SME Centre@SMF, supported by Enterprise Singapore, was established in May 2005 as a subsidiary of SMF. Singapore Manufacturing Federation (SMF) was founded in 1932 as a national body representing manufacturing companies with a membership base of over 3,000 corporations categorized into 10 industry groups. SMF is governed by an elected council. It is one of Singapore’s leading business associations with corporate members from Multi-National Companies (MNCs) to SMEs.
SME Centre@SMF provides small and medium enterprises (SMEs) with easy access to business advisory services to help them start, sustain and grow their businesses. The first-stop SME Centre’s services include business diagnosis, information on government schemes and capability workshops.
Supported by Enterprise Singapore, the network of SME Centres provides small and medium enterprises (SMEs) with easy access to business advisory to help them start, sustain and grow their businesses.
SME Centre@Singapore Indian Chamber of Commerce and Industry (SME Centre@SICCI) was set up in 2008 in collaboration with Enterprise Singapore (A government body) to offer business advisory services at no charge.
The SME Centre@SICCI hopes to be the first-stop for Singapore-based enterprises that are looking to grow their businesses locally and expand overseas.
Established in 2006 and formerly known as the Enterprise Development Centre@SCCCI (EDC@SCCCI), SME Centre@SCCCI (the Centre) is a collaboration between Enterprise Singapore and Singapore Chinese Chamber of Commerce and Industry (SCCCI). Our mission is to provide holistic general business advisory and capability development services to local Small and Medium Enterprises (SMEs) and aspiring entrepreneurs.
SME Centre@SCCCI and its Satellite Centres at Toa Payoh and Ang Mo Kio offer a wide range of value-added services to help SMEs grow and excel. The services are broadly classified as follows:
- One-to-one business advisory to address business needs and issues
- One-to-one productivity advisory to identify gaps for improvement
- Themed workshops to facilitate exchange of knowledge and ideas for capability development
- Business diagnostic services and group-based diagnostic workshops
The Association of Small and Medium Enterprises (ASME) recognises the urgent need for SME-specific products, services and government-linked assistance schemes to be made readily available for small and medium enterprises (SMEs) in Singapore.
With the support of SPRING Singapore, ASME has set up Singapore’s very first Enterprise Development Centre (EDC), EDC@ASME in 2005. Today, the EDCs have expanded to become known as SME Centres, and the bespoke SMECentre@ASME provides an even more robust range of assistance and services than before. This includes greater in-depth services comprising business needs and productivity advice, capability and awareness workshops; business leads facilitation, as well as guidance on tapping on government schemes and grants.
Located on level 10 of Bugis Junction Office Tower, IE Singapore’s Advisory Centre is the first-stop solution for Singapore-based companies looking to take their business overseas.
The Advisory Centre provides face-to-face advisory support on a wide range of internationalization issues and IE assistance programmes. The centre also boasts an extensive range of online resources where companies can use to obtain business intelligence on overseas markets, industries, business contacts and trade statistics.
The Advisory Centre’s collection of online publications cover market and industry trends, economic indicators, trade regulations and tariff rates. Visitors can also access databases for overseas business contacts.
International Enterprise Singapore and SPRING came together on 1 April 2018 as a single agency to form Enterprise Singapore.
Enterprise Singapore is the government agency championing enterprise development. We work with committed companies to build capabilities, innovate and internationalise. We also support the growth of Singapore as a hub for global trading and startups. As the national standards and accreditation body, we continue to build trust in Singapore’s products and services through quality and standards.
Trade Credit Insurance (TCI) is an insurance protection that your company can purchase to protect against non-payment by your buyers, thus allowing you to acquire new customers with greater confidence. The Trade Credit Insurance Scheme (TCIS) defrays the cost of insurance for companies by supporting part of the minimum premium payable.
Benefits
If your company qualifies, Enterprise Singapore can support up to 50% of the minimum insurance premium for TCI policies provided commercially by Singapore-registered credit insurers. This is subject to a maximum lifetime support of S$100,000 per qualifying Applicant Company.
Eligibility
Your company needs to fulfil the following criteria:
- Global headquarters1 anchored in Singapore
- Turnover of Applicant Company and its subsidiaries should not exceed S$100
- A minimum paid-up capital of S$50,000
Political risks insurance (PRI) is an important tool for companies to safeguard their projects and/or investments in overseas markets against political uncertainties. Companies can also use PRI to unlock access to mid to long-term financing as it gives lenders additional assurance that the impact of political uncertainties over the performance of a project or investment has been mitigated.
With Political Risk Insurance Scheme (PRIS), qualifying Singapore companies can receive premium support for PRI policies. Enterprise Singapore will support 50% of the premium for up to the first three years of each PRI policy. This is subject to a maximum amount of S$500,000 per qualifying Singapore-based company.
A typical PRI policy covers risks such as:
- Expropriation
- Currency inconvertibility and transfer restrictions
- Political violence
- Breach of contract by host government
- Non-honouring of sovereign financial obligations
Eligibility
Companies applying for PRIS1 should meet the following criteria:
- Global HQ2 anchored in Singapore
- At least three strategic business functions3 in Singapore
- An annual turnover not exceeding S$500 million
- An annual total business spending4 of at least S$250,000 in Singapore for each of the past three years
- A minimum paid-up capital of S$50,000
Companies can secure short-term trade financing with the Loan Insurance Scheme (LIS), which insures the banks against insolvency risks of the borrowers. Loans are underwritten by commercial insurers, while a portion of the insurance premium is supported by the Government.
Companies can apply for the LIS to secure short-term trade financing lines such as:
- Inventory / stock financing facility
- Structured pre-delivery working capital
- Factoring / bill or invoice or accounts receivable discounting with recourse
Internationalisation Finance Scheme (IFS) is a programme designed to assist aspiring Singapore-based companies who wishes to venture abroad and are in need of financing facility. IFS provides indemnification to Participating Financial Institutions (PFIs) who provides the facility.
With IFS, companies have opportunities to access financing facilities provided by PFI in the following categories:
- Asset-based financing to purchase fixed assets for use overseas, or to purchase/construct factories overseas.
- Structured loans to finance the working expenses of secured overseas projects.
- Banker’s guarantee for issuance of guarantee facilities for secured overseas projects which can take the form of advance payment guarantee, performance guarantee or tender bond guarantee.
- Merger and Acquisition financing to finance acquisition of equity stakes in businesses for overseas expansion. The acquisition should be in line with the applicant’s core business.
