Funding and Grant Opportunities for New Zealand Businesses in Singapore

For New Zealand companies expanding into Singapore, the appeal often lies in its low taxes, political stability, and strategic position in Asia. But even with all these advantages, international expansion requires significant capital. The good news is that Singapore offers a wide range of government grants, incentives, and private funding sources to support new business ventures—including those owned by foreign entrepreneurs.

This article explores the main funding and grant opportunities available to New Zealand businesses setting up in Singapore.

1. Enterprise Singapore – The Main Government Partner

Enterprise Singapore (ESG) is the government agency responsible for helping companies start, grow, and internationalise. For New Zealand entrepreneurs, ESG can be an invaluable resource when entering the Singapore market.

Support offered includes:

• Advisory Services – Market entry guidance, regulatory navigation, and partner introductions.

• Grant Administration – ESG manages most of Singapore’s major business grants.

• Networking Assistance – Links to suppliers, buyers, and industry contacts.

For Kiwi businesses looking to integrate quickly into Singapore’s business ecosystem, ESG is often the first point of contact.

2. Market Readiness Assistance (MRA) Grant

The MRA Grant helps companies expand into overseas markets. If a New Zealand business incorporates a Singapore entity, that entity can claim MRA support for further internationalisation.

Funding support:

• Covers up to 70% of eligible costs, capped at SGD 100,000 per company per new market.

• Supports activities such as market research, business matching, overseas marketing, and participation in trade fairs.

Why it matters: A New Zealand company using Singapore as a base for ASEAN expansion can use MRA funding to offset costs when entering neighbouring countries.

3. Enterprise Development Grant (EDG)

The EDG funds projects that help businesses innovate, improve processes, or expand internationally.

Funding support:

• Covers up to 50%–70% of qualifying project costs (higher for SMEs).

• Three focus areas:

  1. Core Capabilities – Strategy, branding, human resources.

  2. Innovation and Productivity – Process redesign, automation, product development.

  3. Market Access – Overseas market set-up and expansion.

For New Zealand businesses, EDG can fund adaptation of products and services for the Singapore and ASEAN markets.

4. Startup SG Programmes

If the move to Singapore involves launching a new venture, the Startup SG suite offers multiple funding pathways:

• Startup SG Founder – Up to SGD 50,000 in grants for first-time entrepreneurs with innovative ideas, co-matched by an accredited mentor partner.

• Startup SG Tech – Early-stage funding for the commercialisation of proprietary technology.

• Startup SG Equity – Government co-investment alongside private investors in promising startups.

These schemes are especially useful for Kiwi entrepreneurs in tech, fintech, or innovation-driven industries.

5. Productivity Solutions Grant (PSG)

The PSG helps companies adopt IT solutions and equipment to boost productivity.

Funding support:

• Covers up to 50% of qualifying costs.

• Applicable across sectors including retail, logistics, F&B, and manufacturing.

For New Zealand businesses, PSG can help reduce the cost of upgrading operational systems from day one.

6. Double Tax Deduction for Internationalisation (DTDi)

Although technically a tax scheme rather than a grant, the DTDi allows companies to claim 200% tax deductions on eligible international marketing and business development expenses.

Eligible activities include:

• Overseas trade shows

• Business development trips

• Overseas marketing campaigns

A New Zealand business in Singapore could use DTDi to reduce taxable income while expanding into new markets.

7. Industry-Specific Grants and Incentives

Singapore offers sector-specific funding through different government agencies:

• Singapore Tourism Board (STB) – Tourism, hospitality, and events-related projects.

• Infocomm Media Development Authority (IMDA) – IT, media, and digital services.

• Singapore Food Agency (SFA) – Food manufacturing, safety, and innovation.

New Zealand companies in these sectors should explore relevant incentives before launch.

8. Private and Alternative Funding Sources

Beyond government support, Singapore has a thriving private investment scene:

• Venture Capital (VC) – Many VC firms specialise in Asia-Pacific opportunities.

• Private Equity (PE) – For larger-scale investments and acquisitions.

• Angel Investors – Networks like BANSEA connect startups with early-stage investors.

• Bank Financing – Singapore’s strong banking sector offers competitive loans and trade financing options.

Combining government incentives with private investment can significantly reduce financial risk.

9. How to Qualify and Apply

To access most Singapore grants:

1. Incorporate a Singapore entity – Most schemes require the applicant to be a locally registered company.

2. Meet SME criteria where applicable – Often at least 30% local shareholding is required for SME-tier grants.

3. Prepare a detailed proposal – Outlining objectives, budget, and projected outcomes.

4. Track deadlines – Some schemes operate year-round; others have specific application periods.

Working with a local corporate service provider or grant consultant can help streamline the process.

10. Avoiding Common Funding Pitfalls

• Expecting automatic approval – Grants are competitive and require strong justification.

• Ignoring compliance requirements – Most grants require post-project audits and progress reports.

• Misaligning with Singapore’s priorities – Projects that align with national goals like digitalisation, sustainability, or internationalisation have a higher approval rate.
  

Conclusion

Singapore offers New Zealand businesses more than just a great location and low taxes—it provides generous funding and grant support to encourage market entry and growth. Whether through the MRA, EDG, Startup SG, or PSG, there are numerous opportunities to offset the costs of setting up and scaling operations.

By combining government support with private sector funding, New Zealand companies can reduce expansion risks, accelerate market entry, and position themselves for sustainable success in Singapore and across Asia.