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Singapore Budget 2017: What would SMEs like to see in this year’s budget?
Amid a challenging economic outlook for Singapore, what could the Singapore Budget 2017 offer SMEs to make them smile? We asked some local business owners to share their wishlist for the year ahead.
The headlines these days must surely be worrying for businesses, and it is no wonder that SMEs are hoping to receive some help from the government during the upcoming budget that will be announced on 20 February. With Singapore's economy expected to grow only by 1-3 per cent this year, the United States’ threat to embrace a protectionist stance on trade as well as political uncertainty in Europe, it all adds up to an unclear economic climate.
So what do SMEs hope to see in the upcoming budget that will help them?
Martin Gui, Managing director at interior fit-out company Facility Link says: “The concerns over potentially protectionist policies of our major trading partners might discourage multinationals from setting up shops in Singapore. This would negatively impact our fit-out industry. Added to this is the uncertainty of the global economy in the light of Brexit, that adds to considerable cost pressures and impact our margins even more significantly”.
Fortunately, the slow economic outlook is not putting a pause on foreign investment in Singapore just yet. British technology firm Dyson recently opened a new $587 million Research and Development centre at Singapore’s Science Park. Will more companies do so?
Additionally, some businesses would also like to see more schemes in Budget 2017 that would provide stronger and more sustainable support to overcome challenges ahead.
Mr Gui hopes to see more incentives and a greater push for companies to adopt sustainable office practices, as they would be beneficial to Singapore's overall sustainability.
“One thing close to our hearts is the long term sustainability of our industry. We see that a lot of government buildings and offices are mandated to be Green Mark certified. However, the vast majority of SMEs, who make up over 90% of corporations in Singapore, have rarely adopted any sustainability standards for their offices”, says Mr Gui.
Easier access and fast approval times for grants
Meanwhile shorter approval times are on bar owner Abhishek C. George’s wish list.
He says while the extra financial support announced in 2016 has been beneficial to many companies, some business owners feel the approval process of certain schemes is too long.
Mr George, owner of Spiffy Dapper/Dapper Coffee notes: “In Budget 2017 we would like to see, easier grant applications and approval processes. We applied for three to four ICVs [Innovation & Capability Voucher].They said it takes eight weeks, but instead it took 12-16 weeks, and only one has been processed so far. I’d like to see that kind of processes approved quicker”.
Budget 2017 is expected to be delivered on February 20 by Finance Minister Heng Swee Keat. While the exact details are not known yet, many business owners recommend SMEs to explore all the incentives available and leverage on government support to continue strengthening business fundamentals.
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Budget 2017 will be announced on Feb 20.
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Mr Martin Gui, managing director of Facility Link, hopes the budget will push for companies to adopt sustainable office practices.
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Mr Abishek George, owner of Spiffy Dapper/Dapper Coffee would like to see a more simplified grant application process.