Singapore Budget 2015 - #25
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Singapore’s third key strategy to promote internationalisation is to encourage Mergers and Acquisitions (M&A). Scale is important as it helps companies attract and develop talent, effectively invest in innovation and compete effectively overseas.
The Government will encourage M&A in two ways:
(i) The M&A scheme introduced in 2010 will be extended for another five years
(ii) The scope of IE Singapore’s Internationalisation Finance Scheme (IFS) will be extended to support M&A that will aid a company’s overseas expansion.
Source: MOF #SGBudget2015
Singapore Budget 2015 - #24
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Singapore’s next key strategy to grow our top-line is to support our companies to internationalise. In this budget, we will further support them in three ways:
1. Support level for SMEs under all activities under IE Singapore’s grant schemes to be raised from 50% to 70% for three years
2. Double-Tax Deduction for Internationalisation (DTDi) scheme will be enhanced to cover manpower expenses incurred when setting up an overseas entity
3. New tax incentive, the International Growth Scheme (IGS), will be introduced to provide greater and more targeted support for larger Singapore companies in their internationalisation efforts
In total, these three enhancements to our schemes for internationalisation are expected to cost $240 million.
Source: MOF #SGBudget2015
Singapore Budget 2015 - #23
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In this Budget, the Government will provide more financing options to further deepen the market in Singapore for financing innovative start-ups:
a. First, reducing post-seed funding gaps for start-ups by increasing the amount that the Government co-invests with private investors in SPRING’s Startup Enterprise Development Scheme (SEEDS) and Business Angels Scheme (BAS), to catalyse more funds for start-ups with financing needs.
b. Second, piloting a venture debt risk-sharing programme with selected financial institutions.
Source: MOF #SGBudget2015
Singapore Budget 2015 - #21
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Our foreign worker policies have been effective.
Foreign workforce growth, excluding Construction, has slowed significantly from 60,000 in 2011 to just over 16,000 in 2014.
In Construction, foreign worker growth in 2014 was around 10,000, far below that recorded in the previous two years.
In light of this significant slowdown, which gives us some space to adjust the pace of our foreign worker tightening measures, the Government will defer this year’s round of announced levy increases for every sector, for S Pass and Work Permit Holders.
In doing so, the Government is adjusting the pace but not the overall direction of our measures. Restructuring towards a more manpower efficient and productive economy remains crucial.
Source: MOF #SGBudget2015
