The measures announced during the Singapore Budget 2019 aim to make the country safe and secure, with a vibrant and innovative economy. This brief by St James's Place focuses on the impact on individuals and SMEs.
Key points include:
Innovation Agents Programme: This two-year programme will connect enterprises with individuals who have deep expertise in technology, global business and growing companies.
Scale-up SG Programme: This will be a private and public-sector partnership giving local, high-growth firms assistance to grow, innovate, and globalise.
SME Co-Investment Fund III: $100m will be set aside to establish a third co-investment fund to provide capital to support Singapore-based enterprises to scale up.
Enterprise Financing Scheme: Eight existing SME financing schemes will fold into this scheme. It will provide finance across six areas, including working capital, trade, M&A and asset acquisition.
Automation Support Package extension: This concession comprises a grant of up to $1m, an allowance of 100 percent of net costs for income tax and a loan under the Local Enterprise Finance Scheme.
Global Ready Talent Programme: This programme provides local firms with financial support to send employees on overseas job postings in critical markets to deepen their in-market expertise and international exposure.