What Grants Can You Apply for Your Business?
To encourage entrepreneurship in Singapore, a portion of the country’s annual budget is allocated to help promote local businesses that show potential for entrepreneurial growth.
In fact, there are currently more than 100 financial programs available today with most of them structured towards promoting collaboration between businesses. Depending on the requirements, a grant may be given for existing businesses looking to upgrade their operations or companies seeking major financing for expansion. Here are a few notable programmes for start-ups and SMEs and how Canon technology may help you get the opportunity you seek.
Productivity and Innovation Credit (PIC)
Enhanced in the 2012 Budget, this scheme provides tax benefits for innovative business geared primarily for the automation of basic work processes. Under the PIC Automation Equipment List, facsimiles, laser printers, digital printers, and scanners all qualify for a 100% write-off for 1 year.
The best way to take advantage of this capital allowance scheme is to choose one of Canon’s optimum all-in-one performance machines, like its new laser printers that have zero warm-up time, fast printing, faxing and scanning ability, and highly efficient wired and wireless network file transfer capability.
Additionally, a start-up may be given 400% tax deduction or a cap of S$400,000 for total expenditures ranging from a list of qualifying activities such as acquisition or leasing of PIC Automation Equipment, Design Expenditure, and Training.
Learn more about PIC here >
Spring Startup Enterprise Development Scheme (SPRING SEEDS)
Managed by SPRING SEEDS Capital, this is a shared financing opportunity for starting companies who show great potential in the global market with their product or processing innovation. With efficiency always in mind, Canon can help you find ways to reduce operational expenses and increase quality output. This can help convince self-regulating investors and SPRING SEEDS to shell out up to S$1 million for your business.
Learn more about SPRING SEEDS here >
Technology Enterprise Commercialization Scheme (TECS)
Early-stage technologically-innovative businesses with unique Intellectual Property and measurable business paradigms can take advantage of TECS through an independent investor. Boost the potential of your technology enterprise with the use of state-of-the-art Canon eco-friendly products that target less CO2 emissions during production. Proposals can be submitted covering electronics to IT to biomedical sciences, and even to nanotechnology; the submitted material will be assessed according to technical and marketability value.
Learn more about TECS here >
Work-Life Works! (WoW!) Fund
This fund encourages companies to promote flexible work arrangements to help staff create a better balance between work and personal life. Reaching up to S$20,000 in financial aid, the fund covers training needs, minor infrastructure development – like with the use of energy-efficient all-in-one Canon printers that lessen manual labor – and work-and-life consultancy services. However, take note that it does not cover software or IT upgrades.
Learn more about WoW! Here >
Micro Loan Programme (MLP)
Primarily targeting smaller businesses, this program can grant a loan covering operational expenses amounting to S$100,000 and tenure of 4 years, for companies run by 10 employees or less or have a turnover not amounting to S$1 million. Because many SMEs apply for this loan, it is essential to show that your company is operationally resourceful with the use of efficient Canon equipment.
Learn more about MLP here >
Action Community for Entrepreneurship (ACE) Start-up Grant
This program gives financial support to 1st time entrepreneurs who need funding for their operations. With a detailed proposal, up to S$50,000 can be given to the business (or the equivalent of S$7 for every S$3 invested by the entrepreneur). For investments more than S$50,000, ACE is willing to match S$3 for every S$7 made by the entrepreneur, which can reach up to S$100,000 in total. Creating your operational proposal is easier with the equipment information you can find on our Canon websites and downloadable brochures.
The assistance schemes listed here seek to promote the entrepreneurial spirit, as well as facilitate the growth of SMEs. Canon shares these objectives by supporting entrepreneurship and promoting SME growth through the Think Big campaign and its wide range of business solutions.
Should your business or start-up be qualified, Canon encourages you to take advantage of these schemes. Click on the links above to find out more.