To be competitive in today’s fast-paced world, organisations must always innovate and develop. One method to accomplish this is to use technology and automation to increase productivity and streamline procedures. In Singapore, the Productivity Solutions Grant (PSG) provides an excellent chance for local Small and Medium Enterprises (SMEs) to do so. Let’s take a look at everything you need to know about the Productivity Solutions Grant ( PSG) in Singapore.
What is PSG?
The Productivity Solutions Grant (PSG) is a Singapore government project that helps local firms increase efficiency and automate existing processes by implementing information technology (IT) solutions and equipment. PSG was created to encourage business transformation and help companies recover from challenges. Under the PSG program, qualified businesses can obtain financial assistance to cover up to 50% of the eligible expenses of implementing pre-scoped IT solutions and equipment. The program offers firms the opportunity to receive up to $30,000, making it an appealing choice for SMEs seeking to improve their operations.
Eligibility for PSG Grants
To qualify for the PSG, your company must meet the following qualifying criteria:
- Business Entity: Your company must be registered and operating in Singapore.
- Local Equity: At least 30% of the company’s equity should be owned directly or indirectly by Singaporeans and/or Singapore Permanent Residents.
- Sales Turnover or Employee Size: Your company’s Group Annual Sales Turnover should not exceed $100 million, and its total workforce should not exceed 200 people.
- Use of Solutions in Singapore: The IT solutions or equipment acquired, leased, or subscribed to under the grant must be used in Singapore.
Certain entities, including charities, Institutions of Public Character (IPCs), religious groups, voluntary welfare organisations (VWOs), government agencies and subsidiaries, and societies, are not eligible for PSG funding. Sole proprietorships are also eligible for PSG. It’s worth noting that firms who qualify for the SkillsFuture Enterprise Credit may be eligible for further subsidies through the scheme.
Benefits of PSG Grant
The PSG offers firms a variety of benefits, including:
● Financial help: PSG provides financial help for up to 50% of qualified costs, with a maximum of $30,000 per business.
● Sector-Specific and Generic Solutions: The grant supports both sector-specific and generic solutions in the form of pre-scoped solutions and packages. Enterprise Singapore has pre-scoped these solutions, making it easier for businesses to select the best tools for improving their operations.
● Enhanced Grant Support Levels: To meet the problems posed by the COVID-19 epidemic, the PSG program temporarily increased grant support levels, providing an additional incentive for enterprises to invest in technology and automation.
How to Apply for PSG Grant
The application process for the PSG is straightforward:
- Identify relevant solutions: First, determine which IT solutions or equipment best meet your company’s demands. The GoBusiness Gov Assist website provides a comprehensive range of pre-approved equipment and pre-scoped solutions.
- Get Quotes: Depending on the type of solution, obtain quotes from suppliers or advisors. Ensure that the quotation only includes the real purchase/hire cost of the pre-approved solution, omitting any additional administrative fees or taxes.
- Grant Application Process: To apply for PSG, go to the Business Grants Portal (BGP). Fill out the application form and submit all relevant information about your business needs.
- Submit your application: After completing the application, submit it via the Business Grants Portal (BGP). Please follow the step-by-step instructions provided for assistance.
- Prepare the Required paperwork: Ensure that you have all of the relevant paperwork and information on hand, including contact information, the primary contact person, proposal specifics, vendor information, project cost, and a full description of the business effect.
- Processing Time: After submitting your application, the outcome usually takes around 6 weeks. Be prepared to wait and keep track of your application’s progress.
- Claims Submission: Once your application has been approved, you can submit claim documentation for reimbursement using the Business Grants Portal. Your solution should be purchased or subscribed to as specified in the application, used for 30 days, and paid in full.
- Claim Disbursements: Claims can only be disbursed when they have been approved. Claims disbursement times can vary, therefore it’s crucial to check on the status of your claim.
Discover Excellent eCommerce Services with W360 Group: PSG-Approved Solutions for Success
The Productivity Solutions Grant (PSG) is a vital resource for Singaporean enterprises aiming to increase efficiency, streamline processes, and remain competitive in a fast changing marketplace. With significant financial support and a diverse variety of certified solutions, PSG enables SMEs to embrace technology innovations and accelerate business growth.
W360 Group specialises in eCommerce web development that provides a seamless and engaging customer experience. As a pre-approved vendor for the Productivity Solutions Grant (PSG), we provide complete solutions that extend beyond design. Our competent IT staff and digital marketing professionals work together to ensure that your website not only attracts visitors, but also motivates them to take action, increasing your conversion rates. From bespoke design and system integration to mobile optimization and content refinement, we cover all aspects of eCommerce site developments. Furthermore, with our comprehensive training and continuous assistance, you will be fully prepared to manage your website’s inventory, logistics, and payments. W360’s purpose is to help you succeed in eCommerce, and we’re eager to assist you take your business to the next level.
