Company Registration Singapore Increases After Budget 2013
The Singapore government generously provide small and medium-scale industries with financial and strategic support. The measures benefitting the small and medium enterprises were announced in the Budget 2013 and have since created a positive outlook in the Singapore markets. The Budget included the implementation of policies and grants favoring the SME sector which comprise about 90% of the all businesses in the Republic. In fact, 70% of residents in Singapore are employed by SMEs which is instrumental in the city-state’s gross domestic product (GDP).
The programmes included the Wage Credit Scheme (WCS) which is intended for SMEs and their employees. Another effective scheme is the Productivity and Innovation Credit (PIC) which has vastly attracted small and medium scale industries to grow in terms of infrastructure and productivity.
Putting a spotlight on employment, innovation, productivity, expansion and the cooperation between well-established companies and foreign traders, the Budget has helped SMEs improve and grow. There has been an increase in the Company Registration in Singapore which can be seen as the effect of such programmes.
Another reason for the spike in company formation is the government’s dedication and initiatives in including the training of workers in new technologies, as well as giving them opportunities to get a raise in salary to improve the quality of their living. Access to financial help has also reached a new point where SMEs do not have to boggle down with low financial resources; rather the Government is collaborating with Asian Development Bank and the IE Singapore in expanding the capacity of the Trade Finance Programme, thus, SMEs stay hopeful and competitive despite in times of low liquidity.
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