With a limited domestic economy in Singapore, it’s crucial for companies to go abroad for access to wider and more diversified consumer base and market. Overseas markets also provide access to resources and cost-competitive options for overheads. Moreover, with volatility the new norm in the global economy, putting your eggs in more than one basket, or market, diversifies your risk.
A solid internationalisation strategy provides a strong foundation for your company’s overseas expansion. Relying on in-depth market analysis, your company can identify market opportunities and target key customer segments, carving a competitive niche for your business. Your company’s strategy will also guide the development of your business model, to best suit the market of entry. This can be through franchising, licensing, distributors, joint ventures, Mergers & Acquisitions (“M&As”), or the setting up of wholly owned subsidiaries.
The GCP Programme is not about a “one size fits all” solution. Rather, through a committed partnership, we will work with you to realise your company’s ambitions for internationalisation and grow your company into a globally competitive one that benefits both Singapore and your company.
The GCP Programme provides up to 50% to 70% financial support of costs incurred in engaging professional services in the following areas:
- Develop market entry strategy
- Market feasibility studies
- Incorporation and setup facilitation
- Financial investment appraisal
To qualify for the GCP grant, your company must meet these criteria:
- Global HQ in Singapore;
- A turnover of at least S$500,000 per annum based on the latest audited report
- An annual total business spending* of at least S$250,000 in Singapore for each of the past three years
- A minimum paid-up capital of S$50,000
- At least three managerial staff based in Singapore
*Total business spending refers to expenses incurred by the company-applicant, which includes:
- Staff costs (salary, training, etc.)
- Finance costs (bank loans, overdrafts or interest)
- Other operating expenses, e.g. advertising & promotion, audit fees, depreciation, director’s remuneration, freight charges, insurance costs, office rental, professional consultants’ fees, telecommunications, utilities and distribution & selling expenses
Total business spending excludes:
- Cost of goods sold, cost of sales
- Exchange rate losses
- Allowances for doubtful debts
- Income tax expenses
- Property tax expenses