1. AUTOMATION SUPPORT PACKAGE (ASP) BY SPRING
What is it
ASP aims to reduce manpower reliance and improve productivity with large-scale automation projects. It encourages companies to adopt full-scale deployment automation solutions across existing operations
What does it do and how to use?
ASP provides the following:
Companies can tap on a package of grant, tax and loan incentives to defray the cost of large-scale deployment of automation solutions. ASP is separated into 4 categories.
- Pilot Automation Projects: 70% of qualifying project costs (e.g. consultancy, training, certification and equipment costs) can be defrayed for first-time implementation of automation solutions. This includes mobile ordering applications, self-ordering/payment kiosks and robotic arms for production lines.
- Full-scale Automation Projects: CDG has been enhanced to support large-scale deployment of automation solutions. Companies that wish to roll-out automation solutions across existing operations may apply for additional funding support of up to 50% of qualifying project costs.
- Investment Allowance: Local companies may receive a 100% Investment Allowance (IA) for automation equipment. A company that incurs capital expenditure on plant or machinery is entitled to claim capital allowances on such expenditure. IA provides companies an additional allowance that can be used to offset taxable income.
- Enhance SME Equipment Loan: Local companies may apply for loans of up to S$15 million for automation equipment
Eligibility
Companies applying for the ASP should meet the following criteria:
- Registered and operating in Singapore
- At least 30% local shareholding
SPRING will assess the application based on its project scope. All applications are subjected to SPRING’s approval.
How to apply
2. BUSINESS IMPROVEMENT FUND (BIF) BY SINGAPORE TOURISM BOARD
What is it
BIF aims to encourage technology innovation and adoption, and the redesign of business models and processes in the tourism sector to improve productivity and competitiveness.
Who is it for
Companies that are a Singapore-registered business embarking on projects with a clear focus on tourism. SMEs may get up to 70% funding support for qualifying costs whereas Non-SMEs may get up to 50% funding support for qualifying costs.
What does it do and how to use
BIF is divided into 6 categories:
- Enhancing Business Process for Productivity(YES): Mainly for hotels, this grant supports improved productivity through automation, develop customised solutions, implement productivity diagnosis, streamline business processes and enhance workflow design and efficiency, or optimise resource allocation.
- Service Excellence: Supports the review and/or design of service strategies and standards, and technological solutions to enhance customer service.
- Product Development: Supports leveraging technology to develop innovative products and services for commercialisation.
- Financial Management: Supports development of financial management framework and strategy, or improve financial processes.
- Human Capital Development: Supports businesses in strengthening HR capabilities to attract, develop and retain talent.
- Branding & Marketing: Supports review, research and development of brand strategy or marketing strategy.
Eligibility
All Singapore-registered businesses or companies embarking on projects with a clear tourism focus.
These are:
- Tourism companies taking on capability development initiatives
- Technology companies that create innovative technology products and services for tourism businesse
Funding support is awarded based on STB’s evaluation of the scope and merits of the project.
How to apply
https://www.smeportal.sg/content/smeportal/en/moneymatters/grants/business-improvement-fund-bif.html
3. CAPABILITY DEVELOPMENT GRANT (CDG) BY SPRING
What is it
CDG aims to support SMEs to scale up business capabilities and ensure business sustainability while helping the business to grow locally and globally across development areas such as innovation, brand development and service excellence.
What does it do and how to use
The grant defrays up to 70% of qualifying project costs such as consultancy, training, certification and equipment costs.
Businesses can obtain grant support for their capability upgrading efforts in these 10 development areas:
- Product Development
- Branding & Marketing
- Business Excellence
- Business Model Transformation
- Standards Adoption
- Financial Management
- Human Capital Development
- Intellectual Property
- Enhancing Business Processes for Productivity
- Service Excellence
Eligibility
- Registered and Operating in Singapore
- At least 30% local shareholding
- Group annual sales turnover ≤ S$100m or group employment of ≤200 employees
SPRING will assess the application based on your needs, the project scope and competency of the service provider in improving your business capabilities. All applications are subject to SPRING’s approval.
How to apply
https://www.spring.gov.sg/Growing-Business/Grant/Pages/capability-development-grant.aspx
4. INNOVATION & CAPABILITY VOUCHER (ICV) BY SPRING
What is it
ICV aims to encourage SMEs to develop their business capabilities. SMEs can use the voucher to upgrade and strengthen their core business operations through consultancy in the areas of innovation, productivity, human resources and financial management. Apart from consultancy, ICV also supports SMEs in the adoption and implementation of pre-scoped Integrated Solutions to improve business efficiency and productivity.
