As a thriving business owner in Singapore, every decision you make is paramount to your business’ success. That is why it is important for entrepreneurs like you to seize opportunities. Singapore Budget 2024 has introduced a variety of initiatives designed to help you grow your business. Let’s take a look at how your business can benefit from Budget 2024.

DPM and Finance Minister Lawrence Wong presented the 2024 Budget Statement in Parliament on 16th February 2024. During his address, he introduced new and enhanced initiatives to help businesses cope with challenges such as inflation. Singapore Budget 2024 has also imbued a series of immediate reliefs and long-term reliefs to help entrepreneurs stay sustainable in Singapore’s ever-changing landscape.

Budget 2024 focuses on transforming and thriving. The plan concocted by the Singapore government aims to address not just short-term challenges, but also improve businesses’ capabilities.

With inflation and other possible unforeseen factors, the future may be volatile and uncertain for budding entrepreneurs like you. That is why Singapore Budget has set aside a whopping S$1.3 billion to help you manage rising costs. Incentives such as the Corporate Income Tax Rebate and schemes such as the Enterprise Financing Scheme aim to help companies manage their cash flow to remain prosperous.

Under the Enterprise Financing Scheme, the Singapore government has improvised the EFS-Trade Loan, EFS-Project Loan and the EFS-Working Capital Loan. This provides greater flexibility for businesses like yours and gives you some leeway and more avenues to grow your company.

With our pro-business policies and skilled workforce, Singapore continues to attract businesses and investors. Despite that, the Singapore government feels we should continue to upgrade our workforce and improve our capabilities to remain competitive in the global landscape.

Budget 2024 has implemented and enhanced a few schemes to encourage companies in developing high-value economic activities and strengthen collaborations among different corporations. The exchange will allow the corporations to improve on their existing capabilities.

Initiatives are also introduced to improve our research and development capabilities. Some of the measures include:

• MedTech Catapult, to help bolster medical devices development
• National Robotics Programme (NRP), to step up on our robotics capabilities
• And many more

In this AI era, digitalisation has been the goal for many businesses around the world. The Generative AI Sandbox will allow SMEs to reap the benefits of generative AI and propel them to new heights in their digitalisation journey. All local SMEs can apply for this Sandbox.

If you’re in the Marine and Offshore Engineering industry, we have good news for you. Budget 2024 has dedicated S$100 million in the form of support packages for transformation over the next five years. It includes the familiar Enterprise Development Grant, Productivity Solutions Grant and enhanced initiatives such as the M&OE Industry Digital Plan and more.

In a country like Singapore, where manpower is scarce, people are one of our greatest assets. And that is why the Singapore Budget 2024 has shelved out an amount to help our heartland merchants stay competitive through the years to come. Training courses will be provided via the Heartland Innovation and Transformation Programme for businesses to scale and stabilise. The Heartland Enterprise Placemaking Grant can also help companies to deflect up to 50% of eligible costs for selected placemaking activities. 

Singapore Budget 2024 also envisioned a low-carbon and sustainable economy in the long-run. The Singapore government has implemented various plans to support green transition and help SMEs develop their sustainability report. This would allow business owners like you to find even greater purpose as you navigate Singapore’s corporate landscape.

Some of the green initiatives are:

• Enhanced Energy Efficiency Grant to combat emissions
• Extension of the Enterprise Financing Scheme-Green to March 2026
• Kickstarting a new Sustainability Reporting Grant to provide funding for businesses
• Improvising the Resource Efficiency Grant for Emissions for industrial facilities

To stay informed and explore the Singapore Budget 2024 further, visit the official government website. It’s a treasure trove of information that can help you understand the nuances and intricacies of the budget

To remain competitive in the industry, it is important to upgrade and stay relevant. Budget 2024 provides plenty of opportunities for you to propel your business forward and unlock the full potential of your business.

While you focus on harnessing the opportunities of Budget 2024 to enhance your business, we understand that dealing with compliance and other complex aspects can be quite challenging. But fret not! We’re here to provide you with expert assistance, so you can confidently navigate your business journey. Feel free to reach out to us anytime, and we’ll be delighted to lend you a helping hand. Together, let’s get down to business and start paving your way to success!