The Impact On Business In Singapore After The Announcement Of SME Policy
The recent policies announced by the government has affected the stock market in a positive way. While the grants and schemes for financial support as well innovation and research initiated by the government proved to be helpful in improving the small and medium enterprises, let us see how these policies are affecting the business in Singapore:
1. Financial support to increase salary: Among the common predicament of small-scale enterprises is managing and allocating human and financial resources. In order to address this, the government provides financial support that allows more employees to progress in terms of wage. Since more money will trickle down and will come in the market and it will help the employee manage funds, the government’s aid is certainly helping small scale industries and putting money in rotation.
2. Economic boost: The stock market has shown positive sentiment and a rise in the share of industrial companies following the policies recently implemented by the government. While the policies are still valid until 2015, they have generated good response and support from small-scale industries. From support like forming an association to helping the SMEs resolve their issues, to helping them take up latest technology and improve their produce, the schemes are really applauded in the industrial sector.
3. More business formation: The policies and schemes that advocate SMEs made these enterprises grow in terms of infrastructure and improved business operations. Such schemes have given a rise to more enterprising individuals forming businesses revolving around technological advancement, use of the technology, consulting, financial advising and creating strategies for major industries. With active support from the government, there is a rise in company registration Singapore along with consulting firms helping small scale companies establish their presence in the region.
4. Collaboration helping business abroad: In Singapore, small-scale enterprises comprise 70% of all businesses in the city-state. The majority of these enterprises found opportunities to expand operations overseas which is instrumental in helping the Singapore economy.
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