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4 Things Businesses Need To Know About Singapore Budget 2019

4 Things Businesses Need To Know About Singapore Budget 2019

4 Things Businesses Need To Know About Singapore Budget 2019 560 280 Elite Biz Hub

Singapore Budget 2019 which was announced on 18 Feb 2019, which includes the revised government revenue and expenditure projections for the upcoming financial year.  Each new financial year begins on 1 April of every calendar year and ends on 31 March of the next calendar year.

The budget measures worth of SGD$1 billion was announced to help local business to build capabilities in depth through customised solutions. We have summarised the key takeaways for local businesses to take note, particularly in Productivity Growth, Internationalisation, Financial Support and Employment Matters.

1. Productivity Growth

Extended

Enterprise Development Grant (EDG)

  • Innovate and scaling up of business capabilities such as Brand and Marketing
  • Three-year extension (till 31 March 2023) of enhanced support level of up to 70%

Enhanced & Extended

Productivity Solutions Grant (PSG)

  • Access to easy-to-adopt IT solutions and equipment to enhance business processes
  • Support out-of-pocket training expenses, capped at $10,000
  • Three-year extension (till 31 March 2023) of enhanced support level of up to 70%

2. Internationalisation

Market Readiness Assistance (MRA)

  • Overseas market set-up: identification of overseas business partners, overseas market promotion, building internal capabilities, manpower development and gaining market access
  • Fund support of up to 70%

3. Financing Support

New

Enterprise Financing Scheme (EFS)

  • Financing support to meet business needs at every stage of growth
  • To launch in October 2019

The six financing areas:

  • Working capital
  • Fixed assets
  • Trade
  • Venture debt
  • Mergers and acquisitions
  • Projects

Internationalisation Finance Scheme (IFS)

  • Assist businesses to venture abroad and are in need of financing facility
  • Access up to S$30 million in credit facilities

Internationalisation Finance Scheme (IFS) – Non-Recourse

  • Assist businesses to participate in more regional small-scale infrastructure project opportunities
  • Post-construction phase only

Extended

SME Working Capital Loan

  • SME Working Capital Loan will be folded into the EFS
  • Extended for another two years till 31 March 2021

4. Jobs and Skills

SkillsFuture Earn and Learn Programme (ELP)

  • Work-learn programme for Institute of Technical Education (ITE) and Polytechnic fresh graduates

SkillsFuture Leadership Development Initiative (LDI)

  • Develop leadership competencies and critical experiences for the next generation

SkillsFuture Work-Learn Boot Camp (WLB)

  • Equip fresh graduates and mid-career individuals with behavioural and technical skills

Productivity-Max (P-Max)

  • Funding support to better recruit and retain professionals, managers, executives and technicians (PMETs)

Wage Credit Scheme (WCS)

  • Co-funding scheme for qualifying wage increases for Singaporean employees
  • Gross monthly income of up to $4,000
Overview of Singapore Budget 2019 to Support Businesses
Overview of Singapore Budget 2019 to Support Businesses

In closing, Singapore Businesses must press on with transformation in order to ride the wave of change evolved by technological developments and demographic shifts. For more information on how our government supports the local businesses in their transformation efforts, read more about Budget FY2019.

Elite Biz Hub is proud to support the above programmes and initiatives. Talk to us on how we can support your transformation roles in your business.

Together, we build a brighter future.