If You Run an SME, Here Are the Most Important Elements of Budget 2016

Did you know I have something in common with Finance Minister Heng Swee Keat and his predecessor Deputy Prime Minister Tharman Shanmugaratnam? We all wear glasses. And while the three of us might be literally short-sighted, there’s nothing short-sighted about the government’s consistent commitment to business growth in Singapore.

And the maiden Budget speech that Mr Heng gave last month echoed the Budget speeches of his predecessor DPM Tharman, in that he continues to recognise the importance of supporting small and medium enterprises in Singapore. Measures to strengthen local industries, such as the creation of new industrial spaces to cluster companies within the same industry and support to Trade Associations and Chambers to strengthen their capabilities and drive industry-wide solutions to common challenges were announced.

SMEs stand to benefit from having greater industry support as well as a more competitive industry. SMEs also enjoy financial support from a wide range of measures such as grants and tax rebates. But too often, it’s not clear what measures are available for businesses, or whether you’re eligible for them. Well, we’ve done the legwork for you. Regardless of where your company is on your enterprise journey, here is what Budget 2016 has for you:

What Budget 2016 means to fresh start-ups

The first step to getting help is knowing what help is actually available. Mr Heng admitted that although there’s a range of incentives schemes, some firms may often be confused as to which applies to them, or which agency is relevant to their interests.