Know More About The Measures Initiated By The Government For The Development Of SME Sector
Small and medium enterprises (SMEs) largely contribute to Singapore’s economic growth. Not only are SMEs instrumental in increasing productivity but also in boosting the export sector. The government recognises the importance of SMEs in sustaining economic growth and actively encourages more investors to consider Company Formation In Singapore. Moreso, the government provides numerous funding and support schemes.
New SMEs are encouraged to collaborate with more established key players is encouraged to guide and assess newer businesses.
Importance of SMEs
The government actively supports SMEs. SMEs in Singapore face many different predicaments. One of the most common problems is the lack of skilled manpower which directly affects the business and the sector’s productivity. To alleviate this, the government came up with Talent Assistance Programmes that allows SMEs to hire talented young talents. Addressing yet another prevalent concern, SPRING Singapore has launched a number of programmes and schemes that aim to help SMEs improve capabilities and encourage them to produce innovative products and services. One such project is the Capability Development Grant which is a financial assistance programme that helps SMEs develop ten (10) areas of capability including the adoption of technology, training of staff, and expansion overseas.
To maintain a healthy and creative status, the SMEs are treated with Talent Assistance Programmes which enables them to hire young, qualified talents. SME Talent Programmes target the ITE and Polytechnic students to help the SMEs to attract and recruit local talents directly after graduation. This will be instrumental in bridging the constant need for a productive workforce.
SMEs are given the opportunity to expand their business overseas and achieve success globally. The Government continues to support the SME’s that would help Singapore to grow as a developed nation. The Government and SPRING Singapore has helped SME’s to improve their capabilities to produce innovative products and services. The SPRING Singapore has simplified the various programmes into a single Capability Development Grant as this makes it easier for the SMEs to look for a single programme.
Meantime, SMEs that require assistance in critical business issues can approach Enterprise Development Centre for assistance. The Enterprise Development Centre will later on be turned into SME Centre, an online portal of information and services helping SMEs access information and technical assistance.
The support of the government in helping SMEs achieve service excellence and improve standards is apparent. From helping entrepreneurs improve business innovation and product design to helping SMEs develop financial resilience through financial management issues. For the Formation of Companies in Singapore, there are also assistance schemes at the ground level.
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