Singapore SMEs Enjoy Cash Pay-out by IRAS for the Assessment Year 2012

Singapore -- (SBWIRE) -- 10/04/2012 -- SMEs in Singapore enjoy a onetime non-taxable cash grant of up to five thousand dollars to compensate for high costs of running a business during a period of economic down turn. This initiative has encouraged many SMEs to start operations in Singapore with confidence.

The only conditions laid down by IRAS for this grant is that during the accounting period ended 31st December, 2011, the company must have at least one CPF paying employee who is not a shareholder of the company

One of the companies that benefitted under the scheme is Bytech Asia Pacific Pte.Ltd. (bytechasiapacific.com.sg) for their accounting year ended 31.12.2011. Bytech – a technology consulting company started its operations in Singapore in early 2011. As business grew, a vacancy arose in the company to hire a Business Analyst. Bytech whose operations in India span more than 25 years chose to employ a Singaporean Citizen as their first employee fully unaware that they would be rewarded for this effort.

The founder of Bytech Group and veteran tech wizard Mr. Thiyagarajan Srinivaasan was quoted as saying, “This is not only amazing but gives us more confidence to do business in Singapore with whole hearted efforts. I am personally committed to ensure that we do a serious and profitable business using such timely and memorable gestures from the Government. These are certainly tokens of confidence that SME like us look for – not just the value, but the intent”. Mr. Anand Srinivasan, who heads the company’s operations in Singapore assents to this comment.

Further to this note, Founder and Managing Director of the Servolve group – the Singapore company formation specialists, Mr. George Mathew commented, “The majority of our customers belong to the SME sector and such initiatives help them with cash flows. We ensure that our clients are well aware of the initiatives which can help them ease operational costs. We work hand in hand with our clients to help them build their brand in Singapore”. Servolve also handles Bytech’s secretarial and accounting matters in Singapore.

There are other grants which are offered by Singapore Government through SPRING Singapore designed to help Singaporeans who want to start up entrepreneurial ventures. In this regard, Singapore offers more incentive for start-ups than any other developed country presently. Many educational institutions in Singapore offer in-house funding facilities to innovative students who want to take their idea to the world.