4 Singapore Government Approved Subsidies to Build Your eCommerce Store

The coronavirus outbreak that was initiated towards the end of 2019 has wreaked havoc on the entire global economy, healthcare infrastructure, and social, cultural, and other aspects of life too. With globe-wide lock down restrictions, social distancing norms, and business operations in a minimal in-house capacity, global nations are still struggling to get back on track. At such a juncture, the online ecosystem has come to the rescue for a major share of businesses, especially those into consumer retail, and eCommerce.

Singapore is one of 4 Asian countries that offer quite lucrative avenues for eCommerce sales. However, due to COVID-19, and the circuit breaker rule in Singapore, businesses had to restructure their workflow with minimal manpower to abide by the new norms. For businesses, who do not already have digital processes in place, being forced to acquaint themselves with the latest happenings may be a bit overwhelming.

In this article, we will be discussing the 4 Singapore government-approved subsidies/grants that come off as rays of hope for businesses with the intent to set up online shops in Singapore, and ultimately get access to other key South-East Asian marketplaces.

Start Digital Park

This scheme by IMDA in partnership with Singtel, Starhub, M1, DBS, Maybank, OCBC, and UOB aims to offer new SMEs digital solutions in categories such as accounting, HR management system & payroll, digital marketing, digital transactions, and cyber security.

Newly incorporated SMEs and SMEs that are new to digital solutions can immensely benefit through this SG government-approved subsidy scheme. They can even avail of any two of the above-mentioned digital solutions for free for six months and with a contract period of 18 months. Businesses just have to choose the solution category, and contact the Start Digital Partner directly to proceed further; it’s this easy, quick, and hassle-free.

Digital Resilience Bonus

This SG government-approved subsidy scheme aims at providing additional support to the Food Services and Retail sector businesses seeking to upgrade their digital capabilities. Businesses belonging to these two categories, who have endured quite a bit of loss during the COVID period, can benefit and start anew with this subsidy.

Under the SMEs Go Digital Programme, eligible businesses can receive a payout of up to $10,000 on top of the enhanced digitization assistance. Businesses that are incorporated on or before 26 May 2020, who have adopted PayNow Corporate and PEPPOL e-invoicing, or that have used any of the qualified solutions at least once a month by 30 June 2021 are eligible for this grant. The best part about this grant is, businesses don’t have to involve themselves in any of the processes. The digital solution provider will take care of the entire process of submitting business UEN to IMDA. The PayNow Corporate account will be credited with the applied DRB payout in an automated manner.

E-Commerce Booster Package

This grant by Enterprise Singapore is in partnership with Amazon, Lazada Singapore, Qoo10, and Shopee, some of the top eCommerce marketplaces with massive digital footfall, and ROI in Singapore. With this package, businesses get the opportunity to leverage one of the e-commerce platforms for content development, product listing, channel management, fulfillment. Advertisements, promotions, and training workshops can also be availed of.

For businesses that wish to set up a standard shop online fast, a plan by one of the above-mentioned e-commerce platforms might come in handy. However, businesses need to be aware of the fierce competition that may have to encounter along the way. And, there is the commissioning fee that these eCommerce platforms charge for sale to worry about. However, businesses can benefit from the already existing large customer base in these eCommerce ecosystems. Good customer ratings, attractive discounts, free shipping and even buying ads to push products to the top of the listing are some of the necessities for businesses to leave their mark.

Businesses that are incorporated in Singapore, who have a minimum of 30% local shareholding, annual turnover not exceeding S$100 million per annum are eligible for this eCommerce booster package.

Productivity Solution Grant

With this grant, businesses can get funding for a wide range of pre-scoped lists of IT solutions and equipment to enhance their business processes. The solutions under this grant usually range from $5,000 – $20,000 and will last businesses for a few years as the primary productivity tool. Businesses registered and operating in Singapore with a minimum of 30% local shareholding and who intend to use the lease/subscription of the IT solutions in Singapore can apply for this grant.

Intrigued to learn more about the Singapore government-approved grants/subsidies/schemes, stay tuned for more updates!