On 31 July 2025, the US President signed an executive order imposing new tariffs on a wide range of imported goods, which will take effect from 7 August 2025.
With SMEs making up 99% of all businesses in Singapore, many companies are expected to feel the impact of these tariffs, particularly those connected to trade, logistics, and supply chains. Singapore’s economy, which relies heavily on external demand and port activity, may see shifts in trade flows as a result.
To help businesses adapt, the Singapore Government has announced plans to launch Business Adoption Grants by October 2025. The scheme will provide support of up to S$100,000 per company, on a co-funding basis, to assist firms in navigating the new tariff environment and building long-term resilience.
For SMEs, this is a timely reminder of the importance of robust compliance, financial planning, and tax strategies. Proper reporting and advisory support will not only help businesses manage additional costs but also ensure they are well-positioned to tap into government incentives and funding opportunities.
At NS Global Consultants Pte. Ltd., we partner with SMEs to provide corporate secretarial, bookkeeping, compilation, and tax services that keep your business compliant, efficient, and future-ready.
Contact us today to learn how we can support your company in preparing for these changes and making the most of available grants.