Trade Credit Insurance (TCI) is an insurance protection that your company can purchase to protect itself against non-payment by your buyers, allowing you to acquire new customers with greater confidence.
The Trade Credit Insurance Scheme (TCIS) defrays the cost of insurance for companies by supporting part of the minimum premium payable.
If your company qualifies, Enterprise Singapore can support up to 50% of the minimum insurance premium for TCI policies provided commercially by Singapore-registered credit insurers. This is subject to a maximum lifetime support of S$100,000 per qualifying Applicant Company.
Your company needs to fulfil the following criteria:
Approach a Singapore-registered TCIS broker/insurer to structure and purchase your TCI policy.
Should your company qualify for support under TCIS, the broker or insurer will assist you in the submission of your application for TCIS premium support to Enterprise Singapore.
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1 Global headquarters refer to global management control and decision making functions are based in Singapore. Indicators include global C-suite executives being based in Singapore; board meetings being held in Singapore, etc.
* Support under TCIS will be up to the qualifying Applicant Company’s portion of minimum premium for the TCI Policy.