Digital Solutions for Businesses
3 must-have tech tools for Singapore businesses & SMEs
27 June 2024
Looking to apply for a business grant or start a new business? Check out how tools like GoBusiness provide government support for SMEs.
Embarking on an entrepreneurial venture can be incredibly rewarding, yet it often comes with its own set of challenges, especially for small businesses. If you're looking to start a business or apply for grants and government support, navigating the landscape can be daunting.
This article is a comprehensive guide for businesses—from freelancers and SMEs to large organisations—to discover how to navigate the legal, operational, and financial aspects of starting and running a business in Singapore using powerful, GovTech-powered technology tools and solutions.
Common challenges of running a business
In 2025, running a business can be challenging, especially if you’re a small business in Singapore. The National Business Survey 2023/2024 by the Singapore Business Federation revealed that rising costs and resource limitations are top challenges for businesses, especially SMEs. There are many common concerns, such as:
How do you get funding for a business?
What are the business grants for technology?
How and where can I apply for business grants?
What is the Singapore government's support for businesses?
How GovTech helps businesses
GovTech plays a pivotal role in Singapore’s Smart Nation initiative as the appointed government agency driving digital transformation for public good. GovTech remains dedicated to providing innovative technology solutions and comprehensive support for businesses of all sizes in Singapore. Leveraging the right GovTech digital platforms can significantly simplify business processes and boost productivity.
Here are a few tools by GovTech to help businesses streamline operations:
Business Grants Portal
GoBusiness
TradeTrust
Key takeaways
Apply for Business Grants via the Business Grants Portal
Simplify Government Transactions with GoBusiness
Enhance B2B Trade with TradeTrust
Embrace Tech to Boost Productivity
Frequently Asked Questions About Singapore’s Government Support for Businesses
Apply for business grants via the Business Grants Portal
For a small business owner, the first thought is often, "How do I get funding for a business?". For many, there can be a dizzying amount of grants that can become information overload, which then, in turn, translates into inaction. Well, that’s where the Business Grants Portal comes in.
This is a resource that brings together government grants for businesses, making it easier to find and apply for grants. This portal streamlines the application process and helps businesses manage and accept grants more efficiently. By leveraging the Business Grants Portal, businesses can explore grants that alleviate financial stress and enable them to maximise profits.
Some useful grants to consider:
Productivity Solutions Grant (PSG)
The Productivity Solutions Grant (PSG) was launched to help businesses enhance their processes with technology. This is a key business grant for technology adoption, supporting companies keen to improve their processes and enhance productivity.
Enterprise Development Grant (EDG)
The Enterprise Development Grant (EDG) provides SMEs with funding to support the cost of qualifying projects, including the adoption of technology and innovation.
Market Readiness Assistance (MRA) grant
The Market Readiness Assistance (MRA) grant provides funding support for eligible costs to help SMEs enter new markets.
Simplify government transactions with GoBusiness
Starting or managing a business can sometimes feel like navigating a labyrinth of regulations. But don't fret — you can rely on GoBusiness, the go-to platform that gives you access to a wealth of government information and services to help you navigate your business journey.
Licensing and permits
On the GoBusiness portal, you can easily identify the licences and permits your business requires from a comprehensive list and seamlessly apply for them via the GoBusiness Dashboard.
No more sifting through multiple sites or portals — you can find more than 200 licences across various government agencies in one place. There’s also GoBusiness Licensing, which you can use to submit applications for various licences and permits from different government agencies simultaneously, saving you valuable time and effort.
Safeguarding your IP
There’s also GoBusiness IP Grow, which is designed to empower businesses to safeguard their ideas and innovations as they transform and grow. It offers a comprehensive suite of intangible assets and intellectual property (IA/IP) service directories, resources, and personalised recommendations to help businesses navigate the complex IA/IP landscape.
Other resources for new business owners
GoBusiness also offers essential resources for new business owners, including comprehensive guides on business registration and access to helpful e-advisory services.
Enhance B2B trade with TradeTrust
TradeTrust is a framework that uses blockchain technology to enhance the trustworthiness of electronic trade documents. It works like a digital envelope for businesses, helping them to make their trade documents verifiable (Verifiable Documents) and/or transferable (Electronic Transferable Records - ETR) easily and securely. At the same time, the documents are portable and effective across digital systems.
Using TradeTrust, business owners can enhance the trustworthiness of the documents that they issue, reducing the risk of someone faking their documents because the issuer and integrity of the documents are cryptographically protected. Similarly, business owners who receive TradeTrust-protected documents from their business partners can be assured that the received documents are not fake and have not been tampered with.
These remove the need for repetitive checks by the various trade ecosystem parties to verify whether the documents/information received are legitimate.
Why use TradeTrust?
Trusted legal recognition for cross-border trade
TradeTrust ensures your digital documents are legally recognised across various countries, saving businesses potential legal hassles and considerable costs associated with international trade. By using globally accepted standards, TradeTrust effectively streamlines your cross-border operations, reducing the need for expensive custom solutions and making it significantly easier to collaborate with partners worldwide.
Compliance with international regulations
TradeTrust diligently follows established international rules and standards, thereby helping businesses to effectively avoid costly compliance issues and ensuring that their technology seamlessly meets complex legal requirements without the need for expensive modifications or extensive rework. This adherence to global norms fosters smoother international trade.
Cost-effective integration with distributed ledger technology
Built on robust open-source code and strategically leveraging Distributed Ledger Technology (DLT), TradeTrust offers highly cost-effective integration options. This allows businesses to connect seamlessly with other existing systems and streamline their complex processes without incurring exorbitant expenses, providing a financially sound solution for digital trade infrastructure.
Embrace tech to boost productivity
While these tools and government support initiatives are not a silver bullet, they can be valuable resources for businesses looking to cut costs and boost profits. By leveraging these tools effectively, businesses can improve their competitiveness and overcome the challenges they face locally, and with enough luck, perhaps internationally as well!
Check out other tools to digitalise your business
Discover more about digital tools for businesses, essential resources for SMEs, and information on business grants and more to support your growth journey.
Frequently asked questions about Singapore’s government support for businesses
How do you get funding for a business?
Businesses can access funding through various avenues, including bank loans, private investments, and government grants. The Business Grants Portal is a key platform where you can easily find and apply for business grants tailored to your specific needs, streamlining the application process for various government support for businesses.
What government support is available for new business startups and SMEs?
The Singapore government offers extensive support for new startups and government support for SMEs, including financial business grants like the Productivity Solutions Grant (PSG) and Enterprise Development Grant (EDG). Additionally, platforms like GoBusiness simplify licensing and provide e-advisory services, offering comprehensive assistance from registration to growth.
What tools can help me start and grow my business in Singapore?
Several tools to start a business are available. For example, the Business Grants Portal helps you apply for business grants, GoBusiness simplifies government transactions and licensing, and TradeTrust enhances secure B2B trade. These GovTech-powered solutions streamline operations, boost productivity, and provide essential government support for businesses at every stage.