Startup SG Founder

Who qualifies

• Organisation types: Private limited company (Pte Ltd); Natural person (worker, trainee, founder).
• Must be registered in Singapore.
• The programme is open to Singaporeans and Permanent Residents, and conditions must be met at the time of application to EnterpriseSG and throughout the 12-month grant period.
• There should be at least two main applicants who are Singapore Citizens or Permanent Residents.
• A first applicant must be a first-time founder with no prior private limited entity with ACRA, not externally employed, able to commit full time, and able to provide evidence of entrepreneurship training.
• The second applicant need not be a first-time founder, may be employed externally, and must have entrepreneurship training or prior entrepreneurship experience with supporting evidence.
• Both applicants must hold equity and be key decision makers who contribute meaningfully to the company; first-time-founder applicants must hold at least 30% equity collectively.
• The proposed business idea must not be a cafe, restaurant, night club, lounge, bar, foot reflexology, massage parlour, gambling, prostitution, social escort service, employment agency (including recruiting foreign work permit holders and workers or support staff, relocation services and manpower services), or geomancy.
• The startup must be a Singapore private limited entity registered for less than 6 months at application to the AMP, and key headquarters activities must be wholly or mainly in Singapore.
• The startup must not have received funding from another government organisation for the same business idea.
• Applicants must inject co-matching paid-up capital at a 1:1 ratio; at least 50% of the co-matching capital must be paid-up capital on ACRA Bizfile at application to EnterpriseSG.
• If an initial applicant leaves before the grant ends, the startup must notify its AMP and EnterpriseSG immediately and has 3 months to find a replacement meeting all eligibility criteria.
• The grant must not be used to repay loans taken by the startup or its founders.
• Minimum local shareholding (%): 51.

What it funds

• Early-stage / founder / incubation support
• Core capabilities — strategy, HR, finance, branding, processes

Costs covered: Internal staff salary attributable to the project; Hardware, machinery, IT equipment; Software licences and SaaS; Physical materials and consumables consumed by the funded project (e.g. construction materials, prototypes); IP registration and licensing costs; Third-party consultant or professional service fees; Marketing, advertising, trade-fair booth costs; Explain in notes.

Recorded cap: S$50,000.

From 1 April 2024, successful recipients receive a grant quantum from S$20,000 to S$50,000 with 1:1 co-matching capital.

Payment: Paid in tranches against milestones.

How to apply

Approach an Accredited Mentor Partner with a business plan, work with the AMP, declare the grant quantum and arrange the required 1:1 co-matching capital, then submit to EnterpriseSG at https://go.gov.sg/ssgfapril2024 after receiving the AMP Letter of Recommendation.

1. Approach an Accredited Mentor Partner and discuss the business plan and equity terms.
2. Submit the pitch deck to the AMP and, if recommended, receive a Letter of Recommendation valid for two weeks.
3. Declare the grant quantum being applied for and arrange co-matching capital at a 1:1 ratio.
4. Ensure at least 50% of the co-matching capital is paid-up capital on ACRA Bizfile at submission to EnterpriseSG.
5. Submit the application to EnterpriseSG at https://go.gov.sg/ssgfapril2024 before the Letter of Recommendation expires.

Before applying

• The applicant and startup must meet the first-time-founder, citizenship or residency, incorporation, ownership and Singapore-activity conditions.
• The required co-matching capital must be available.
• The startup must have received an AMP Letter of Recommendation before applying to EnterpriseSG; the letter is valid for two weeks.

Documents

• Letter of Recommendation — Issued by the AMP after it assesses the applicant's pitch deck; valid for two weeks from the date of the letter and must reach EnterpriseSG before it expires.
• pitch deck — Submitted to the chosen AMP for its consideration before the Letter of Recommendation is issued.
• ACRA Bizfile — The page requires at least 50% of co-matching capital to be paid-up capital on ACRA Bizfile at application.
• supporting evidence of entrepreneurship training — The eligibility table requires supporting evidence of entrepreneurship training.
• supporting evidence of prior entrepreneurship experience (if applicable) — The second applicant may provide this instead of evidence of entrepreneurship training.

Claiming support

The AMP and applicant agree developmental milestones, which EnterpriseSG vets and approves. The grant is disbursed in at least two tranches; disbursement is made only after milestones are completed and claims approved, and the second tranche is released only on fulfilment of all milestones. Payment requires PayNow Corporate (about 14 working days after claim approval) or GIRO (up to eight weeks); with neither set up EnterpriseSG cannot disburse the claim.

Up to 12 months from the date of EnterpriseSG's Letter of Offer to meet the milestones and draw down the grant

Contact: Approach an Accredited Mentor Partner; AMP Call for Partnerships enquiries: ssgf@enterprisesg.gov.sg

Application window: No current closing date is stated; the revised programme conditions apply from 1 April 2024.