Giving back to the community to address any gaps in society is becoming increasingly common in Singapore. This trend is most definitely praise-worthy, as it shows that companies are not just in business to make profits, but to contribute to the larger society as well.
If you have been thinking of becoming a social enterprise and need advice on how to proceed, look no further.
In today’s article, we discuss the ways in which you can start your social enterprise journey.
Before becoming a social enterprise, it is crucial to know the distinction between a charitable organisation and a social enterprise. Charitable organisations are essentially non-profit organisations whereas social enterprises still target profits.
Established in 2015, raiSE is an organisation that helps to develop the social enterprise sector in Singapore. It provides advisory services, programs, training, and resources. They also provide financing options, capacity building, and mentorship for existing social enterprises to grow and ensure greater sustainability.
To encourage the growth of this sector, the Singapore government has set up provisions such as grants for social enterprises.
Some of the grants are listed below:
1. $20,000 grants for expansion to existing social enterprises as an early stage funding for pilot ideas
2. $100,000 in seed grants under Venture For Good (VFG) by the Singaporean Centre for Social Enterprise (raiSE)
3. $300,000 for social enterprises that train and employ disadvantaged Singaporeans under the ComCare Enterprise Fund (CEF)
4. $300,000 to new cooperatives under Central Cooperatives Fund
MNCs such as DBS are also actively promoting the Social Enterprise scene in Singapore. For example, the DBS-NUS Venture Challenge Asia is a start-up competition that supports new social ventures in Asia that have potential to generate measurable and sustainable social impact. Winners of the competition gained to win the prize money of $60,000 and participants could benefit from networking sessions with mentors and judges who have connections to regional partners such as Indonesia, India, and the Philippines.
To set up your social enterprise, you need to incorporate and structure a company according to the appropriate structure. This will enable your company to access the grants and schemes that are available to social enterprises. You may proceed to contact an experienced ACRA Filing Agent who can provide you with specific details and instructions.
If you’re interested to learn more of similar business strategies, tips and how to tackle common issues that many SMEs face, follow the H.E.R Entrepreneur Facebook page. We post weekly articles on a variety of business-related topics, and it’s completely free!
If there’s a particular topic that you would like us to talk about, please feel free to leave a comment below.