Singapore Productivity Solution Grant
Many entrepreneurs prefer Singapore to set up their businesses because of the alluring advantages Singapore offers. Singapore is known for its business-friendly environment, robust legal system, enticing tax advantages, established infrastructure, economic stability, etc.
But, once a business is up and running, it has to generate a sizable amount of capital to cover its operating expenses. Many businesses fail in the expanding economy because they lack the capital necessary to operate in the market. In order to assist businesses in obtaining the required funding, the Singaporean government has developed a number of grants. One such grant introduced by the Singaporean government is the Singapore Productivity Solution Grant.
The Singapore Productivity Solution Grant (PSG) program is designed to encourage small and medium-sized businesses to implement digital solutions. With a ceiling of SGD 30,000 per program, the grant can support up to 50% of expenditures.
In this article, the Singapore Productivity Solution Grant has been extensively covered. The procedure and steps necessary to file a PSG claim are also outlined in this article.
About the Singapore Productivity Solution Grant
The Productivity Solutions Grant (PSG) is a scheme launched by the Singaporean Government to motivate small and medium firms to embrace digital services. The Government of Singapore introduced the Singapore Productivity Solution Grant (PSG) in April 2018 to incentivize companies to embrace productivity-improving technologies. This initiative taken by the Singaporean Government intends to assist SMEs in utilizing and enhancing their digital technology abilities.
The Singapore Productivity Solution Grant intends to offer financial assistance to companies and organizations to employ pre-scoped IT systems, technology-based tools, and consulting services to boost their productivity. It includes businesses offering industry-specific services and solutions in a range of industries, such as food, manufacturing, shipping, construction, retailing, and e-commerce. The grant offers financial support and can cover up to 50% of expenses with a ceiling of S$30,000 per program.
The PSG grant offers finance for choices in numerous disciplines and industries, offering not just general help but also sector solutions. Solutions for administering customer relations and human resources are among them.
Examples include:
IT Solutions
The PSG Grant includes a broad spectrum of IT solutions, including services, and support. This implies that companies can acquire the required assistance to modernize their current systems, introduce modern technology, or simply begin utilizing IT in their business. The grant may also be utilized to pay for employee training expenses related to new IT solutions. The PSG Grant aids companies in embracing simpler and more cost-effective IT solutions, hence enhancing their productivity and performance.
Equipment
PSG grant offers specific machinery appropriate for each business.
Consultancy Services
A variety of services, notably consulting services, are funded by the PSG Grant. Any individual that requires assistance with their corporate strategy or brand management can seek the PSG grant to assist in paying the expense of recruiting a consultant. The PSG Grant could assist make consulting services more accessible and cost-effective, which can be very useful in launching the firm.
Classification of Singapore Productivity Solution Grant
The Singapore Productivity Solution Grant can be classified into two categories.
They are:
Sector-Specific Services
Only businesses operating within the corresponding industries are eligible for sector-specific services. The sector’s specific services include services related to.
- Wholesale & distribution
- Retail
- Logistics
- Engineering
- Specialized services
- Construction & Landscaping
Generic Services
Generic services aim to increase businesses’ efficiency in running routine commercial operations and functions. Businesses in a variety of business industries and sectors have access to generic solutions if they want to increase efficiency in administering basic operations, customer management, analytics, financial planning, and operational processes.
What does the Singapore Productivity Solution Grant provide?
The Singapore Productivity Solution Grant provides the following:
- Financial Support- PSG grant provides financial support of up to SGD 30,000 and covers approx 70% of the eligible expenses. The funding also assists with branding and advertising costs, which can greatly benefit the company’s project.
- Technological Solutions- In order for companies to have extensive access to outstanding technological solutions, many entrepreneurs submit applications to claim the PSG grant. Companies may enhance their activities using PSG Grant by automating procedures, cutting down on mistakes, and raising service quality. PSG Grant enables companies to access market opportunities and connect with several clients.
