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Tips and guide to setting up a social enterprise in Singapore

Passionate about a social cause? Or perhaps ready to take action and shed light on injustices? 

If you are keen to extend a hand to the marginalised in society by setting up a social enterprise but you are unsure of how to do so, the following few tips will come in handy.

 

1. Decide on a focus group you want to support

You may have many areas of interest, but it is necessary to narrow your focus down to a target audience. Knowing who you truly want to serve will make it easier to develop strategies that tend to the target audience’s specific needs. You will better allocate resources to maximise efficiency, and targeted campaigns will instil greater confidence in others towards your social enterprise.

 

2. Clear social goals: Take time to think about your vision, motto and aim

Why did you choose this target group? What change do you want to see? What is the hope that you have by embarking on this journey? What fundamental values do you think are essential to tide you over good times and bad?

 

3. Where to seek advice? raiSE.

Suppose you wish to seek advice or training with regards to setting up your social enterprise. In that case, the Singapore Centre for Social Enterprise (raiSE) was founded to grow the social enterprise sector in Singapore. Any queries or support required are likely to be met through raiSE.

 

4. Grants are available for social enterprises.

The following are grants introduced by the Singapore government to aid social enterprises:

  • Venture For Good by raiSE: $100,000 in seed grants
  • Early-stage funding for pilot ideas: $20,000 grants for expansion to existing social enterprises
  • ComCare Enterprise Fund: $300,000 for social enterprises that train and employ disadvantaged Singaporeans
  • Central Cooperatives Fund: $300,000 for new cooperatives

 

5. Incorporation of company

The final step after you have considered the above is to register your social enterprise with ACRA. Social enterprises have a share capital structure thus are companies limited by shares. You may wish to check out An exclusive guide: Incorporation of companies in Singapore that takes you through how to incorporate a company.

 

You have read all these but are still confused with how to set up a social enterprise?

Let us help you with that! Please leave us a message to connect with our skilled and experienced team at TnB. 

 

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