If after many years of hard work you are going to make some important decisions in your business today, then congratulations to you in advance. If you are now at the point where you are thinking about applying for an Enterprise Development Grant and want to know about its requirements. Then you are definitely an experienced and cautious businessman. In our discussion today, we will bring you several facts that will help your small and medium-sized business further in a country like Singapore where many businesses are competing together.
It is good to say in advance that if you make such an application in Singapore for EDG Grant Eligibility, you will later get various types of support for your business from government authorities or various organizations that help businesses. This application will help you to take one more step towards success as it will help you to know the future of successful businessmen and plan accordingly. Let’s get to the details.
Key Factors to Consider for Eligibility for EDG Grant
There is no doubt that Enterprise SG Grant will be an important step in your business and will help a lot in driving the business towards greater success in the future. So many readers may ask how such a grant can be obtained or what factors are very important in this regard. In this part of discussion we will discuss several key factors that will help you make such an application successful.
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It Is Important What Type Of Business You Have, Especially If It Is An SME
The most important authority working in Singapore at the moment is the EDG to which you need to possess certain points if you want to apply for a grant. If your business is a small medium enterprise then you have more eligibility to apply in this field than others. If you have such registration then surely you can start thinking for such a large application very easily. So if the business can be alerted from the start and consider turning the business into a registered SME from the very beginning then it will surely prove a success.
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If The Business Is Opening In Singapore
Of course you will get priority for such applications for EDG Grant Eligibility only if your business is established in Singapore from the initial stage. That is, the owner of the company must be a legal resident of Singapore. The company must have registration that proves that the company has only Singapore-oriented operations. If it has any business dealings at international level then proper proof should be given for the same. Such companies having at least 30 percent local shareholding will be given preference for applications.
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Core Capability, Innovation And Productivity
Any company located in Singapore can apply for an EDG. However, the company has to pass well in the three pillars of this application i.e. Core Capability, Innovation and Productivity. In this case, the authority will check your company’s own capabilities. If a product is manufactured or a service is provided by the company, how many new innovation methods are being applied can also be checked. The authority will regularly monitor how the company is thinking about increasing productivity and how its productivity is being tracked.
These three factors are extremely important to make this application successful. Moreover, they can notice some additional things along with it. Everything from the annual turnover of the company to the number of employees working in the company. And their salary pattern, how strong the company is financially can be seen before the application is granted.
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Some Certain Exclusion Criteria For The Eligibility
It is certain that the various factors discussed above are very important in making such applications. But if your business falls under a registered business or something other than SME. Then you have to think about what to do. It is good to say in this context that there are special exemptions for government agencies and non-profit organizations i.e. NGOs. They are under a special funding scheme and will get EDG if they follow a few very simple points.
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The Company Should Have A Potential Financial Objective
Of course such eligibility criteria will be slightly different for each type of company. But every company has to be very strict about one thing in making this application. The company should have several definite plans to improve the financial situation of the company from what it is now.
The company will have at least one management team who will track such actions. And who will have a clear plan for the future. Make a clear plan about the total investment of the company in the initial phase and how profitable it is at present and what financial viability is envisaged for the future and send it to the commission of Enterprise SG Grant for monitoring so that your application can be accepted easily.
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The Company Should Not Have Any Illegal Affairs
When you are going to apply for an important grant for your company from such a big authority. You must have a very good record i.e. you must have a very good image in the market. And at the same time your reputation must be very good. The background of the company will be thoroughly checked to determine whether such application will be accepted. Therefore, if any negative truck record of the company is found or any illegal activity is found, then the company cannot get this grant. This is why it is imperative that your business has a good track record.
Wrapping Up
Those of you who are wondering if your business is EDG Eligible must be well aware of the matter. So that you can prepare all the aspects very carefully before making this application. There are several important factors in today’s discussion that will definitely help you in this task. So read the above discussion carefully and apply this grant for your company very easily.
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