The engine of the Singapore economy is the Small and Medium Enterprises (SMEs). According to SPRING Singapore, SMEs account for over 90% of all enterprises. They contribute to 60% of the total value-added in the economy and employ seven out of 10 of the country’s workforce.
The Government extends assistance to SMEs with over 200 grants and schemes from various statutory bodies. The goal is to help SMEs compete in the global economy by increasing productivity and upgrading their operations. The assistance schemes also go towards helping SMEs protect their intellectual property and venture abroad.
The Government offers loans, grants, tax incentives, equity financing and non-financial assistance to assist entrepreneurs, start-ups and established companies grow their business locally and internationally.
Loans: Purchase fixed assets, finance rental of office space, expand your business and get capital for your company’s daily operations
Grants: Get funding for skills, innovation and productivity related projects, develop new products, increase business capabilities, embark on R&D, protect your intellectual property, expand overseas, etc.
Tax Incentives: Enjoy tax deductions through various tax incentives
Equity Financing: Raise funds for company activities by selling common or preferred stocks to individual or institutional investors through dollar-matching and co-investment schemes
Non-financial Assistance: Apart from financial support, there are self-help toolkits developed by government and institutional bodies and a list of subsidised services relating to business premises, operations and training.
According to government figures released, in 2011, more than 3,900 SMEs upgraded their capabilities, creating more than 15,000 new jobs and generating value-added products and services worth S$4.4billion.