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The Reaction Of SMEs Over The Policies In Budget 2013

The Budget 2013 has brought about significant changes in the small and medium enterprises  sector. The policies implemented over the year generated positive sentiment from entrepreneurs. With the apparent support of the government to helping SME become productive and competitive, many business owners showed encouragement for new  company registration Singapore. SME centers have become an integral resource for small-scale industries and became a respite for entrepreneurs who need expert advice in improving business processes.

Trade and commerce associations working for small-scale industries seek to collaborate with major industries to raise the yield and form a strategy that helps businesses grow despite the hurdles. The association has also got along management gurus, strategic planning experts and those from the financial background to guide new and existing SMEs to help their business and improve the yield.

With the PIC Bonus scheme, entrepreneurs can be encouraged to set up an innovative business through research and development support from the government. The government supports these activities financially and therefore boosting and motivating the owners to help enterprising individuals.

The increase in the number of company formation may also be attributed to the efforts of the Singapore government to support enterprises after setting up. The tax incentives and benefits for the term 2013 – 2015 are able to help new entrants save their finances for more gainful areas of their business. Rebates in road tax led to companies spending less on regular transportation requirements of the business. Such programmes assisted SMEs to improve their productivity and invest in raising the quality of the human resource. With such policies, there has been an increase in business formation in Singapore.

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