Starmkgunu.co.in – Technology has been incorporated into the use of high-end and expensive solutions. The Singapore government has launched the Enterprise Development Grant (EDG) to encourage and support the transformation journey of enterprises.
Transformation requires substantial investment locally and overseas. The corporate development grant will help companies purchase and adopt new technology solutions to maintain their competitiveness in international digital marketing. The Enterprise Development Grant (EDG) is dedicated to supporting commercial companies interested in adopting software and equipment to improve the efficiency of their business processes.
EDG will support Singapore companies of all sizes through capacity building and internationalization. This article will introduce everything you need to know about Singapore Corporate Development Grants.
The thriving companies today are those with the latest innovations, technologies, and strong business strategies. These companies can expand their overseas operations. Business development grants enable your business to manage risk by upgrading and innovating your industry.
The corporate development grant aims to support Singaporean companies to help them compete better in the local and international markets. EDG was developed as the final product of coordinating SPRING’s corporate grants, while IE Singapore is known as the Capacity Development Grant (CDG) and Global Corporate Partner (GCP).
Singapore Enterprise Development Grant
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THE EDG has simplified eligibility criteria, support levels and application platforms, which has gradually become confusing for the company. This is achieved through three pillars;
Core competencies help support companies that are preparing for growth and transformation by strengthening the business foundation. However, these conversions should be at a higher level than basic sales and accounting.
The business foundation of core competencies includes financial management, excellent service, human capital development, business strategy development, and strategic brand and marketing development. Hire Singapore’s top social media agency
Innovation and productivity
The Innovation and Productivity Pillar Project supports companies seeking new and innovative ways to improve business efficiency or explore new areas of growth. Many companies are trying to introduce automation and technology to improve the efficiency of task execution.
More importantly, the company may be considering redesigning work processes and processes to increase its visibility and productivity. All these improvements are reflected in innovation and productivity. The summary of these foundations includes automation, process redesign, and product development.
Admission to market
Market access features projects that Singapore companies are willing to take risks overseas. This is supported by market access. This government initiative helps commercial companies invest abroad and participate in international marketing.
These projects include standard adoption, mergers and acquisitions, pilot projects and test platforms, and overseas marketing presence. You can try to enter EDG to obtain some funds to support the costs incurred when you enter the overseas market.
How does EDG support enterprises?
Corporate development grants help fund approximately 70% of the cost of business projects. These costs include software and equipment, increased business labor, and third-party consulting fees. EDG is managed by a Singapore company. This grant is very helpful for Singapore’s small businesses to gain a foothold overseas.
By integrating social media marketing, online marketing, and search engine optimization, the revolution in IT solutions is developing rapidly. In this case, most business closures are due to poor digital marketing strategies. The development of the company requires a large amount of investment from potential customers to maintain its competitiveness in international online marketing.
Online marketing has become a huge investment for large and small investors and has achieved tremendous growth worldwide. Approximately 55% of people who visit the Internet use their devices to search or purchase products. This proves that the company needs to apply for a corporate development grant to try to sell its commercial brand to the demographic market.
Digital consulting agencies are key players in EDG applications. They will help you apply the best SEO strategy for your business. A solid SEO foundation is essential to ensure delivery by your company. A basic SEO audit provides a tool to guide you through the areas of online marketing that need attention.
SEO provides an online image for your website. This makes it easy for individuals looking for you to quickly find you and convert them from visitors to customers. Many tools provide an overview of SEO. However, knowing how to perform a basic SEO audit using free tools is a skill that will ensure that your time on SEO is beneficial.
Nowadays, business digital transformation and automation are critical to all enterprises. Your business cannot afford to manually calculate and save marketing records. The government is funding the innovation of these local companies through EDG.
The grant will provide more accurate computerized accounting and provide online marketers with more space to focus on other business matters. In addition, the use of automated transactions exposes your business to a wider range of online users. You can reach more potential buyers and also provide an ideal platform for your company’s activities, making it popular overseas.
Your company is your brand. Social media, such as Facebook, will never be your company. Although it may be a popular and best advertising platform, it may change in the future. Social media will build your business brand, otherwise you may not have the same visibility in the next few days.
Therefore, you need to develop a marketing strategy to gradually build your commercial brand indefinitely. It is a cynical mistake to start a business without a real web page about the availability of it, and a potential customer to generate a blog-enabled website. EDG enables you to frequently change your business platform. Static websites that provide you with overnight traffic after launch are outdated.
