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Enterprise Development Grant (EDG) - Financial Management

This component of the EDG helps companies improve their financial performance and/or equip their management teams with the relevant skills.
Benefits

Small and Medium Enterprises (SMEs): Support of up to 70% of qualified costs*

Non-SMEs: Support of up to 50% of qualified costs*

*Qualified costs:
1. Development of plans to optimise financing, investment and risk management
2. Identification of business risk exposure
3. Development of proper risk management processes and controls

Eligibility

You are:

  • A Singaporean SME looking to improve your financial management.

 

You need to:

  • Be registered and operating in Singapore;
  • Have a minimum of 30% local shareholding;
  • Be in a financially viable position to start and complete the project;
  • Engage management consultant(s) that have a certification* recognised by Enterprise Singapore (ESG), if you are applying for support for consultancy-related costs.

*Refer to "Critical Information" for more details.

Critical information

Scope of work can cover:

  • Diagnosis and gap analysis of your company;
  • Development of strategic roadmaps, business frameworks, policies or processes;
  • Recommendations and plans for implementation.

Project may address any of these areas:

  • Development of plans to optimise financing, investment, and risk management;
  • Identification of business risk exposure, and development of proper risk management processes and controls;
  • Formation of international corporate structures to minimise tax liabilities.

What is not covered:

  • Regulatory compliance costs, (i.e. preparation of consolidated financial statements, accounting/ tax filing services);
  • Drafting of legal documents;
  • Procurement of ICT solutions.

Those who do not need to be certified are:

  • Members/specialists in the consultancy team who are not providing management consultancy services, but are performing dedicated functions, such as market research, audit, fieldwork, design/ artwork, equipment installation, and drafting of legal agreements;
  • Consultants offering technical advice and expertise in the development of new technology, and solutions vendors.

Note:

  • The EDG only supports projects that are new and not generating any revenue at the point of grant application.
  • A project is considered to have begun if suppliers and service providers have already signed a contract, or if any work on the project scope has begun or if payment has been received for the project.
What to expect when applying

Pre-application:

  • Before you apply, you may approach the SME centres to discuss your project(s) to ensure that you qualify for the Enterprise Development Grant (EDG).
  • Applications will be assessed by Enterprise Singapore (ESG) based on the project scope, project outcomes and competency of the service provider.

Application Process:

  • You have to sign-in to the Business Grants Portal with your CorpPass1.
  • Your application will be processed within 8-10 weeks from the time you submit your project application.
  • We may contact you via the Business Grants Portal for clarifications.

Application Approval: 

  • Your company will receive a Letter of Offer (LOF) indicating:
    1. the conditions of support; and
    2. the amount of grant awarded.
  • You need to acknowledge and accept the LOF within the timeline indicated, otherwise the application would be considered invalid.
  • All grants are supported on a reimbursement basis.

Claims:

  • Submit a report with details on the project deliverables.
  • Provide a pre-qualified auditor’s report for the verified expenditures and any supporting documents must be provided.
  • ESG may request for a site visit, presentation meeting and/or other supporting documents.
  • Provide GIRO information of company bank account to facilitate disbursement of funds.
  • Claims must reach ESG no later than six months from the end of the project qualifying period.

1. No CorpPass Account? Refer to the CorpPass guide for instructions on setting up an account.

Documents you'll need for your application

These are to be submitted before all other application processes:

1. Latest ACRA search or instant information 

  • Dated no earlier than 6 months from date of project application;
  • If there are corporate shareholders, please provide the information for the corporate parents as well.

2. Latest audited financial statement

  • No earlier than 12 months from date of project application of your company;
  • If applicable, the consolidated financial statement of your ultimate parent company as well.

Not required if you have:

  • Provided the information for a prior project within the last 12 months;
  • No changes to the documents.

3. Relevant proof of quotation for the cost of your project items

4. For projects where management consultants are engaged, please include the following details in the Consultants’ proposal: 

  • Details of the scope of work;
  • Man-day rate breakdown of the service;
  • CVs and scanned copies of ESG-recognised certification(s) of the consultant(s).
Useful links
For more details about the grant: Financial Management

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