Budget 2023

Check out the new initiatives and enhanced support to help your business innovate, go global, and more.

What does it mean for your business? 

Budget 2023 introduces new and enhanced initiatives to help your business pursue growth amid a more challenging economic environment.

No matter the stage of growth your business is at, we will work with you to build new capabilities in digitalisation and sustainability, press on with innovation, and make your mark globally.

These efforts to transform will not only enable your business to adapt today, but also thrive tomorrow.

Together, we can keep growing.

Find out more about the initiatives:

  • Business transformation
    • Growing Singapore Global Enterprises
      • S$1 billion will be set aside for a series of dedicated and customised support to groom promising Singapore enterprises into globally competitive ones.

      Find out more here.

    • Heartland Innovation & Transformation Programme [New]
      • The new 12-month programme will provide curated training courses as well as a conducive ecosystem to help heartland enterprises innovate.
      • Eligible enterprises will benefit from:
        • Mentorship by successful heartland entrepreneurs
        • Networking opportunities through events and fireside chats
        • Curated training courses by the Heartland Enterprise Centre Singapore and selected Institutes of Higher Learning (IHLs)
        • Access to infrastructural resources at Centres of Innovation and IHLs; and
        • Affordable and new modular spaces at temporary locations in the pilot site of Ang Mo Kio Town Centre, or direct allocation of Housing & Development Board’s (HDB) vacant shop spaces through the HDB Enhanced Entrepreneur Scheme, to be rented from HDB at valuer-assessed market rent with 10% rental discount on the first term of the three-year tenancy.

      Local enterprises with innovative, consumer-facing businesses can register their interest at HED@enterprisesg.gov.sg.

    • 100% Investment Allowance [Enhanced]
      • Extended for three more years till 31 March 2026 to provide continued support for enterprises to undergo upgrading and transformation through automation projects.

      Learn more about the scheme here.

  • Internationalisation
    • Double Tax Deduction for Internationalisation (DTDi) [Enhanced]
      • Expanded to include support for e-commerce related activities.
      • Enterprises pursuing internationalisation through e-commerce campaigns to enjoy 200% tax deduction of qualifying costs, which will help them to overcome the initial cost barriers for internationalisation efforts.

      Learn more about the scheme here.

    • Enterprise Financing Scheme (EFS) [Enhanced]
      • Under a pilot expansion of the scheme, selected foreign-based financial institutions and multilateral development banks will be included as participating financial institutions, in addition to locally based participating financial institutions already under the existing EFS schemes.
      • This is to address existing market gaps in financing for local companies venturing abroad, particularly into emerging markets.

      More details will be shared at a later date.

    • Market Readiness Assistance (MRA) Grant [Enhanced]
      • The enhanced grant cap of up to S$100,000 will be extended until 31 March 2025.

      Learn more about the grant here.

  • Loans and financing
    • Enterprise Financing Scheme (EFS) [Enhanced]
      • Current enhancements under the scheme will be extended for another year until 31 March 2024.
      • This includes the 70% Government risk-share for trade loans, the enhanced maximum quantum for trade and working capital loans, and support for domestic construction projects via project loans.
      • The EFS-Venture Debt programme will be enhanced to extend support to venture debt loans backed by redeemable convertible preference shares.

      Learn more about the scheme here.

  • Sustainability
    • Energy Efficiency Grant [Enhanced]
      • Extended for one year until 31 March 2024, to continue supporting businesses in the food services, food manufacturing, and retail sectors to invest in energy efficiency.

      Learn more about the grant here.

      • Courses, playbooks and funding support will be rolled out to help enterprises conduct carbon management and sustainability reporting.
      • New thematic and sectoral sustainability playbooks will be developed to help enterprises become more sustainable.
      • A one-stop website will be launched for enterprises to have easier access to information and resources.
      • Under the Enterprise Development Grant (EDG), the support level for sustainability projects will be retained at up to 70% until 31 March 2026.

      Learn more about the Enterprise Sustainability Programme here.

    • Enterprise Sustainability Programme (ESP) [Enhanced]
      • Courses, playbooks and funding support will be rolled out to help enterprises conduct carbon management and sustainability reporting.
      • New thematic and sectoral sustainability playbooks will be developed to help enterprises become more sustainable.
      • A one-stop website will be launched for enterprises to have easier access to information and resources.
      • Under the Enterprise Development Grant (EDG), the support level for sustainability projects will be retained at up to 70% until 31 March 2026.

      Learn more about the Enterprise Sustainability Programme here.

Budget 2023