FAQ

About the Award

1. How long has the Award been established?

The award was inaugurated in 2008.


2. Who can participate in the Award?

The Award is open to all local SMEs who satisfy the Award’s Qualifying Criteria


3. Can past participants apply?

Yes, past participants can apply. However, if the company was a previous winner of any of the award categories (that is, the Emerging Enterprise Award or the Best Innovation Award or the Most Promising Startup Award), they will then not be eligible to apply for this year’s award.

 
4. What are the Award categories?
They are:
Emerging Enterprise Award
Best Innovation Award
Most Promising Startup Award


5. Do I apply for a specific Award category? When will I know the results?

You do not need to apply for a specific Award category. All applications will be reviewed by the official Auditor RSM, and shortlisted companies will be evaluated by the judging panel. 

The top finalists will be interviewed and evaluated further on the Judging Day. The winners of the sub-categories will be selected during the Judging Day. The results will only be announced at the Awards Ceremony Gala Dinner.


Winners & Prizes

1. How many winners will there be, and what can each winner receive?

Emerging Enterprise Award

Up to three businesses stand to walk away with the following: 

  • An interest-free OCBC Business Overdraft facility worth S$200,000 per winner.
  • Mastercard Prize worth S$50,000 per winner ($20,000 credit in the OCBC Business Debit Card and a Mastercard Priceless Experiences travel package worth S$30,000)
  • Open enrolment programme from INSEAD worth S$30,000 per winner
  • Consulting package for Growing Businesses from RSM worth S$30,000 per winner
  • Capability Development support from SPRING Singapore

Best Innovation Award

Up to two businesses stand to receive the following: 

  • An interest-free OCBC Business Overdraft facility worth S$50,000 per winner
  • Information and Communication Technology business solutions package from Singtel worth up to S$30,000 per winner

Most Promising Startup Award
One business stands to receive a digital consulting package from Maxus worth S$30,000.


2. What are the terms and conditions of the prizes?

Click here to view the details of the respective prizes’ terms and conditions.

Shortlisting Stage

1. How will I know if I have been shortlisted?

The shortlisted applicants will be notified by email and phone by end June.


2. If I am shortlisted, what will I be required to do?

The Emerging Enterprise (EE) site visit committee will make arrangements to visit the shortlisted applicants to gain a better and more in-depth understanding of the business. There will be a second round of shortlisting done, where the top finalists will be shortlisted. These finalists will be required to attend a briefing session, and present their business plans to the panel of judges on the judging day. The organisers will provide more information to all shortlisted finalists.


3. How are the applicants shortlisted?

Shortlisting is based on the qualifying criteria and assessments by the judging panel.


4. Do I need to indicate which award category that I am applying for?

There is no need as the evaluation will be conducted by the judging panel.


 
5. Are all shortlisted businesses given publicity in The Business Times?

Only the top finalists will be featured in The Business Times.

 


Documentation

1. Will the submitted documents be kept confidential?

Access to the submitted documents and information is kept strictly to the Award organizing committee comprising key members of the Sponsors, and the panel of judges. They are used solely for judging and reference purposes and will be kept strictly confidential.


2. What kind of financial documents do I need to submit?

You need to submit financial statements of the last two years. For businesses that have only been in operation for a year, the financial statements required will be for the prior or current year. If you do not have a year's worth of financial statements, then the latest management accounts will suffice.

 

3. Are financial projections taken into account when shortlisting the entities?

Financial projection will be taken into consideration. Shortlisting will also be based on the business owner’s or management team’s justification on how he/she/they is/are going to achieve the plans and if the projections are achievable.
 

4. Do I have to submit any supporting documents with the application form?

All applications must be accompanied with:

  1. A copy of the business profile from ACRA,
  2. Latest financial statements for the last two financial years (for businesses with only 1 year of operation, note that the financial statements can be for the prior/current year, whichever is available),
  3. Latest management accounts (including the income statement and balance sheet). 
  4. For those with corporate shareholder(s), please ensure that the following are included in the application:
  • A copy of the business profile from ACRA of the ultimate corporate shareholder.
  • Turnover (Current and Previous Financial Year) of the ultimate corporate shareholder
  • Number of employees of the ultimate corporate shareholder


5. If the management accounts are not up to date, is it still acceptable?

Yes, we will accept accounts that are no longer than 6 months old.

 


Disclaimer:
No representation or warranty whatsoever (including without limitation any representation or warranty as to accuracy, usefulness, adequacy, timeliness or completeness) in respect of any information (including without limitation any statement, figures, opinion, view or estimate) provided herein is given by the Award Organiser (including without limitation OCBC Bank) and it should not be relied upon as such. The Award Organiser (including without limitation OCBC Bank) does not undertake an obligation to update the information or to correct any inaccuracy that may become apparent at a later time. 

All information presented is subject to change without notice. The Award Organiser (including without limitation OCBC Bank) shall not be responsible or liable for any loss or damage whatsoever arising directly/indirectly howsoever in connection with or as a result of any person acting on any information provided herein. 

In this FAQ, there may be references to links or hyperlinks which link you to websites of other third parties (the “Third Parties”). OCBC Bank hereby disclaims liability for any information, materials, products or services posted or offered on the website of the Third Parties. Further, OCBC Bank is not responsible for and makes no representations or warranties in respect of the Third Parties’ websites, nor in respect of any products, services or information provided by such Third Parties. 

OCBC Bank shall not be responsible or liable for any damage, loss, liability, expense or other consequences suffered or incurred by you, including without limitation, direct, indirect, special or consequential damage or economic loss, arising from or in connection with your access to the Third Parties’ websites.

 

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