Budget Updates on Supporting Businesses in Singapore
The Singapore budget was announced on 18 February 2022 for the financial year 2022. The main objective of the budget was to develop stronger capabilities for businesses and workforces in Singapore with the endeavour for constant improvement. Increasing incentives for businesses in Singapore would improve their competitive landscape in light of uncertainties.Â
The main objective of the budget was to develop stronger capabilities for businesses and workforces in SingaporeÂ
The following are the incentives for supporting businesses in Singapore:Â
1. Investing in Innovation and culminating capabilitiesÂ
The government of Singapore allocated an additional $S 200 Million for developing different schemes related to digital capabilities. With this, the main focus was to increase R&D, innovative collaborations and increase of funding for Small and Medium Enterprises in Singapore (SMEs).Â
2. Fostering strength for local enterprisesÂ
The government established the requirement of voicing out local support for domestic businesses. For local businesses, the government allocated S$ 600 Million to streamline and scale up their digital footprint. Along with this, additional support would be given to businesses to internationalise, expand and attract local talent. The budget for FY 2022, also helped introduce some schemes for SMEs.
3. Business Support PackagesÂ
The government has allocated S$ 500 Million for increasing jobs and supporting businesses. This support is specifically for sectors affected by Covid-19. Some of the incentives include:Â
- S$ 1,000 local payouts for every local employee and S$ 10,000 for every local firm.
- S$ 1,000 payouts for sole traders, local merchants and stakeholders with no local employees.Â
The budget for supporting businesses in Singapore focussed on local support, innovation of SMEs and increasing capabilities. The main aim of these incentives is to make Singapore self-sustainable in times of business uncertainty.
