they can still qualify for the grant as long as John’s ownership in the company is at least 51%.
Foreign founders have the opportunity to participate in the Startup SG Founder Programme, but they need to meet certain criteria:
Example: John, a Singapore Permanent Resident, can structure his business with local partner Emily, ensuring he owns 51% of the shares. Since he has never established a company before, he meets the requirements to apply for the Startup SG Founder Programme.
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If you are a foreign founder looking for options in Singapore, several pathways are available beyond the Startup SG Founder Programme:
Example: If Emily decides to start a marketing agency with a local partner, they can structure the company to meet the local shareholding requirement, making it easier to access funding.
Numerous grants are available for small businesses:
Example: If Emily applies for the Startup SG Tech grant to develop innovative digital marketing tools for her agency, she receives funding that complements her initial investment, helping her enhance service offerings and gain a competitive edge in the market.
Example: By partnering with a local chef, Emily can leverage his expertise to grow her marketing agency and navigate local nuances.
Example: If Emily requires skilled staff from abroad, she can apply for Employment Passes for her international team members.
Foreign founders can access various support initiatives from Enterprise Singapore (ESG), including:
Example: John participates in an ESG mentorship programme, gaining valuable insights to help him scale his food delivery service.
Example: John explores other grants available through ESG that align with his business goals.
The Startup SG Founder Programme is open to foreign founders who meet specific criteria, such as local majority ownership and being first-time entrepreneurs. Singapore’s startup ecosystem offers various resources to support new businesses. With the right structure and partnerships, foreign entrepreneurs can thrive in the local market.
Setting up a company in Singapore can be challenging, but with professional support, it can be simple, Counto’s mission is to support your new business, take away the complexities of compliance, and save you time and money throughout the year. Speak to us directly on our chatbot, email [email protected], or use our contact form to get started.
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