FAQ, - THE BUSINESS TIMES

FAQ

About the Awards

1. How long has the Award been established?

The Emerging Enterprise Award was inaugurated in 2008, and the Emerging Enterprise Sustainability Award was inaugurated in 2023.

2. Who can participate in the Award?

The Emerging Enterprise Award and Emerging Enterprise Sustainability Award are open to all businesses who satisfy the Eligibility 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
Emerging Enterprise Sustainability 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

Recognises emerging enterprises that demonstrate an enterprising mindset. These are businesses that drive consistent, significant and sustainable growth, resulting in excellent business performance, while displaying the ability to scale and expand overseas.

Up to 3 winners will each receive:

From OCBC: a two-year, interest-free term loan of up to S$200,000 (or local currency equivalent, as set out in the terms and conditions);
From The Business Times: Media publicity (print, digital, social media, radio, and podcasts) for Singapore and the region; and
From RSM: "Consulting Package for Growing Businesses" worth S$15,000.

Most Promising Startup – up to 1 winner will each receive:

From OCBC: a two-year, interest-free term loan of up to S$100,000 (or local currency equivalent, as set out in the terms and conditions); and
From The Business Times: Media publicity (print, digital, social media, radio, and podcasts) for Singapore and the region

Emerging Enterprise Sustainability Award

Honours businesses that prioritise sustainability, utilise technology and innovative solutions for a low-carbon future, and capitalise on green-economy growth opportunities.

Up to 3 winners will each receive:

From OCBC: a two-year, interest-free term loan of up to S$200,000 (or local currency equivalent, as set out in the terms and conditions); and
From The Business Times: Media publicity (print, digital, social media, radio, and podcasts) for Singapore and the region
From RSM: "Consulting Package for Growing Businesses" worth S$15,000.

Most Promising Sustainability Startup – up to 1 winner will each receive:

From OCBC: a two-year, interest-free term loan of up to S$100,000 (or local currency equivalent, as set out in the terms and conditions); and
From The Business Times: Media publicity (print, digital, social media, radio, and podcasts) for Singapore and the region

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

OCBC

Terms and conditions of the loan prize:
a. The term loan is an unsecured facility of:

Up to S$200,000 for recipients of the Emerging Enterprise Award and the Emerging Enterprise Sustainability Award.
Up to S$100,000 for recipients of the Most Promising Startup Emerging Enterprise Award and Most Promising Sustainability Startup Emerging Enterprise Sustainability Award.

b. The loan shall be interest-free for 24 months from the date of loan disbursement.
c. No interest, processing and annual fees will be charged for 24 months from the date of loan disbursement.
d. Disbursement of the term loan shall only be made into a business account with OCBC Bank or the relevant OCBC Subsidiary
e. if the winner of the relevant Award is not incorporated or formed in Singapore, Malaysia, Indonesia and/or Hong Kong, they must incorporate a subsidiary (if the winner is a company or an LLP), establish a partnership (if the winner is a partnership) or establish a sole proprietorship (if the winner is a sole proprietorship) in any of these countries to receive the term loan
f. Full terms and conditions is reflected in the application form.

RSM

Terms and conditions of the RSM Consulting Package for Growing Businesses prize:
a. The Consulting Package will only be provided to companies that receive the Emerging Enterprise Award and Emerging Enterprise Sustainability Award, excluding any related companies or group of companies.
b. Redemption of the prize shall not be applicable for assurance, tax advisory and valuation advisory services.
c. The prize is non-transferrable, not exchangeable for cash, and must be utilised within six months of the award.
d. Acceptance of any engagement by RSM, pursuant to the Consulting Package, is subject to the winner companies complying with RSM’s internal requirements on client acceptance procedures.

These terms and conditions shall be governed by the laws of Singapore. The courts of Singapore shall have exclusive jurisdiction to settle any dispute, controversy or claim arising from or in connection with these terms and conditions and/or the Emerging Enterprise Award and Emerging Enterprise Sustainability Award

Shortlisting Stage

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

The shortlisted applicants will be notified by email and phone by mid August 2025.

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

Applicants shortlisted for the Emerging Enteprise Award and Emerging Enterprise Sustainability Award will undergo a rigorous 2-part judging process: Site visits (physical for all Singapore applicants and/or virtual site visit for other Asia applicants) as well as live judging for applicants to present their business model, products and services to our esteemed panel of judges.

The carefully selected expert judging panel will review entries based on the criteria set within each category, whilst also applying 3 key principles:

Results and performance metrics
Measurable evidence of innovation, impact and scalability, with demonstrable, long-term commitment to a sustainable transformation
Relevant award category criteria

3. How are the applicants shortlisted?

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

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

Only semi finalists and 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 projections 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?

The application form must be accompanied by financial statements for the last two financial years† and the business must fulfil the following criteria:

Years of business operation
Up to 10 years (Up to 3 years of business operations for Most Promising Startup Award and Most Promising Sustainability Startup Award)

Business incorporation
Registered either as a Sole Proprietor, Partnership, Limited Partnership, Limited Liability Partnership, or Private Limited. Not applicable to listed company, lending institution or the lender's affiliates.

Note: For applicants from Indonesia, your business must be registered either as a Limited Liability Company (Perseroan Terbatas or PT) or Limited Liability Partnership (Commanditaire Vennonntschap or CV)

Local Shareholding
At least 30% ordinary shares (directly/ indirectly) held by individuals who are citizens or Permanent Residents (PRs).

Annual sales turnover as of the last financial year
Up to SGD 20 million or local currency equivalent

Business profile
Have a business profile that is filed with your country’s official regulator of business entities, examples:
• Singapore: Business profile with Accounting and Corporate Regulatory Authority (ACRA)
• Malaysia: Business profile with Companies Commission of Malaysia (CCM) or Suruhanjaya Syarikat Malaysia (SSM)
• Indonesia: Company Registration Certificate (TDP) or NIB or Trading Business License (SIUP) or similar document
• Hong Kong: Certificate of Incorporation or Business Registration Certificate

Financial documentation
Latest financial statements for the last two financial years, including management statements.

†For businesses that have only 1 year of operation, financial statements can be for the prior or current year, whichever is available.

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

Yes, we will accept accounts that are no longer than six 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) and it should not be relied upon as such. The Award Organiser (including without limitation OCBC) 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) 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 hereby disclaims liability for any information, materials, products or services posted or offered on the website of the Third Parties. Further, OCBC 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 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.