In every society, there are gaps to address - the rich-poor wealth disparity, non-inclusive employment opportunities for the ex-offenders, care for the disadvantaged elderly, enabling the disabled etc. Social enterprises exist to bridge these gaps, to create an impact on the society……. to make the world a better place for all to live in…..
There is currently no legal definition of the term “social enterprise” in Singapore. raiSE (Singapore Centre for Social Enterprise) is the membership body which provides validation and means to recognise social enterprises in Singapore. According to raiSE, social enterprises are business entities set up with clear social goals; and where there is clear management intent and resources allocated to fulfil their social objectives. Essentially, social enterprises are for-profit businesses set up with social objectives in mind, rather than profits for shareholders or owners. They are businesses which aim to create wealth with the purpose of creating positive social impact by solving social needs.
A social enterprise in Singapore can either be a sole-proprietorship, partnership or company. The key distinguishing feature of a social enterprise is its social mission. Other than the impact the social enterprise brings to the society, it is also a conduit used to fulfil the aspirations of individuals who are passionate about doing good and contributing to the bigger cause.
In Singapore, there is now a greater awareness of social enterprises according to a public perception survey released by raiSE and NUS Asia Centre for Social Entrepreneurship and Philanthropy in October 2016. A summary of their key findings is:
raiSE has a few initiatives (such as Venture For Good) set up to provide funding support to social enterprises. Grant calls are held twice annually where interested applicants can apply when the call is open.
Funding can also be obtained from regional philanthropy networks which support social enterprises.
Passionate about the social issues in both local and regional societies, we are a sincere and committed partner you can count on in achieving your social mission. Through you, we hope to create social impact which matters.
For new social enterprises, we assist you in your incorporation process, providing advices on the business structure and their suitability to your needs. Our incorporation package for company incorporation comes with a complimentary one-year company secretary professional fees worth S$608.
For existing social enterprises, we provide one-stop comprehensive services to assist you in both compliance and operational matters, from the mandatory filing requirements with ACRA (Accounting and Corporate Regulatory Authority) and IRAS (Inland Revenue Authority of Singapore) to the daily operational matters such as book-keeping, payroll and shared office space.
When grant calls are open, we assist you in the preparation of the financial projections based on your business proposal.