Over the next three years, we anticipate that these measures will help existing small businesses to improve their capabilities and motivate more entrepreneurs to chose Singapore company incorporation. In turn, this will bolster Singapore’s economy.
Singapore (PRWEB) April 06, 2012
Singapore company registration consultancy Asiabiz Services supports SPRING Singapore’s latest move to enhance funding for small to medium size enterprise (SME) projects via the Capability Development Programme (CDP).
The enhanced Capability Development Programme, which supports initiatives such as new technology adoption, manpower training, innovation, service quality as well as productivity enhancement and branding, is effective on 1 April 2012 and will run until 31 March 2015.
Via the enhanced Capability Development Programme, eligible SME will enjoy 70% subsidy of qualifying CDP costs. Analysis by Asiabiz Services shows that the 20% subsidy hike will help SMEs mitigate rising business costs and have the opportunity to restructure their business for growth as they adjust to the new reality of a tighter domestic labor market.
Additionally, SPRING Singapore will bump up the CDP funding by an additional S$200 million.
The increased funding will help SPRING reach out to 1800 more SME game-changing projects.
Analysis by Asiabiz Services shows that the Capability Development Programme complements the recently-enhanced Productivity and Innovation Credit Scheme (PIC Scheme). The enhanced CDP funding significantly lifts the burden of higher costs needed to invest in capability-strengthening activities.
The PIC Scheme, on the other hand, is a Singapore corporate tax scheme that offers 400% tax savings or 60% cash payouts to enterprises that are investing in activities to move up the productivity and innovation value chain.
Affirming the view, Mr. James Nuben, Head of Tax Division, Asiabiz Services said, “On top of the PIC Scheme, the enhanced CDP funding is an additional resource for small enterprises to tap. The funding offered through the CDP is set to benefit firms that have not been able to realign their business although they want to.”
“Over the next three years, we anticipate that these measures will help existing small businesses to improve their capabilities and motivate more entrepreneurs to chose Singapore company incorporation. In turn, this will bolster Singapore’s economy,” Mr. Nuben added.
ABOUT ASIABIZ SERVICES
Asiabiz Services is a Singapore-based consultancy that offers business solutions for both local and foreign professionals, investors and entrepreneurs. Our areas of expertise include Singapore company incorporation, offshore company setup, accounting, taxation and other related corporate services. Asiabiz Services also provides Singapore work visa and immigration services for foreign professionals wishing to relocate to Singapore.
120 Telok Ayer Street, Singapore 068589
Phone: +65 6303 4614