Setting up your FinTech Business in Singapore

Introduction

All businesses must be registered with the Accounting and Corporate Regulatory Authority. This includes any individual, firm or corporation that carries out business for a foreign company.

A foreign company that wants to set up a branch for its business in Singapore will need to appoint two local agents to act on its behalf. These agents must be Singapore residents, that is, either citizens or permanent residents, or foreigners with employment or dependant passes. Information on registering a branch of a foreign company is available here.

Special licenses are needed for some businesses such as banking, insurance and stock broking. Businesses should seek their own legal advice on how to ensure that their proposed activities are in compliance with all applicable Singapore laws, rules and regulations.

A step-by-step guide to registering a business or company in Singapore can be found here.

Grants and Schemes Available

   Grant/Scheme  Description  Administrator
 a.

Startup SG Accelerator

Startup SG Accelerator supports partners, primarily incubators and accelerators, in strategic growth sectors that take on the role of catalysing growth opportunities for high potential startups through their programmes, mentorship and provision of resources.

Startup SG Accelerator will provide funding and non-financial support for these partners to further enhance their programs and expertise in nurturing successful startups.

For more information, please visit here.

SPRING Singapore - Startup SG

Contact email

 b.

Startup SG Equity

As part of the Startup SG Equity scheme, government will co-invest with independent, qualified 3rd party investors into a startup. This scheme aims to stimulate private-sector investments into innovative, Singapore-based technology startups with intellectual property and global market potential.

For more information, please visit here.

SPRING Singapore - Startup SG

Contact email

 c.

Startup SG Founder

Startup SG Founder aims to provide mentorship support and startup capital grant to first-time entrepreneurs with innovative business concepts. The scheme provides up to $30,000 by matching $3 to every $1 raised by the entrepreneur.

SPRING will fund the startups through Accredited Mentor Partners (‘AMPs’). These appointed partners will select applicants based on the uniqueness of business concept, feasibility of business model, strength of management team, and potential market value. Upon successful application, the AMP will assist the startups with advice, learning programs and networking contacts.

The AMP will decide on appropriate milestones together with the applicant. Their recommended application and milestones will be surfaced to SPRING for vetting and approval. The grant will be disbursed in 2 tranches based on agreed project milestones over 12 months.

For more information, please visit here.

SPRING Singapore - Startup SG

Startup SG Founder can only be applied through an Accredited Mentor Partner (AMP).

 d.

Startup SG Talent

Startup SG Talent fosters a more conducive environment for promising global talent to set up innovative businesses in Singapore and for startups to attract talent to be part of their team.

Schemes under this pillar include:

(a) EntrePass which allows eligible foreigners to start and operate a new business in Singapore

(b) T-Up which allows businesses to access the pool of talent from A*STAR’s Research Institutes and build in-house R&D capabilities in their business operations

(c) SME Talent Programme (STP) Internship which will facilitate internship matching between students and technology-based local startups. In addition to internships, the programme will also assist startups in building their human capital development capabilities in identified areas such as recruitment & retention and talent management.

For more information on EntrePass, please visit here.

For more information on T-Up, please visit here.

For more information on SME Talent Programme (STP), please visit here.

Contact email for T-Up

Contact email for STP

 e.

Startup SG Tech

Startup SG Tech is a competitive grant in which proposals are evaluated based on both technical and commercial merits by a team of reviewers, and the best are funded. Applicants may apply for either the Proof Of Concept (POC) grant or the Proof Of Value (POV) grant, depending on the stage of development of the technology or solution/concept.

For more information, please visit here

SPRING Singapore - Startup SG

Contact email

 f.

Capabilities Development Grant – Technology Innovation (CDG-TI)

The Capabilities Development Grant (CDG) is a financial assistance programme designed to help SMEs build their capabilities across 10 key business areas. SMEs can use the CDG to defray up to 70 per cent of qualifying project costs (e.g. consultancy, training, certification, equipment and software costs) for upgrading initiatives in areas like increasing productivity, process improvement, product development and market access.

It aims to increase the level of technology innovation in local enterprises, supporting companies that undertake projects to develop innovative technology products or solutions.

For more information, please visit here.

Info-communications Media Development Authority (IMDA)

Apply

 g.

Financial Sector Technology and Innovation (FSTI)

The FSTI scheme is launched to provide support for the creation of a vibrant ecosystem for innovation. MAS has committed S$225 million over a five-year period, for the following four purposes:

(a) Innovation Centres: To attract financial institutions to set up their innovation labs in Singapore;

(b) Institution-level projects: To catalyse the development of innovation solutions that have the potential to promote growth efficiency or competitiveness; and

(c) Industry-wide projects: To support the building of industry-wide technology infrastructure or utility that is required for the delivery of new, integrated services.

(d) POC scheme: The POC scheme provides support to both FIs and non-FIs for early stage development of innovative projects in the industry. For more details on the POC scheme, you can refer here.

 

MAS

Contact email

 

 

Last Modified on 26/05/2017