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Support For The Small And Medium Enterprises – Impact On Singapore Economy

The Budget 2013 has sparked discussions on the impacts it would make in the economy of Singapore. With small and medium enterprises making up the majority of businesses in the city-state, developing and strengthening the sector has been a focus of policies, programmes, and schemes.

SMEs in Singapore experience issues from lack of funding, manpower concerns, productivity issues, and seeking opportunities for innovation, research, and growth. Limitations in terms of resources and yield consistently hinder SMEs to put more effort and initiatives into activities such as research, technological advancement and recruitment. However, with the consistent government support, SMEs are able to hire skilled local employees, raise salaries of employees to improve workforce quality of life and performance, and overall just improving business productivity.

The Productivity and Innovation Credit (PIC) Bonus is one such programme that seeks to improve the SME sector. The PIC Bonus provides a dollar-for-dollar matching scheme for qualified enterprises that invest in employee training, acquisition/leasing of PIC IT and automation equipment, intellectual property rights acquisition and licensure, R&D (research and development) initiatives, and patent, trademarks, designs, plant varieties registration. The fund support cap is at $15,000. Successful applicants can easily upgrade and improve their business productivity and processes through the scheme.

Another focus of the government is addressing workforce employment woes. There are launched schemes that encourage polytechnic and graduate students to participate in talent hunt programmes seeking to inculcate a business sense in the youth. With the aim of inspiring students to come forward and pursue entrepreneurship, the government provides employment opportunities, scholarships and internships with small scale companies.

A recent programme that has been received well by many business owners is the formation of small scale centres where they can meet, discuss, consult business experts and get to meet bigger players in the market. These one-stop integrated centre for SME is definitely a strong point as to why there is an increase in Company Formation Singapore.

In a nutshell, uplifting the state of the SME sector positively impacts the economy in terms creating more employment opportunities for Singaporeans and increasing economic output. An advantage for anyone interested in setting up a business in the city-state is the ease of registering. With complete requirements, the incorporation process can only take a day. Helping entrepreneurs set up straightforwardly and providing assistance as they operate and grow not only boosts the sector but also Singapore’s population and the economy as a whole.

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