Singapore Budget 2020 – what does it have in store for business owners? The economy has been decreasing slowly and business growth is affected. As your business deals with new challenges and complexities, how can you stay nimble and embrace transformation to take advantage of emerging growth opportunities?
New measures and initiatives are introduced in Singapore Budget 2020 to help businesses develop new capabilities, deal with short-term challenges and set the stage for long-term growth. It can no longer be the same old same old and businesses need to constantly keep abreast of current market trends so as not to go into stagnancy or obsoletion.
#1 GlobalConnect@SBF
- The Singapore Budget 2020 initiative will scale up Singapore Business Federation’s capabilities and resources in Singapore and overseas to facilitate market access for companies through market advisory and in-market business connections for Singapore companies.
Launching in April 2020. For more information, please contact GlobalConnect@SBF at globalconnect@sbf.org.sg or at +65 6701 1133
#2 Grow Digital
- Business can get a headstart in going global. Get support to leverage digital platforms and channels for access to a larger pool of consumers overseas, and to test new markets. Businesses will also receive training and support to enhance their e-commerce capabilities in Singapore Budget 2020.
As more and more consumers are turning to online shopping, business owners must be prepared for this rising trend and be digitally ready to serve customers online so as to drive business growth and efficiency.
More details will be announced in Q2 2020.
#3 Market Readiness Assistance (MRA) Grant
- Companies can look forward to support for in-depth FTA consultancy and overseas business development. To support more local companies to go overseas, the grant will be enhanced:
- Removal of the cap on two applications per company per year.
- Grant cap will be increased from S$20,000 per year, to S$100,000 per new country over three years.
- 70% support level will be extended by three years to 31 March 2023.
#4 Double Tax Deduction for Internationalisation (DTDi)
- DTDi will be extended by five years to 31 December 2025. The scheme will be expanded to include:
- Support for third party consultancy costs to identify suitable talent and build business networks.
- Broadened scope of overseas business mission support.
#5 Global Ready Talent Programme (GRT)
- Additional funding will be allocated to Singapore Budget 2020 to support a greater number of overseas internship placements in ASEAN, China and India.
- For overseas internships, the fixed monthly subsistence allowance will be increased from S$600 to S$800.
- Additional funding support of up to S$800 will be provided to students on internships to cover pre-trip administrative travel expenses.
2 Key Components:
- Support for Singapore enterprises that are keen to build their talent pipeline to support business expansion plans. Overseas internships will focus on opportunities in Southeast Asia, China and India.
- Support for Singapore enterprises keen to train and invest in overseas work exposure for young Singaporeans to deepen in-market knowledge. The programme will focus on overseas work placements in Southeast Asia, China and India.
Effective from Q2 2020. For more information on the GRT, visit www.enterprisesg.gov.sg/GRT.
In summary, business owners and employees in Singapore have their own roles to play besides various support schemes to turn to for business continuity and employment. Apart from applying for monetary grants, one key factor is to ensure employees stay relevant by upgrading their skills.
As consumer behaviour evolves and technology advances at a rapid rate, the customer experience needs to be a great and personalised encounter. Businesses will also need to be agile in their processes and business development by performing a regular review to be able to thrive in a slow economy. That is how Singapore will bounce back from the slow economy.
