Breaking into new markets can be easier if you have the right business capabilities, knowledge and skills. We can help you defray the costs of engaging a third-party professional to develop strategies that will grow your capabilities for overseas expansion, through the Global Company Partnership (GCP) Grant.
Small and medium enterprises (SMEs) will receive up to 70% funding for eligible costs, while bigger companies get up to 50% funding support.
Expand Market Presence
Establishing a stronger foothold in overseas markets requires careful planning and clear strategies. We can support up to 50% of costs in engaging a third-party professional to enhance your presence in all international markets. For small and medium enterprises (SMEs), you will receive up to 70% funding support under the Global Company Partnership (GCP) Grant.
Supportable activities include:
- Feasibility study and market research
- M&A due diligence
- Pilot and test bedding***
*** A pilot and test bedding project should help your company demonstrate the viability of the solution, establish a track record to scale the solution in overseas markets, and be non-revenue generating. Eligible expenses for qualifying projects include costs of hardware, software, manpower and third-party fees for up to six months.
Enter New Markets
To help companies gain entry into new markets, the GCP Grant co-funds up to 50% of eligible expenses for projects that enable your company to expand overseas. The support will be up to 70% for SMEs, with funding support capped at S$100,000 a year.
Projects that qualify for funding should meet the following criteria:
- The new overseas marketing presence must be in a new city, where the company has not had sales in excess of S$100,000 for any of the past three years (non-cumulative). The three years refer to the current and previous two financial years
- At least one Singaporean/PR must be posted to the new overseas marketing presence
As your company expands overseas, finding the right talent can be challenging. The Global Company Partnership (GCP) Grant supports your talent search by funding the costs of engaging recruitment agencies to help you hire C-suites and key professionals from Singapore and overseas.
Your new employees should:
- Have a direct impact on your company's internationalisation plans
- Be assigned international responsibilities
Overseas Market Attachments
If you are keen to develop employees' expertise or experience in international markets, turn to the Overseas Market Attachment Programme. It will enhance your employees' knowledge of overseas markets, prepare them for future postings or build up their business and technical capabilities.
1. Pre-market entry feasibility study
You can tap on the Overseas Market Attachment programme for the following purposes:
Equip employees with a better understanding of international market conditions to develop your company's strategies to enter these markets.
2. Pre-posting induction
Prepare and familiarise employees with overseas business operations before a potential posting to the country.
3. Acquire business capability or technical knowledge
Improve employees' business capabilities or technical knowledge by tapping on the expertise of overseas experts/partners (E.g. acquire e-commerce capability, supplier product training, or exposure to overseas projects)
Your nominated employee's job scope should be relevant to the market attachment objective, which aims to develop relevant competencies through the attachment.
The GCP Grant can support:
- Basic salary including employer's CPF contribution of the employee during the attachment or training period, capped at six months
After the attachment, your employee should have the necessary know-how and contribute to your internationalisation plans. Over time, your company should have a framework for subsequent overseas staff attachments and eventually develop a larger talent pool with in-depth expertise in your target overseas markets.
Each application/proposal will be evaluated and subjected to approval on a case-by-case basis.
International Human Resource Strategy Development
An effective international human resource (HR) strategy lays a strong foundation for your company's successful overseas expansion. The GCP Grant funds the costs in engaging an established HR consultancy to conduct the following activities:
HR research and HR compliance for entry into overseas markets
- Labour laws in target markets
- Skill sets of local workforce
- Compensation and benefits schemes in those markets
Cross-border HR management
- Align global business strategies with global HR strategies
- Develop a global talent management strategy
- Manage employees' international postings and repatriations
- Develop a global reward strategy to drive growth and performance
Who can apply?
All Singapore-based companies with:
- Global aspirations
- Clear internationalisation plan
- Competitive product or service
- Potential economic benefits to Singapore
To qualify for the GCP Grant, you need to fulfil the following criteria:
- Global HQ* anchored in Singapore
- An annual sales turnover of at least S$500,000 based on the most recent audited report
- A minimum paid-up capital of S$50,000
* Global HQ refers to global management control and decision-making functions based in Singapore. (Indicators could include the global CXOs being based in Singapore; board meetings are held in Singapore, etc).
** SME is defined as a company with group annual sales turnover of S$100 million or less, or group employment of up to 200 employees.
Apply Here >
Apply for the GCP Grant at www.businessgrants.gov.sg.
How to Apply >
Log on to the Business Grants Portal with your CorpPass to apply. Click here for a step-by-step guide.
Check out the FAQs if you are having problems with your applications.
Click here for full list of supportable activities.