Small and Medium Enterprises (SMEs) are companies whose personnel numbers fall below certain limits. SMEs are crucial to Singapore’s economy, constituting 99 per cent of all businesses.
To be considered a SME, a company must:
Be registered and operate in Singapore;
Have a minimum of 30 per cent local shareholding;
Have an annual sales turnover not more than S$100 million OR employment size no more than 200 workers.
Singapore is attractive to entrepreneurs for its pro-business approach to Startups and SMEs, reflected in its numerous grants that support their development. Some, such as the Enterprise Development Grant (EDG), provide subsidies in project costs. Others, like the Startup SG Equity Programme, stimulate funding to secure private-sector investments.
Choosing which grant to apply for will ultimately depend on your business structure and needs! For a deeper understanding, check out our guide on grants here.
You may also consider alternative ways of funding your business such as bootstrapping, crowdfunding and angel investors which are explained here!
Incorporating your Startup or SME can be easy and quick – if you prepare the right documents. As with all business incorporations, the necessary documents must be prepared and submitted to the Accounting and Corporate Regulatory Authority (ACRA). If you’re not sure what’s needed, download our free pre-incorporation checklist here.
Additionally, you must determine your company structure before registering; namely sole-proprietorship, partnership, limited partnership, limited liability partnership (LLP) and a private limited company. If you need further help, feel free to reach out to us here.
Sleek streamlines the incorporation process so that you can set up in the quickest and most efficient way possible! Our digital and cloud services ensure your documents are safely uploaded while our digital signature services cut the need for any courier fees. In fact, with Sleek, we can help you set up from wherever you are – all with transparent pricing.
Signing up with Sleek also entitles you to up to $30 000 SGD in perks from over 25 partners through our partnership ecosystem! To find out more or to speak to our sales team, click here!