How can corporate development grants help SEM stay competitive? Companies need productive employees to ensure that the services or products they provide are effective and efficient. Search engine optimization can be said to be the perfect strategy for business development. You need to appear on the top and first page of the search engine. SEO helps to promote high traffic and the generation of potential customers. This will improve your international competitiveness in the market.
Who can apply for EDG?
There are certain requirements for companies to be eligible to apply for corporate development grants. One of the main qualification requirements is to register and operate in Singapore. The business plan must be established in Singapore and registered by the Singapore government. Second, the company’s business must have at least 30% local equity. The last requirement is financial stability. The company must be in a feasible position to continue the project until completion. In addition, the group’s annual sales should be less than 100 million or the number of company employees should be less than 200. Meeting the requirements gives you the legality to apply for EDG. The application submitted is evaluated by the Singapore enterprise company based on the project scope, project results and your company’s capabilities.
How to apply for EDG
Before you make the actual application, you should conduct a personal assessment to ensure that your business is eligible for business development grants.
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1. You should check whether you are registered and operating in Singapore, whether you own at least 30% of the equity there, and whether you are financially capable of completing the project.
2. You should decide the type of project you want to apply for. This is the relationship between core competence, innovation and productivity or market access.
3. Each section has project details to help you better determine the scope of the project subject. Make sure to download the project proposal template to guide you in submitting the project. For more instructions on your project, please consult the SME agency.
4. For projects where the company has consulting fees, hiring a consulting agency is very important. The consultant agent must have a Singapore accredited certification. Try and determine the right provider to support your business project. Those who do not need certification include;
a) Consultants who provide technical advice and expertise in the development of new technologies and solutions.
b) Consultant team members who conduct market research, equipment installation, site visits, audits, and draft legal agreements. These members do not participate in the specialized functions of the advisory body.
5. It is important to note that EDG supports new projects that will not generate any income in your business when applying for grants. If payment for the project has been paid and the supplier and service provider have signed the project, the project is said to have started.
6. Prepare the project proposal. You should correctly design your commercial project proposal.
7. Prepare the required documents. The required documents include:
a) Instant messaging or ACRA. This should not be later than six months. If you are a company shareholder, please provide data on the company’s parent company.
b) The company’s most recent audited financial statement no later than six months. If applicable, you should also provide the final financial statements of the parent company. However, if you have provided information twelve months before the application, you may not be able to submit this document.
c) Provide proof of quotation for project cost. The evidence should be relevant
d) If your project involves a consulting agency, you will need to provide the details of the consultant’s proposal and the certification of the Singapore company. Proposal details should include the scope of work and its service breakdown.
You should provide detailed information about the estimated figures generated during the project implementation. These include employee compensation, company income, depreciation and three-year net profit before tax.
EDG application list
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The following are supporting documents that should be included in your application.
1. All application submission documents
Provide the latest audited group financial statements. They should not be more than 18 months old.
2. Software and equipment cost supporting documents
These documents should quote unit cost and unit quantity.
3. Proof of salary cost
The file should include the employee appointment number or job title and description. For overseas projects, the employee’s passport number or ID card should be included.
4. Proof of Consultation Fee
You should obtain a scanned copy of the consulting company’s name, certification number, ID card and its certification.
5. Office space lease certificate
These documents only apply to overseas projects. They should include the rental agreement fees for monthly quotations in their overseas marketing settings.
Application of EDG
The CorpPass details are used to log in to the business authorization portal. If you do not have a CorpPass account, you must register and activate your CorpPass account. After submitting the project application, it takes about ten weeks to complete the project submission. For any clarification, you can always contact the business grant website portal for an explanation. If you become one of the lucky recipients of funding, the company will receive a letter of acceptance, which contains the grant amount and support conditions. The letter confirming receipt and acceptance of the offer within the specified time is essential to avoid the grant being deemed invalid.
How much EDG funding can I apply for?
The Singapore Enterprise Development Board grants allow a single application at a specific time. However, there is no limit to the number of EDG applications you should submit. In addition, you can only apply for EDG funding once for a professional field. If you receive EDG funding in a specific field, you cannot apply for funding in the same professional field. But this does not limit you to apply for other business professional fields. For any updates about EDG, you can visit the Singapore corporate website.
In short, the corporate development subsidy has promoted Singapore’s SMEs in various industries in the process of improving competitiveness, productivity and internationalization. The grant may choose to include more software solutions and equipment in the future. The introduction of EDG will enable Singapore to emerge as a global city through digital productivity, innovation and skills.