A majority of investors have misconceptions about the type of funding available and the processes involved in acquiring funding. Here we dispel some of the most common ones:
1) Not Every Company/Project Qualifies for Funding
There are some key qualifying criteria that potential investors must fulfil in order for their company or project to be given due consideration by the relevant authorities:
a) Priority sectors
Generally, incentives are given based on the sectors being prioritised by the country and focus on projects or activities that fulfil several criteria, especially its contribution to the country’s economy.
b) Stable Financing
Potential investors must have stable financing support in place to support their company or project – the authorities are wary of companies/projects that are completely reliant on government hand-outs.
2) Approval of Incentives/Grants are Conditional
Most grants offered are usually “matching grants”. This approval is still subject to further investigation and auditing – it is not guaranteed that the authority will reimburse 100% of the amount requested for. The authority will only reimburse the said amount should the applicant meet all the stipulated criteria, and if the company’s spending falls within the qualifying criteria outlined in their initial proposal.
3) Different Types of Incentives/Grants
Investors are often confused or thrown off by the seeming overlap of funds, incentives and grants offered by the different government agencies and authorities. In reality, however, the type of assistance offered in each often differs. This is where it gets more confusing, as many investors spend a lot of time researching and running around to submit their application.
This is why it is important to engage specialized consultants like Crewstone International, to ensure that potential foreign domestic investors can experience a seamless journey, minimizing the challenges and pitfalls that they may face along the way.
We have the expertise to craft the investor’s project proposal to convey the right message to the authorities, advise them on the criteria that need to be met, and provide continuous support from the beginning until the implementation of the project is complete.
Our services also extend to Financial or Tax Auditing, such as the submission of accounts to the Inland Revenue Board or any other relevant Authorities. With the Goods and Services Tax (GST) being implemented come 2015, we also provide training and guidance on the different aspects involving the submission and application of GST.