Singapore SME 500 Award - Frequently Asked Questions (FAQ)
Frequently Asked Questions - Singapore SME 500 Award
1. We received a Singapore SME 500 Award Pre-Qualification Email. How did we pre-qualify?
If you have received the Singapore SME 500 Award Pre-Qualification email, this indicates that the Singapore SME 500 Assessment Committee has conducted its background checks and clearance for your organization and your organization is deemed qualified to proceed with the Singapore SME 500 Award registration.
Information for suitable candidates under the Singapore SME 500 Award may be provided to the Association of Trade & Commerce (Singapore) via multiple channels, Namely -
A. Partners Portal
Where supporting partners of the Association will submit key information of candidates to be reviewed and assessed for its pre-qualification status.
B. Nomination Portal
Where individuals can submit key information containing the merits of the organization to be considered under the Singapore SME 500 Award.
2. I have received the Pre-Qualification email. Does that means that i am being awarded?
By receiving the Pre-Qualification email, it does not indicate that you are being awarded the Singapore SME 500 Award.
You will be required to submit your Singapore SME 500 Award application via the eApplication Portal. The Pre-Qualification email indicates that your organisation has been reviewed and is cleared for application under the Singapore SME 500 Award. You will be provided with prioritized application process in such instance.
3. What are the areas of consideration and assessment for the Singapore SME 500 Award?
The Singapore SME 500 Award - Assessment Committee validates applicants through 2 areas, namely Quantitative and Qualitative aspects. Apart from financials and business liquidity ratio, the assessment committee assess each applicant on its corporate policies, trading practies and compliances in its operating years.
For more information on the qualifying criteria, you may click here.
4. What are the referencing / supporting documents to be submitted?
As criteria and awarded status are dependent on the assessment conducted with the respective supporting agencies and boards, provision of referencing / supporting documents are optional. You may choose to submit any accompanying documents for the assessment unit to conduct further references and/or to further support your application.
In an event where additional document(s) are required, the assessment officer will contact you to gather the additional documents for review and/or to conduct a site visit at your business premise.
You may submit the following referencing / supporting documents:
1. ACRA Business Profile (not more than 3 months old)
2. Company's M&A (for private limited company)
3. Latest 2 Years Financial Report (Profilt & Loss Statement, Balance Sheet)
4. Detailed Corporate Profile with Organizational Chart
5. Upcoming 3 Years Corporate Work & Expansion Plans
6. Latest 3 Contracts of Major Clients (with contact information for verification)
7. Testimonial from 3 Clients
8. Latest 2 Years Contributions to the Public / Industry
9. Other Certification & Recognition
10. Photograph of Business Premise (External)
11. Photograph of Business Premise (Internal)
Do note that filing of documents are to be done via BusinessPortal@ATC -> My Applications.
IMPORTANT: Do note that documents submitted are for referencing purposes only. The assessment unit shall conducted the necessary background checks, verifications and assessments with the respective boards.
5. Is a site visit mandatory to be conducted?
A site visit may be called upon for further verification of applicant's business operations, premise and validity. From time to time, the assessment committee may appoint an officer to be in touch with you for a schedule of site visit.
During the site visit, a short interview may be requested and collection of any documents in support of your application.
6. How do i submit my referencing documents?
Effective from 30 March 2020, all applicants are required to file their support documents via BusinessPortal@ATC. Upon registering for the Singapore SME 500 Award, you will receive an email notification containing your BusinessPortal@ATC Login information. You may proceed to login and select your application to commence filing of your supporting documents.
7. What is the process after i have submitted my documents?
After receiving your completed set of supporting documents, the Singapore SME 500 Award - Assessment Committee will be reviewing and conduct final verifications of your application. During which, you may be contacted via phone or email to provide additional information or supporting documents for your application. The processing lead time is approximately 7 working days. You will receive an email notification containing your application status.
You may track your application status via BusinessPortal@ATC.
8. How do i access the Award Winner's Welcome Kit? What's included in it?
After your application has been approved, the Singapore SME 500 Award - Certification Unit will be preparing Award Winner's Welcome Kit which is accessible via your BusinessPortal@ATC Account -> My National Recognition. You will be notified of your access to the welcome kit via email.
The welcome kit includes:
- Singapore SME 500 Award eCertificate
- Letter of Award Conferement
- Authorised Trademark Usage
You may proceed to download and publicize your welcome kit upon successful download.
9. I understand that there is a payment of S$ 1,979.50 to be made if my application is successful; May i know what is it for?
The payment of S$ 1,979.50 is for the Award Winner's Exclusive that includes your Welcome Kit, Award Presentation Ceremony and Entitlements.
Please note that if your application is in Pending / Assessment status, please DO NOT issue any payments to the Association. Payment is only applicable for successful applicants that have been conferred the Singapore SME 500 Award. Applicants that have been awarded the Singapore SME 500 Award will be notified via email and SMS.
As the Association of Trade & Commerce (Singapore) endeavours its effort in cost absorption, the payment of S$ 1979.50 is used to defray applicable ceremonial and event cost for the Singapore SME 500 Award.
10. Can i submit an appeal or re-submit an application if my application is being rejected after assessment?
We regret to inform that appeal or re-submission of rejected applications are prohibited. Applications are being assessed and reviewed thoroughly prior to releasing of your application status. In an event where you application is rejected, it may be in view of criteria that is/are not being fulfiled or you have failed your assessment.
Rejected applicants are advised to rework your corporate / financial policies and to submit for assessment in the next segment.
11. Complimentary ATC Membership till 31 Dec 2022 for Successful Applicants.
In view of the COVID-19 pandemic that has affected Singapore's Economy, the Association of Trade & Commerce (Singapore) shall be providing all successful applicants of the Singapore SME 500 Award a complimentary ATC Membership till 31 December 2022. This will allow successful applicants to be onboard the members programme and to take advantage of available resources and facilities to enhance their business continuity efforts.
12. Is there any subscription or renewal fees for the Singapore SME 500 Award?
There is NO subscription or renewal fees to be paid for the Singapore SME 500 Award. As the Singapore SME 500 Award is a recognition programme, conferred applicants are entitled to utilize media and trademarks for conferred year of application without any subscription or renewal fees.
12. Is there a registration fee imposed for application?
There is NO registration fee for an application under the Singapore SME 500 Award.
Approved and awarded recipients will be required to take up the Singapore SME 500 Award Winner's Exclusive that comprises of the respective award entitlements and coverages. In an event where the applicant has completed its assessment and has been notified of its approved and awarded status, but has decided to withdraw from the Singapore SME 500 Award, a withdrawal fee of S$ 342.40 will be imposed for withdrawal.