Now Setting Small Scale Industry In Singapore Is Easy
If you are planning to start a small or medium enterprise in Singapore, now is a good time. With the implementation of government grants, schemes, and policies announced in the Budget 2013 that are supportive of SMEs in terms of funding, productivity, innovation, and research. More so, the government seeks to address the prevalent issues faced by the SME sector while also focusing on empowering the Singaporean workforce through job creation, financial assistance and such.
Manpower issues are one of the common roadblocks for SMEs. To address this, the foreign worker policy has been tightened by the government just to ensure Singaporeans are given more employment opportunities. The government allocated a considerable amount to provide support to local employees who are earning a gross monthly wage of $4,000 or below through the Wage Credit Scheme (WCS). The scheme encourages companies to share their productivity gains with their employees and ease the rising cost of manpower in Singapore’s tight labour market.
The government also promotes collaboration of small-scale industries with large organisations in projects involving innovation, knowledge transfer, test-bedding, technology, and applying best practices through the Partnerships for Capability Transformation (PACT). A proponent of innovation and co-innovation, the PACT Programme seeks to benefit LOs, SMEs, and start-ups. The manner in which SMEs and start-ups can benefit from the initiative is apparent—they can gain knowledge, expert advice, and support from more established enterprises.
With the plethora of programmes and schemes introduced and implemented by the government in the Budget 2013, SMEs should take advantage of the initiatives that is most helpful to them. These are also especially helpful in inspiring more enterprising individuals to come forward, start a business and get support from the government in order to operate and grow successfully. To those who are interested in registering a Singapore company, the process is eased and straightforward. Complete requirements must be furnished and the registration process requires a certain fee.
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