Key Highlights of Singapore Budget 2021 for BusinessesDownload Now: FREE GST 2023 GuidebookDownload Now: FREE Employment Pass ChecklistDownload Now: Free Incorporation Checklist
Singapore 2021 Budget Statement delivered on 16 February 2021 by Deputy Prime Minister and Minister for Finance, Mr. Heng Swee Keat brought up quite a number of points on supporting local businesses. Here are the key highlights for businesses if you have missed out.
The purpose of these initiatives is to provide a swift response necessary after the economic aftermath of COVID19 on Singapore. Its theme, Emerging Together, is about aiming for a better future for all Singaporeans by providing access to better jobs and financially secure futures.
The government’s plan acknowledges the importance of all businesses but has created sector-specific packages targeting the arts, sports, and tourism.
- Tourism Development grants
- Arts & Culture Resilience Package that will go to the National Arts Council, and the Ministry of Culture, Community, and Youth
Other programmes include:
- Enterprise Financing Scheme (EFS): this helps business access crucial funds and raises quantum-supported debt levels to $8 million.
- Enterprise Development Grant (EDG): businesses can apply for these funds so they can work on internationalisation, productivity, and innovation.
Take a look at other prioritised areas
Emerging Together also looks at the importance of fostering local talent and equipping to understand their role in both the local and global economy. The programs aim to revitalize the post-COVID economy through initiatives such as:
- Senior worker and part-time worker grants that will provide credits to employers who hire workers who are 60+, as well as part-time workers.
- Wage-credit scheme that will increase worker pay through a small subsidy for raises through 2021.
- Incentives to increase jobs, such as a longer window of time so companies can hire locals in their area, tax credits for hiring ex-offenders, an increase in wage caps (from $5,000 to $6,000), and wage supports of up to 50% for hires with disabilities, of mature age, for up to 18 months.
Emerging Together also includes programmes intended to help businesses in Singapore harness and their creativity. The Singapore Intellectual Property Strategy 2030 is an example of such a programme, and includes a subset of initiatives, such as:
- Global Innovation Alliance (GIA), a programme that helps Singapore businesses collaborate with global leaders.
- Corporate Venture Launchpad (CVL), which provides funds for new business ventures.
These are only some of the ways the government of Singapore intends to help organisations get back on their feet. To this end, they’ve opened up SME Centres and Centres of Innovation to help you process applications, answer questions, and help you take advantage of all the programmes you may qualify for.