What is the Co-Matching Scheme?

The Co-Matching Scheme is a fund to assist businesses with Starting Up or Expansion costs, up to a maximum of $20,000.

 

The business will “co-match” a minimum of 30% of the total project amount, with the remaining funded by DARe through the scheme, to a maximum of 70%.

There are 2 categories of Co-Matching Scheme:

1. Starting Up

  • Applicable for new businesses registered within (not more than) twelve (12) months

  • Targeted to assist in the starting up of innovative startups

  • DARe will fund 70% (up to B$10,000) of the total project cost

2. Expansion

  • Applicable for established businesses registered more than twelve (12) months

  • Targeted at businesses looking to expand their businesses to the next level i.e. to increase productivity, expand range of products or services or looking into expanding internationally

  • DARe will fund 70% (up to B$20,000) of the total project cost

What are the Eligible Expenses?

Businesses may apply for the Co Matching Scheme to help fund costs related to Starting Up or Expansion that promote business productivity and performance.

Eligible expenses include:

  1. Costs of obtaining license and certification

  2. Consultancy services to get certification

  3. Machine and equipment

  4. Marketing expenses

  5. Adoption of technology

 

Expenses not eligible under the Scheme include:

  1. Debts and liabilities

  2. Director’s fees and remuneration

  3. Manpower or personnel salary

  4. Renovation

  5. Rental

Who is eligible for the scheme?

To be eligible for the scheme, businesses/companies have to satisfy the following general eligibility criteria:

  • Must be registered and based in Brunei Darussalam (100% locally owned businesses by Citizens or Permanent Residents)

  • Product/services offered must be locally owned.

  • Must be able to match at least 30% of total project cost, with prior experience in securing investment considered to be advantageous.

1. Criteria for Starting Up

  • ​Must fall within definition of micro or small enterprises i.e. have fewer than 20 employees

  • Must be currently participating or accomplished one of DARe’s Bootcamp Programmes (e.g. Accelerate or Micro Bootcamp)

2. Criteria for Expansion

  • Must fall within the definition of micro, small or medium enterprises i.e. have fewer than 100 employees

  • Must practice proper book-keeping, and able to provide applicable financial records

  • For Sole Proprietorship or Partnership, businesses are strongly encouraged to convert the status of their existing business into Sendirian Berhad (Sdn Bhd)

How does it work?

  1. Complete Application Form & prepare all required documents

  2. Submit Application Form, Business Proposal and relevant documents to financing@dare.gov.bn or to Business Helpdesk, Design & Technology Building, Anggerek Desa Tech Park

  3. Screening of Applications to check for completeness and eligibility

  4. Evaluation of Proposals based on evaluation criteria – applicant may be called for interview if necessary

  5. Approval and signing of agreement for successful applications

  6. Disbursement & Monitoring of funds based on agreed milestones, up to a maximum 12-month duration.

The project/ activities funded under this scheme must be completed within a period of twelve (12) months.

 

Costs shall not be incurred before the approved funds are awarded and prior to the signing of the Terms and Conditions of Grant.

 

Once application is approved, funds will be disbursed to enable implementation of Starting up or Expansion project/ activities.

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