What does it do and how to use
ICV is a voucher valued at $5,000 which helps SMEs to develop their business capabilities. Each SME is entitled to a maximum of eight vouchers and each ICV project must be completed before the submission of a new application. The duration for each project should not exceed six months.
Eligibility
All local SMEs can apply for ICV if they meet the following criteria:
- Registered and operating in Singapore
- Have a minimum of 30% local shareholding
- Group annual sales turnover ≤ S$100m or group employment of ≤200 employees
How to apply
https://www.spring.gov.sg/Growing-Business/Voucher/Pages/innovation-capability-voucher.aspx (Ceased since March 2018, and transitioned to the new Productivity Solutions Grant (PSG))
5. ENHANCED iSPRINT BY IMDA
What is it
Enhanced iSPRINT supports SMEs with smart technology solutions for day-to-day operations and equip their business with high-speed connectivity to boost SMEs productivity and growth.
What does it do and how to use
Through the support of Enhanced iSPRINT, SMEs are able to utilise smart technology such as sensors, data and analytics and autonomous system which boost revenue and simultaneously reduce operating cost.
Enhanced iSPRINT funding for packaged solutions are pre-qualified solutions that are available off-the-shelf or on a pay-per-use basis. Additionally, funding for sector pilot solutions provides assistance for the adoption of new technology solutions to transform SMEs businesses.
iSPRINT defrays up to 70% grant capped at $20,000 per solution.
Eligibility
- Registered and operating in Singapore
- Have a minimum of 30% local shareholding
- Group annual sales turnover ≤ S$100m or group employment of ≤200 employees
How to apply
https://www.imda.gov.sg/infocomm-and-media-news/buzz-central/2012/9/isprint-enhanced
6. MARKET READINESS ASSISTANCE (MRA) GRANT BY IESINGAPORE
What is it
MRA supports SMEs to apply for financial assistance that focuses on helping them in market penetration for international expansion.
What does it do and how to use
MRA provides up to 70% of the eligible cost for various activities and is capped at $20,000 per company per fiscal year.
Such activities that MRA covers include:
- Overseas market set-up that consist of market assessment and market entry.
- Identification of business partners which includes business matching.
- Overseas market promotion which comprises of overseas marketing and PR activities, online marketing activities and participation in oversea trade fairs not supported under International Marketing Activities Programme (iMAP).
A maximum of two applicants is permitted per fiscal year and it shall be limited to one activity.
Eligibility
- Global HQ anchored in Singapore
- Company annual turnover of less than S$100 million per annum based on the most recent audited report
How to apply
7. PRODUCTIVITY & INNOVATION CREDIT SCHEME (PIC) BY IRA SINGAPORE
What is it
PIC iswas introduced to encourage businesses to invest in productivity and innovation.
What does it do and how to use
Under the PIC scheme, businesses can convert qualifying expenditure into a non-taxable cash payout at a cash payout rate of 40% across six qualifying activities.
Alternatively, they can claim 400% deduction for up to $400,000 ($600,000 under PIC +) of qualifying expenditure for each of the six qualifying activities
The six qualifying activities are:
- Acquisition and leasing of PIC IT and Automation Equipment
- Training of employees
- Acquisition and licensing of Intellectual Property Rights
- Registration of Patents, Trademarks, Designs and Plant varieties
- Research and development activities
- Design projects approved by DesignSingapore Council
Eligibility
All businesses, including sole proprietorships, partnerships, companies, registered branches and subsidiaries of a foreign parent or holding company, are eligible for PIC.
How to apply
https://www.iras.gov.sg/irashome/Schemes/Businesses/Productivity-and-Innovation-Credit-Scheme/
8. TECHNOLOGY ADOPTION PROGRAMME (TAP) BY TECH DEPOT
What is it?
TAP aims to promote the collaboration with public sector research, private sector technology providers and many more. TAP aims to improve the accessibility to technology for SMEs to enhance their productivity and innovation.
What does it do and how to use
By identifying and translating new technologies into Ready-to-Go (RTG) solutions. These solutions aim to address productivity challenges and give SMEs a competitive advantage. The TAP will support sectors identified for the Industry Transformation Maps (ITMs) to formulate and execute technology adoption roadmaps.
Examples of RTG technology solutions include:
- RFID/barcode-based Item Management & Tracking System
- Production Planning & Tracking Program
- Maintenance Management System.
Eligibility
TAP has to be carried out in Singapore and should lead to at least 20% productivity gain such as process improvement or cost savings.
SMEs should meet the following criteria:
- Registered and operating in Singapore
- Have a minimum of 30% local shareholding
- Group annual sales turnover ≤ S$100m or group employment of ≤200 employees
How to apply
