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The Struggle Of Setting Up A New Company in Singapore

Any entrepreneur can relate to the hardships and an enormous amount of work involved in setting up a new company. From issues ranging from financing and investments to hiring the right staff to taking advantage of programmes and incentives offered by government agencies and more – undoubtedly, there is a lot of work that has to be put in.  The Singapore government announced in its Budget of 2013 plans to help support the Small and Medium Enterprises (SMEs). Company formation in Singapore has gotten a lot easier with the new aid that the government plans to funnel into the system.  Entrepreneurs can expect help in different areas ranging from an increased collaboration with large organisations or even more established SMEs to produce a more conducive work environment.

Plans Put Forward By The Government

– In order to promote the employment of local talent, the levies and wages when hiring foreign workers have been increased. This will help in bringing about a better development of the local area and working conditions.

– The government plans to encourage the companies to innovate and design new products by introducing cash back schemes and tax rebates for companies that release new and innovative products.

– Introducing the Productivity and Innovation Credit (PIC) bonus that helps repay the companies the money that they spend on productivity activities.

– Introduce wage schemes that help the local workers to get an increase in their wages thus giving them a better incentive to work.

Company Setup Singapore

These new methods adopted by the government to help the Small and Medium Enterprises to make better use of their resources and establish themselves in the market easily has been welcomed by many as a good change. Furthermore, they can make use of the enhanced Partnership for Capability Transformation (PACT) scheme to help share their knowledge with the well-established SMEs and thus, inspire co-innovation and come up with combined research for testing and developing new products. These measures seek to help in the globalization of their products and also push their products further into the market.

Generally, these schemes help new companies to capitalize on opportunities that help the nation in the long run by contributing to the economic output. Another programme that can be taken advantage by entrepreneurs seeking to penetrate the market is the Market Readiness Grant which can be used for researching new opportunities or consulting with market experts.

In order to attract a stronger local talent pool, the government has launched several programmes that encourage students and graduates from the  ITE or Polytechnic by providing training, offering job opportunities upon completion of the programme. They are given good training in the field and better exposure in the SME sector. The board that heads and leads this programme is the Ministry of Trade and Industry (MTI) Singapore, who along with other government representatives strive to help the new companies get a head-start in the competitive market by providing them many incentives and opportunities. All this comes from the realization that the new companies form the backbone of the economic output in Singapore and employ a good majority of the local population. Helping them achieve stability is a good measure to ensure economic and social development of the nation.

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