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In the past few years, the Singaporean government had introduced some important cash grants, tax incentives and bonuses to provide adequate funding for the small and medium enterprises. These governmental grants were designed to project Singapore as a start-up friendly nation.
How Do Governmental Grants Help SME
The government grants help the SMEs in improving and enhancing on these five factors, which hinder in the financial and productive development of the SME's.
Transforming Business
Encouraging Productivity and Innovation
Helping SME to Operate Globally
Nurturing Talent
Important Consultancy At Various Stages
Importance of the Governmental Grant
Government Grant aims to enhance the much-needed assistance for SMEs in order to transform their businesses to Singapore Pic Grant For Website and even help them to overcome some of the key challenges faced by them.Government Grants also help in encouraging the productivity and innovation. For achieving such purpose, the government had introduced the PIC Bonus for SME.
The PIC Scheme is an advanced version of the existing Productivity and Innovation Credit (PIC) Scheme, which was introduced in the budget of 2014 by the Singapore government. Under this, companies are required to invest a minimum of $5000 in productivity and innovation activities within a year to receive a cash bonus, which would be equivalent to the amount spent. The PIC Bonus will be capped at $15000 over the three years of assessment, from 2013 to 2015. The bonus would be paid over and above the existing PIC benefits. This Scheme is said to help the SMEs to discharge the cost of implementing their productivity improvements.
Some of the other Important Features of Government Grants
The Government Grants are great at enhancing the support for the SMEs especially in the important areas of productivity, innovation and capability upgrading. Thus, government grants help SMEs in boosting their capabilities as well as restructuring their business and at the same time remaining competitive in the modern business sphere.
Government also encourages the industry collaboration for productivity improvements in various fields.
The new Market Readiness Assistance Grant (MRA Grant) is a highly influential grant introduced by the government, which helps the businesses to grow their businesses overseas in an easier and faster manner. This grant would help the SMEs to get the advice on important matters from pre-approved consultants on areas such as market assessment, market entry and Singapore Pic Government Grant, business restructuring through globalization.
Apart from the grants, government had also introduced certain initiatives like SME Talent Program, which would enable the SMEs to attract and recruit the local talents early in the field of ITE and Polytechnic by sponsoring a study award for students, followed by a job opportunity upon their successful graduation. The SME sector is regarded as an important pillar of the Singapore's economy. SME sector contributes more than half of the economic output and it generates a commendable seventy percent of employment within the country.
How Do Governmental Grants Help SME
The government grants help the SMEs in improving and enhancing on these five factors, which hinder in the financial and productive development of the SME's.
Transforming Business
Encouraging Productivity and Innovation
Helping SME to Operate Globally
Nurturing Talent
Important Consultancy At Various Stages
Importance of the Governmental Grant
Government Grant aims to enhance the much-needed assistance for SMEs in order to transform their businesses to Singapore Pic Grant For Website and even help them to overcome some of the key challenges faced by them.Government Grants also help in encouraging the productivity and innovation. For achieving such purpose, the government had introduced the PIC Bonus for SME.
The PIC Scheme is an advanced version of the existing Productivity and Innovation Credit (PIC) Scheme, which was introduced in the budget of 2014 by the Singapore government. Under this, companies are required to invest a minimum of $5000 in productivity and innovation activities within a year to receive a cash bonus, which would be equivalent to the amount spent. The PIC Bonus will be capped at $15000 over the three years of assessment, from 2013 to 2015. The bonus would be paid over and above the existing PIC benefits. This Scheme is said to help the SMEs to discharge the cost of implementing their productivity improvements.
Some of the other Important Features of Government Grants
The Government Grants are great at enhancing the support for the SMEs especially in the important areas of productivity, innovation and capability upgrading. Thus, government grants help SMEs in boosting their capabilities as well as restructuring their business and at the same time remaining competitive in the modern business sphere.
Government also encourages the industry collaboration for productivity improvements in various fields.
The new Market Readiness Assistance Grant (MRA Grant) is a highly influential grant introduced by the government, which helps the businesses to grow their businesses overseas in an easier and faster manner. This grant would help the SMEs to get the advice on important matters from pre-approved consultants on areas such as market assessment, market entry and Singapore Pic Government Grant, business restructuring through globalization.
Apart from the grants, government had also introduced certain initiatives like SME Talent Program, which would enable the SMEs to attract and recruit the local talents early in the field of ITE and Polytechnic by sponsoring a study award for students, followed by a job opportunity upon their successful graduation. The SME sector is regarded as an important pillar of the Singapore's economy. SME sector contributes more than half of the economic output and it generates a commendable seventy percent of employment within the country.
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The MRA Grant program also provides double tax deduction benefits in certain cases. So, if you are eligible you should apply for the same. In recent years a lot of companies have been able to receive some much-needed help thanks to the program, which has made it even more relevant in the present global financial context.
ReplyDeleteAnyway, Before you apply for the Market Readiness Assistance grant there are some important facts that you should remember. You should first get approval for the project for which you have applied and only then can you start the project or sign on the dotted line, so to speak.