Spring Start Up Enterprise Scheme
- Posted by admin
- 07 May 2014
Any set up company in Singapore is eligible to apply for the Spring start up enterprise scheme. This opportunity is an equity-based, co-financing pairing between start-up companies with great potential and investors who are able to profit from partnerships. Criteria for the Spring start up enterprise scheme are extensive for both applicants and investors. Carefully reviewing all of the criteria is the best way to meet the expectations of the program to receive assistance.
In order to fully qualify for the Springset up company in Singapore program, all of the core activities of any starter company must occur within Singapore. Companies must also be in business for a minimum of five years. Companies who apply for the program must also be listed as Private Limited companies in Singapore. Applicant companies cannot have made more than $1 million in capital, but they must have paid-up capital of at least $50,000 in order to qualify. A major component of the criteria for the scheme is company innovation, with an emphasis on concrete evidence of goods, applications, or services that prove the worth of these ideas. They must list available independent investors as well.
Like starter companies, investors must also meet qualifications in order to participate in the set up company in Singapore program. Any company wishing to participate must demonstrate that it is of legal standing. It must also carry a paid-up capital that amounts to a total of at least $500,000. Investors must maintain an objective perspective and have no prior relationships with the companies applying for the program. Investors do have to serve as a business consultant as well as have sufficient experience and resources to contribute to the growth of the company they support. Approved investors also must be willing to provide $75,000 worth of funding as well as serve on the company’s Board of Directors.
Dollar Matching Program
For all applicants and investors who qualify for set up company in Singapore program, a dollar matching opportunity will be available. Spring Startup Enterprise will match the amount of money provided by the investor with a dollar for dollar amount through the company Investment Panel SSC. This matching promise is valid up to $1 million. Most companies receive an initial matching investment up to $300,000. As compensation for these investments, both Spring Startup Enterprise and the third party investor will receive company equity stakes that amount to value of the funds provided through the program. Additional funds may be provided through the same matching offer pending progress as well.
Before You Apply
Prior to applying for the Spring SEEDS set up company in Singapore program, both investors and applicants should attend a monthly meeting at the Spring office to fully review the details. These briefings take place from 11:00 AM to 12:00 noon. Managers from the company can assist prospective applicants and answer questions at these meetings. While these meetings are optional, they may increase the likelihood of acceptance into the program, as attendants leave knowing exactly what to do during the application process. A two-page executive summary of the applicant business is mandatory in order to begin the application process.
The Application Process
Once a company executive summary is accepted, the application process may proceed to the next level. This application involves a much more detailed business summary, including a five-year financial projection, company plans, and much more information for consideration. The proposal itself must then be presented to the SSC Investment Panel along with other involved parties, including the third party investors and management team. In order to facilitate this process, a completed Spring Startup Enterprise Development Scheme (Spring SEEDS) Application Form must be submitted. This form is available from the website and must be sent, along with evidential documentation, to SEEDS@spring.gov.sg.
Both investors and applicants are highly encouraged to find out about more information about the set up company in Singapore program prior to applying. In addition to the monthly public briefing, more information is available at the Spring Startup Enterprise website, including a list of featured investees and capital investment profile publications from previous years. Public briefing dates are also supplied on the Spring Startup Enterprise web page for convenience.