Through higher start-up costs, they will kill all small businesses, leaving S'pore with only half screwed up GLCs and a bunch of MNCs which are always gonna be looking for opportunities to go somewhere else.
I mean these MNCs won't continue to manufacture in Singapore if the cost of wages are too high..and these manufacturers are producing low-end products, not high end ones. Even factories in China are producing iPhones, and iPods and Macs for Apple, hardly low-end tech products.
In the end, I feel sad when the government becomes an adversary of small businesses in Singapore. In other countries, such as Australia, the government has become a partner in helping small businesses to grow. Here, its the opposite. More people will emigrate to other countries as a result of this.