Singapore unveils SME Pro-Enterprise Office, adjusts work permit

He highlighted the creation of a new SME Pro-Enterprise Office and adjustments to the work permit scheme.

The Singapore government unveiled a series of initiatives in Budget 2025 aimed at bolstering the local business ecosystem, with a strong focus on supporting small and medium-sized enterprises (SMEs).

Prime Minister and Minister for Finance Lawrence Wong outlined key measures, including the creation of a new SME Pro-Enterprise Office and adjustments to the work permit scheme to help businesses retain skilled talent longer.

In addition, the government will simplify access to government schemes through a revamped business portal, addressing ongoing concerns about bureaucratic complexity. These measures are part of the broader effort to strengthen Singapore’s business ecosystem and make it more resilient.

Wong also highlighted immediate cost relief for businesses through corporate income tax rebates and cash grants for companies, even those that are not yet profitable.

He emphasised the government’s commitment to supporting wage growth through Progressive Wage Credits for companies paying higher salaries to lower-wage workers.

However, Wong acknowledged that not all requests from businesses could be granted due to policy limitations, particularly in relation to relaxing work permit parameters.

He reassured the business community that the government is focused on finding other ways to address concerns, such as retaining skilled workers and expanding non-traditional source countries for talent.

Looking ahead, Wong stressed the importance of strengthening Singapore’s economic fundamentals and remaining open to investment, trade, and talent.

In light of rising global tensions, especially the US-China rivalry, he warned that the world is becoming more volatile and that Singapore must plan for the long term to stay competitive.

He concluded by underscoring the importance of collaboration between the government, businesses, and unions, stating that this partnership would be crucial in navigating the challenges ahead and ensuring Singapore’s future prosperity.

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