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What is new with the Singapore Budget 2018?

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What is new with the Singapore Budget 2018?

singapore budget picture

SME tie up scheme

According to the 2018 Singapore Budget,the Singapore government will allocate S$100m over the span of three years which assembles four current ongoing schemes.

Small and medium enterprises (SMEs) and also start-ups are now qualified for the Integrated Pact programme from April 1st 2018. This will benefit the SMEs and start-ups greatly as now they no longer require it to be strictly between large organisations and SMEs.

The government has set aside S$100m for the integrated Pact which spans over the next three years, said the Minster for Trade and Industry, S Iswaran.

The Economic Development Board (EDB) and Enterprise Singapore, will be executing the integrated Pact, bringing together the four ongoing schemes:

  1. IE Singapore’s Global Company Partnership Grant.
  2. Spring’s Collaborative Industry Projects
  3. Spring’s Partnerships for Capability Transformation (PACT)
  4. EDB’s Partnerships for Capability Transformation (PACT)

This new integrated Pact will be supporting approximately up to 70% of the costs for partnerships in capability development which comprises knowledge transfer and co-innovation. The pact also supports the costs for business development, which fosters business alliances and pools together assets.

Venture Debt Programme & Market Readiness Assistance Grant to be Extended

Minister for Trade and Industry, S Iswaran has also announce other plans to aid businesses to grow.

  • Venture Debt Programme, a programme which allows applications of venture loans of up to 5m for SMEs. It was initially intended to conclude on March this year and is now getting a 3-year extension.
  • Market Readiness Assistance grant. It is an assistance grant which aids the costs of venturing abroad. The grant will be increasing from 50% in 2015 to 70%. It was initially intended to conclude this year March and will be getting a 2-year extension

Asean Leadership Programme

Enterprise Singapore and Human Capital Leadership Institute will be initiating the Asean Leadership Programme to assist local businesses to have a more profound grasp of the Asean region. It also encourages participants to network with leaders from both public and private sectors,

Singapore has plans to facilitate e-commerce regulations in ASEAN to ease marketing products and services, and securing online payments across the whole of ASEAN. This serves as a tremendous assistance to smaller startups that are unable to obtain business loans in Singapore.

Trade Infrastructure Development Fund

The new Trade Infrastructure Development Fund is going to be rolled out in the second quarter of 2018. This new Fund offers grants for the expansion of B2B online marketplaces. It will also back the formulation of non-bank trade financing to bolster Singapore’s commodity derivatives market.

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