Opening a mobile Store Business is the easiest venture since the investment is less and turnover is more. All you need to do is look for local distributors who have recently captured the market and they will do everything for you from setting up signboards, counters and even promote your products. As the turnover is fast you can pay the distributors after selling their product. So basically you are going to be using the distributors money and can rotate it on a daily basis and earn profits.
Contents
- What are Grants?
- What are the Grants given to Mobile stores
- Eligibility for the Grants
- How to apply for the Grants
- Conclusion
1.What are Grants?
Grant is an amount of money given by Government or a special institution for a particular purpose. It is usually given for the benefit of the society.
2.What are the Grants available for Mobile stores?
- Enterprise Development Grant (EDG)
- Market Readiness Assistance (MRA
- Skillsfuture Enterprise Credit(SFEC)
- Productivity Solution Grant(PSG)
3.What is the Eligibility for the Grants?
Enterprise Development Grant
- The company should be registered and operating in Singapore
- Have a minimum shareholding of 30 per cent
- Be in a financially viable position to start and complete the project
Market Readiness Assistance
- Business entity is incorporated in Singapore
- The applicant has not exceeded $100 000 in overseas sale in the last 3 preceding years
- 30 per cent local share holding
- Group annual sales turnover of not more than $100 Million or not more than 200 employees.
Skillsfuture Enterprise Credit
- Have contributed at least $750 Skills Development Levy over a period
- Have employed at least 3 Singapore citizens or Permanent Residents every month over the same period
- Have not been qualified in any earlier period.
Productivity Solutions Grant
- The company should be registered and operating in Singapore
- Purchase/Lease/Subscription of the IT solutions must be used in Singapore
- Have a minimum of 30 per cent local share holdings with the annual turnover less than $100 million or less than 200 employees.
4. How to Apply?
Enterprise Development Grant
Check if you are eligible for EDG, identify the project category, submit the project proposal, prepare the required documents, prepare the checklist, sign into the Business portal with your corppass id and submit your application, once reviewed it takes about 8 to 12 weeks to complete the submission. You will receive the letter of offer if the grant is awarded to you. You need to acknowledge receipt and accept the letter of offer within the stipulated time.
Market Readiness Assistance
To apply for MRA these pre-conditions need to be fulfilled, the applicant must have signed an engagement letter with a third party consultant, made the first payment to the third party and also commenced the project. Companies should submit their application no earlier than six months of the project date. The application needs to be submitted in the Business portal.
Skillsfuture Enterprise Credit
You need to login to the Government digital services website using your Corppass id and submit the application alongwith the training receipts. The claim will be approved and payment released from there after review.
Productivity Solutions Grant
Get your desired quotation from the respective vendor, login to your corppass id. Check if you are eligible to apply for the claim. Fill in the application and submit your claim. The IMDA can raise queries which will appear when you login to your corppass id. Once you submit your queries if everything is in order the claim will be processed within 4 to 6 weeks’ time.
Conclusion
The Business Grants portal brings all the Grants under one platform so its easy to find the grants and apply.Choosing the right software is an important decision for any business. You need a software that can automate all your activities and reduce the time taken for operational activities and help the management put the employees to focus more on productive roles. Moiboo software is one such software that can help to automate all the activities and it is also customized to suit your business needs. To know more and to get a free demo Click here.
Disclaimer
The given grants and eligibility criteria are provided at the discretion of the relevant Government authority. You are advised to check with the relevance and eligibility in the appropriate Government websites.