Businesses Looking to Expand Overseas Can Do So At Lesser Costs Under Enhanced Support Schemes

If you’re an entrepreneur in Singapore, you’ll come to hold one saying religiously:

To really make it in business, you have to move out of singapore.

Well, if you’re someone like that, or have dreams to venture out of Singapore, I’ve got some good news for you.

Businesses Looking to Expand Overseas Can Do So At Lesser Costs Under Enhanced Support Schemes

What’s one thing that’s stopping businesses from venturing out to bigger markets?

Costs.

Well, as long as you have the dream, you can now get up to 80% funding support under the Market Readiness Assistance (MRA) grant.

Items available for support under the grant include an overseas promotion, business development and market set-up.

The grant will be extended for another six months to 31 Mar 2022.

The Double Tax Deduction for Internationalisation (DTDi) also got an upgrade, with its scope extended to virtual trade fairs and other new modes of internationalisation.

Under the DTDi, companies that carry out international activities can get a 200% tax deduction on eligible expenses.

This includes market prepping, exploring, promoting and setting up a presence.

Within the next five years, local firms can also look forward to tapping on the Global Innovation Alliance, which gives access to 15 to 25 cities outside of Singapore.

The Enterprise Financing Scheme

You’ve probably heard of this saying before: Spend money to make more money.

But.

Not everyone has the money to spend to make even more money.

Because enterprises need to get get access to financing and capital, the Enterprise Financing Scheme (Venture Debt Programme) will be enhanced from the start of April this year.

It’ll have a higher supported maximum loan quantum of S$8 million per borrower group, instead of the previous S$5 million caps.

It is hoped that the programme will boost the adoption of venture debt in Singapore to finance and improve the growth of innovative, high-growth enterprises.

Firms that do not have assets to be used as collateral in traditional bank lending.

The programme will also actively seek out “large local enterprises to invest in” with a focus on sectors that are in-line with Singapore’s engines of growth.

The network and expertise of Temasek will be tapped on too.

Students & Young Professionals

If you’ve been paying attention to the news, you’ll know that getting talents into Singapore isn’t the end game.

Grooming local talents that can compete globally is the real goal.

The Global Ready Talent programme has opened doors to opportunities for almost 6,000 interns since it launched back in 2019.

There are currently two key components in the programme:

• The Local and Overseas Internship
• and the Management Association Programme

What this programme aims to do is to help companies find the right talents to bring their overseas expansion plans to life.

In short, no matter whether:

• you’re a businessman who has dreams of carving out a pie from the world
• or someone who wants to work in more than just Singapore

There are plenty out there waiting for you.

Feature Image: Igor Plotnikov / Shutterstock.com