Government Grants and Incentives for SMEs in Singapore

In Singapore, there are various government grants and assistance programs that apply to all types of companies regardless of size and readiness. These measures, covering areas from equipment and technology to business development, R&D, and intellectual property, are mainly targeted at local SMEs to help them in their upgrading efforts and achieving productivity growth.


The grants and schemes are mainly in the following forms:

  • Loans: Purchase of operating assets and working capital for your business
  • Grants: Funding for productivity and innovation-related projects, upgrading of business capabilities, R&D and intellectual property development, overseas expansion
  • Tax Incentives: Tax deductions and tax incentives
  • Equity Financing: Dollar-to-dollar matching and co-investment schemes
  • Non-Financial Assistance: Self-help toolkits developed for SMEs


These are mainly administered by government agencies such as SPRING Singapore, IRAS, IDA, etc.


Please contact us if you wish to find out how we can assist you in applying for government grants and schemes. We are one of the leading business consultants in Singapore!

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ACRA Cancels Registration of Filing Agent and Qualified Individual for AML/CFT Breaches

The Accounting and Corporate Regulatory Authority (ACRA) had cancelled the registrations of filing agent (RFA) and qualified individual (RQI) on 18 January 2024. The registrations were cancelled in view of breaches of anti-money laundering and countering the financing of terrorism (AML/CFT) controls under the ACRA (Filing Agents and Qualified Individuals) Regulations 2015 (the “ACRA Regulations”).

Some of the basic AMT/CFT controls that a RFA and RQI are required to exercise are as follows:

(a) perform additional customer due diligence measures when a customer is not physically present during onboarding;

(b) inquiring if there exists any beneficial owner in relation to some of its customers; and

(c) perform risk assessments i

RQIs and RFAs provide corporate secretarial services for business entities, such as helping customers to incorporate companies, file annual returns and fulfil other filing requirements under the Companies Act 1967 or other Acts under ACRA’s purview. RQIs and RFAs are required to perform customer due diligence measures in accordance with the ACRA Regulations, and conduct their business in such a manner as to guard against the facilitation of money laundering and the financing of terrorism. RQIs and RFAs must also satisfy statutory requirements such as being fit and proper persons, to be registered or continue to be registered.

RQIs and RFAs who breach their statutory obligations may be subject to enforcement actions, such as financial penalties of up to $10,000 or $25,000 per breach respectively or have their registrations with ACRA suspended or cancelled.

Therefore, RQIs and RFAs play an important role in helping to detect and combat illicit activities.

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