You can fulfill your dream of overseas expansion of your SME by applying for the Global Company Partnership (GCP)
The EDG or the Enterprise Development Grant will be introduced on October 25, 2018, to support businesses in upgrading their business capabilities, internationalization, and business capabilities. Enterprise Development Grant will replace the existing Global Company Partnership (GCP) Grant and Capability Development Grant (CDG).The companies should submit their GCP and CDG applications prior to October 24, 2018. If any business is interested to submit these two applications even after this deadline, they need to apply for EDG. There is a strong likelihood of a heavy surge in online traffic during the transition time period. So, it is suggested that businesses should complete and submit their application early and before the deadline. The global environment today is a highly competitive one, so a large number of businesses are expanding overseas. The idea of this initiative is to support the internationalization initiatives of able and willing companies in Singapore.
The Global Company Partnership (GCP) Grant can help the businesses to pay for their eligible expenses of the overseas expansion projects for manpower development, market access, as well as, capability building.
Making an entry into the new markets can be simpler when a business has the right kind of skills, knowledge, and capabilities. The initiative can help businesses in making the payments for engaging a 3rd party professional for developing strategies, which can expand their capabilities for expansion in the overseas market through the GCP or Global Company Partnership Grant.
SMEs or small and medium enterprises can get up to a maximum of 70 percent funding for eligible expenses while bigger business can receive up to a maximum of 50 percent funding support.
Development of manpower
It will be easier to break into a new market when a business has the right kind of skills, knowledge, and business capabilities. The Global Company Partnership (GCP) Grant can help the business in defraying the expenses of engaging a 3rd party professional for developing strategies to grow capabilities for their overseas expansion.
SMEs (Small and medium enterprises) will get a maximum of 70 percent funding for the eligible costs. On the other hand, bigger organizations will receive up to 50 percent funding support.
The kind of financial support a business can get Small and medium enterprises are entitled to get up to a maximum of 70 percent of their eligible expenses incurred to engage a 3rd party professional in building up relevant capabilities and is valid up to March 31, 2020.
Non-SMEs are eligible for up to 50 percent eligible expenses incurred while appointing a 3rd party professional in building up appropriate firm-level capabilities.
Eligibility for application
Any Singapore-based business with
- Competitive service or product
- Clear plan for internationalization
- Global aspirations
- Possibility of economic benefits for Singapore
- A business has to fulfill these criteria for being eligible for the Global Company Partnership (GCP) Grant
- Should have minimum paid-up capital of 50,000 USD
- Global headquarters to be anchored in Singapore
- Annual sales turnover should be a minimum of 500,000 USD based on the latest audited report.