Encouraging The Existing and New SME – Singapore Government
The small and medium-scale industries in Singapore are up for various programmes and schemes that are available from 2013 to 2015. The budget allocated by the Singapore government has not only brought about many opportunities for entrepreneurs and business owners but also given hope to young talents who aim to make it big in business.
The Enterprise Development Centre
The Small and Medium Enterprise Centers, considered integrated epicenters for SMEs in Singapore, are established by the government to help entrepreneurs to easily access useful information. Through this, assistance via programmes, business advice from experts, and private consultants can easily be acquired. More so, these development centers aim to provide SMEs with access to the various schemes and grants made available by government agencies.
Capability Government Grant By SPRING
Streamlining all the schemes and assistance by the Government, SPRING introduced the Capability Development Grant. The grant aims to support SMEs in improving the productivity, as well as increasing the capability development efforts. The government also seeks to start an online portal so that the paperwork regarding the schemes and application is reduced. It will also give access to owners to fill the standard application forms online in a simplified way.
Encouraging SMEs through support
With more encouragement and support for SMEs, the government has decided to aid the renewal of COEs for 5 more years if the owners choose 5-year plan initially. Another is the Road Tax Rebate which is given to cut down on business cost. A 30% Road Tax Rebate will be granted on good vehicles, as well as passenger vehicles, buses, and taxis. Valid from July 2013, this rebate is expected to save $45 million for businesses in Singapore.
Additionally, the contribution in Central Provident Fund (CPF) and increase in the CPF contribution is restored. The middle-aged worker (aged 36) contribution to the CPF of the employee and employer earning less than $1,500 monthly will be restored. On the other hand, self-employed individuals will have raised Medisave contribution rates.
The goal of these small support and encouragement by the government to better the current situation of the SME sector. With more companies coming up and applying for Singapore Company Registration services, it is helping in the growth of Singapore Economy, employment of locals, as well as a promising collaboration with foreign traders to improve productivity, quality, as well as services in the future.
Need Company Registration Services in Singapore? Please Click: Company Registration in Singapore.