Small & Medium Enterprises (SME)

In the 2013 Singapore Budget speech by DPM Tharman Shanmugaratnam, we heard of Singapore's intent to push economic restructuring one notch up.  "If we do not achieve momentum in the next three years, there's a real risk that three years from now, we will be in exactly the same position," he said in Parliament.

One the several measures that Mr Tharman spelt out concerns help package for SMEs.  The noble aim of the help package, is not so much about the incentives, grants and subsidies earmarked for it, but about the creation of values and social responsibilities towards society, that will eventually transform Singapore by the end of this decade.

Frankly, after this Budget announcement, and the ones prior to 2013's which has other variation of incentives, those running SMEs like myself are still in a state of 'blur-ness'.  Totally blur, as in, being able to claim for grants for computer and related IT purchases, and exciting training programs, but not knowing which direction to go.  In my case, I've 2 years of Productivity and Innovation credits unclaimed, as it does appear such a hassle.  IRAS tax officers, as usual, try to help explain the brochures they put up, but I was still at sea. And IRAS of course would not help you to fill up the form, only guide you, but that's not very helpful as often, the interpretation of succinct terms can really set you off on a merry turnaround.  Certain claims e.g. for R&D would have to be justified in a report or proposal form. 

SMEs already have a lot to grabble with to ensure everything runs tip-top, so it would be something I'd rather hire someone to do. The company accountants don't specialise in Productivity and Innovation Credit (PIC) claims, so were of no  help.  It's only this year that I located an agency with experience on grants.

It is also only this year that I discovered that the SME Centres and Representatives from various Government Agencies host public briefing series to help address queries on issues faced by SMEs.  So if you are wondering which government assistance scheme to tap, there is consolidated help at hand now.  There is an opt-in for a one-to-one session as well.

The briefing I attended on September 24, packs the HDB Hub Auditorium.  The Q&A indicates that I wasn't the only one in the blur when it comes to government assistance schemes.  So a good number of SMEs are struggling on their own.  Probably thinking the Budget 2013 benefits are meant for bigger companies.  We may all be experts in our field, yet when it comes to grants, count me in for another session in November.  That's because in the first session, I don't even know what to ask, since despite the expert officers trying to capture the technicalities into easy-to-understand slides, there was still a lot of technical language that warps immediate comprehension.

The agenda is actually quite comprehensive and interesting.  The officers put in quite a lot of planning into it.  When you see someone put in so much effort, it's only natural to want to support it.

Hope the agenda would see future rounds:-

July 10 2013Public Briefing by: SME Centre@SMF (Singapore Manufacturing Federation)

■  SME Centre Engagement with SMEs

■  Navigating Government Assistance Schemes

■  Broadbased Government Schemes: PIC and ICv


August 03 2013Venue: Kampung Ubi Community Centre
Time: 1pm - 5.30pm

■  Broad Based Government Assistance Schemes
    by SME Centre@ASME

■  Special Employment Credit (SEC) and Workright
    by CPF Board

■  Productivity and Innovation Credit (PIC) & Wage Credit Scheme (WCS)
    by Inland Revenue Authority of Singapore (IRAS)


September 24 2013Public Briefing by: SME Centre@SICCI (Singapore Indian Chamber of Commerce and Industry)
Venue: HDB Hub, Toa Payoh
Time: 1pm - 5.00pm

■  Enterprise Training Support & Workpro
    by WDA

■  E-Commerce & IT for SMEs
    by SIRC@SIRS

■  Productivity and Innovation Credit (PIC)
    by Inland Revenue Authority of Singapore (IRAS)

■  Government Assistance for SMEs
    by SME Centre@SICCI

■  Panel Question and Answer
    by WDA | SIRC | IRAS | SME Centre

■  Pre-registered Advisory Session
    by SME Centre@SICCI


October 08 2013Public Briefing by: SME Centre@SICCI (Singapore Indian Chamber of Commerce and Industry)
(Mandarin)
Venue: SICCI Exhibition Room (Auditorium)
Time: 2pm - 5.00pm

■  Launch of SME Centre @ SCCCI

■  Introduction of SME Centre Services

■  An Introduction of Broad based Advisory Programme
    Sharing of Government Schemes (iSPRINT, PIC, ICV, ETS, MRA)

■  Rising to the Challenge
    by SME Sharing: Tocco Studio and Top Gourmet

■  Booth Display, Network and One-to-One Advisory
    by Government Agencies


October 21 2013Public Briefing by: SME Centre@SMCCI (Singapore Malay Chamber of Commerce and Industry)
(Some parts in Malay)
Venue: Kampong Ubi Community Club
Time: 2pm - 5.00pm

■  Broad-based Government Assistance Schemes
    by SME Centre@SMCCI

■  Presentation of Tax-based Schemes
    by IRAS
 
■  Question and Answer
    by All Speakers

■  Breakout Session and Light Refreshments
    by Government Agencies


November 12 2013Public Briefing by: SME Centre@SMF (Singapore Manufacturing Federation)
Venue: SMF House
Time: 2pm - 5.00pm

■  Productivity and Innovation Credit
    by IRAS

■  Innovation and Capability Voucher Scheme
    by SPRING Singapore
 
■  Enterprise Training Support Grant
    by SME Centre

■  SME Talent Programme
    by SMF

■  Question and Answer
    by Government Agencies and SME Centre


In 2005, ASME (Association of Small and Medium Enterprises) set up the EDC (Enterprise Development Centre) with the support of SPRING Singapore.  In order to better resonate with aspirations of SMEs, the EDCs have expanded to become known as SME Centres.

A segment of SMEs in Singapore are set up after a period of retrenchment or unemployment.  Another segment comes from the older age group who may find it tough to get a job that befits their experience and qualifications, and often have to made do with underemployment.  In fact, I met some ex-colleagues during the briefing who were in these situations.

One of the challenges faced by SMEs, in particularly new start-ups, remains the lack of coordinated advice.  As mentioned in my previous post, even with the help of my previous MNC mgt who allowed me to 'inherit' the project 'lock, stock and barrel', I was still running from pillar to post seeking help and advice during the process of setting up a Pte Ltd Company. Despite the retinue of secretaries and accountants that one can hire, there would always be essential information that company directors, especially, should take responsibility to be aware of.  There is a learning curve which actually never ends, bearing in mind that dynamic changes both regulatory and in the marketplace is a norm in business.

Since SMECentre@ASME is extending its reach to help SMEs and start-ups, this is a good time to contact one of their business advisors. 

Two Things In Life You Need to Have Everything

This came from the email of Enoch Tan, author of a top selling ebook known as "Reality Creation Secrets - Law of Attraction".  (we re-write the original text into concise form below)..


Two Things in Life You Need to Have Everything

Life is simple.  

In returning to simplicity, there are only two things you need to focus on acquiring:-  Money and intelligence.

Money and intelligence are the two things that define who you are and what is immediately accessible to you.  The more you have of these two things, the more you can have the other things in between which are freedom and power.

Intelligence empowers you to make money, and money is power to buy you the choices and freedom in life.

Of the two, intelligence is the higher thing.

But money is important as well.  You need to be established on Earth in order to use it as a propelling board to create whatever is necessary to fully go after and acquire more intelligence in terms of knowledge and experience.

Having these two things is equivalent to having everything else.  These are the core and all things connect to the core.

Intelligence is the inner world, and money is the outer world.

Money consists of the actual possession as well as the how-to knowledge of attaining it.

The how-to is the inner world or intelligence aspect of money.

Combining the two worlds, you can obtain power and freedom.

Your primary focus should be on these two things.

Enoch Tan
https://www.facebook.com/mindreality