How S$500 Million Budget is Used to Jumpstart Tourism in Singapore
As global borders begin to open again, Singapore is seizing this opportunity to promote its tourism. In doing so, the government is setting aside S$500 million to kickstart the tourism sector.
The budget will be divided among different government initiatives to encourage more tourists to enter the country. These initiatives include new attractions that leverage technology to create new and exciting experiences. Some of the new launches are:
Action Sports Facility
The Ride Side, an adventure and sports-based company in Singapore, plans to set up an action sports facility called Trifecta in 2023. This 49,611 sq ft. facility in Singapore’s prime shopping district, Orchard Road, will allow visitors to participate in several outdoor activities like surfing, skating, skiing, and snowboarding through their carefully-designed arenas.
Electric Go-Karts in Sentosa
For children and families in general, the new electric go-karts attraction in Sentosa is a must-visit. It’s an interactive activity developed in partnership between Palawan Innovation Studios and Sentosa Development Corporation to allow guests to race through a three-level track powered by speed and electric lights.
Part of Singapore’s plans to boost tourism is to launch a Chocolate factory in Dempsey, featuring chocolate bars from countries across Asia. Initiated by a local company, Mr Bucket Chocolaterie, this initiative plans to introduce an interactive attraction where visitors can customise their own chocolates.
Avatar at Gardens by the Bay
Gardens by the Bay has always been one of the most visited tourist attractions in the country. But with the addition of The Cloud Forest (an attraction inspired by the blockbuster film, Avatar), the government expects to draw more visitors to the country.
Singapore advertises these new tourist attractions through their SingapoReimagine Campaign, an international campaign geared towards reaching a global market. Their efforts have already reached India, Indonesia, and Australia, and it will continue to promote new experiences and is expecting to expand further as tourism begins to pick up.
Besides these plans, the government also plans on using a portion of the budget to promote wellness and sustainability through the Tourism Sustainability Programme. Through this campaign, the government aims to provide resources for businesses in the tourism sector to develop and expand their sustainability strategies. This programme will include grants to increase the company’s competitiveness by supporting the testing and development of sustainable solutions.
Financial Assistance to Tourism and Entertainment
As the government continues to create new opportunities for the tourism industry to thrive through their own initiatives, they also encourage entrepreneurs to follow their steps and build businesses that revolve around promoting Singapore tourism. In doing so, they are committed to providing financial assistance to companies who plan to tap this market. These include:
Temporary Bridging Loan Scheme
The Temporary Bridging Loan Scheme aims to provide businesses with a working capital to businesses who need it. It’s been extended from April 1, 2022, to September 30, 2022. The borrowers are subject to a maximum of S$20 million with an overall loan exposure of S$50 million for every borrower group. Borrowers need to pay this loan within five years.
As an addition to the existing capital, this loan can help businesses the opportunity to build or grow their company. With the help of Singapore accounting services, this amount can be allocated appropriately to ensure that it’s maximised to its full potential.
Singapore is not only a business hub but also a tourist destination. With the global borders reporting, the country aims to rebuild its tourism industry. Learn the initiatives and financial schemes the government is offering to transform this vision into reality.
As the labour market continues to evolve, the government is also providing a Job Growth Incentive to support local employers in widening their local hiring range. This means that if a company increases its workforce until September 2022, it will receive financial support. This is especially important for businesses in tourism and entertainment as they experienced the most setback due to the pandemic.
With this in place, employers can benefit from finding the right employees to grow their team, thereby making their operations more efficient and profitable.
Tax Credits on Training Expenditure
If the hired employees need to upskill, the Tax Credits on Training Expenditure can cover training costs to help employees develop their skills. The amount to be given to the company will depend on what the training entails: training fees, rental fees, accommodation, and transportation.
To compute the amount needed to accomplish the training, companies need to hire accounting firms in Singapore. Through their accounting services, they can collect and analyse the costs to apply accordingly.
Despite these initiatives, the success of the tourism sector will still depend on the return of customers. But regardless, it’s a good stepping strategy to reclaim Singapore’s position as not only a business hub but also a top tourist destination in Asia. As entrepreneurs, this is an excellent opportunity for you to seize the market and create strategic plans to entice global visitors to engage with your business.
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