How Singapore’s 2023 budget could position it as an entrepreneurial destination

Singapore's 2023 budget aims to make the country a global business hub, which could benefit businesses in different industries. In an interview, Danial Lee, President of Entrepreneurs Organization, Singapore, discusses how the budget's measures, such as the Singapore Global Enterprises initiative, SME co-Investment Fund, and Enterprise Innovation Scheme, can help promising businesses. The budget, along with the Enterprise Financing Scheme and Energy Efficiency Grant, could encourage businesses to expand and do better. However, Lee wishes there were more measures to help businesses offset the GST increase, inflation, and generalized tax benefits.

The 2023 budget will benefit different industries, particularly those focused on innovation-based activities. Construction-related businesses may benefit from the Enterprise Financing Scheme extension, while large SMEs may benefit from the CO-Investment program, especially those looking to go global. The budget signals that Singapore is a great destination for entrepreneurs.

SMEs in Singapore face the challenge of increased cost bases, and larger competitors may benefit more from the budget. However, Lee suggests that businesses learn from COVID's lessons and be adaptable to changes in the market. To thrive in 2023, entrepreneurs should be prudent with spending, prioritize their spending, and take a balanced approach to running the business.

#SingaporeBusinessReview