- Applicable in various sectors- The PSG Grant Singapore supports companies and industrial sectors that want to use digital technology to improve their functioning.
Benefits of Singapore Productivity Solution Grant
- The Singapore Productivity Solution Grant was launched to incentivize companies to embrace productivity-improving solutions.
- This grant assists businesses in implementing digital solutions to boost productivity and strengthen operational procedures.
- A qualified enterprise may acquire the Singapore Productivity Solution Grant once each fiscal year, up to a maximum of S$30,000. The grant can compensate up to 70% of expenses.
Sectors that are eligible for the Singapore Productivity Solution Grant
For companies planning to choose industry-specific IT solutions, PSG will pay for the cost of the following sectors:
- Food Sector
- Building and landscaping
- Logistics
- Engineering
- Wholesale & Distribution
Eligibility criteria for Singapore Productivity Solution Grant
To be qualified for the Singapore Productivity Solution Grant, the following criteria must be met:
- Business entities must be registered in Singapore.
- The entity must be operating in Singapore.
- The IT systems, technology, and consulting services must be bought, rented, or subscribed to in Singapore.
- At Least 30% of the shares must be owned locally.
- The annual revenue must be under S$100 million.
- Business entities must have fewer than 200 workers.
- Should have a maximum of three local workers when applying. However, this criteria is only applicable to consulting services.
Procedure to apply for a Singapore Productivity Solutions Grant
The procedure to apply for a Singapore Productivity Solutions Grant is:
- Before applying, evaluate the best-suited and most qualified solutions.
- IT-related solutions: Request a quote from the pre-approved supplier.
Regarding Equipment: Find the necessary equipment and request a price from the supplier.
Regarding consulting services: Obtain a quote from the pre-approved consultant.
- Go to the Business Grants Portal (BGP) and create a CorpPass account.
- Sign onto the Business Grants Portal (BGP) to apply for a PSG.
- File an application to grant the PSG claim.
Steps to acquire the Singapore Productivity Solution Grant
In order to claim the benefits offered by the Singapore Productivity Solution Grant, the following steps must be followed:
- Visit the Business Grants Portal and log in with your CorpPass credentials. At the “Claims” subsection of the “My Grants” page, you can submit claims to acquire the PSG.
- Afterward, select “File new claim.” Then you can pick the permitted grant that you would like to make a claim for and tap on “Proceed.”
- Give the details on the application form. After completing the form, upload any necessary accompanying documentation to the “Claims Information” section.
- Include any additional necessary details under the “Business Outcomes” area.
- Complete the declaration and file your request after thoroughly reviewing every necessary detail.
- After applying you may get an update on you application within 6 weeks.
Documents required for the Singapore Productivity Solution Grant
The following documents are necessary in order to apply for a Singapore Productivity Solution Grant:
- Signed agreement to accept the quote.
- A bank record that demonstrates the transfer of funds to a PSG-approved vendor.
- License information for the software with for month evidence of usage.
- Paid check’s receipt.
- An invoice.
- A screenshot that presents the firm’s name along with the solution.
Conclusion
The Singapore Productivity Solution Grant provides businesses with financial assistance so they can expand in the rapidly expanding market. The Productivity Solutions Grant (PSG) was introduced in April 2018 to assist companies in using technology to improve their operations. In order to increase efficiency, it offers financial assistance to company owners that employ pre-scoped IT systems, tools, and consulting services. This grant offers qualifying Singaporean SMEs financial support by covering up to 50% of expenses, with a cap of S$30,000 per program.
Contact Odint Consultancy if you have additional questions about the Singapore Productivity Solution Grant. We’ll be here to answer your questions.
FAQ’s
The Productivity Solutions Grant (PSG) is a scheme launched by the Singaporean Government to motivate small and medium firms to embrace technological services.
- Sector-specific solutions
- Generic solutions
- Financial assistance of up to S$30,000.
- Covers up to 70% of the expenses of the company’s projects.
The benefits of Singapore Productivity Solution Grant are-
- The Singapore Productivity Solution Grant was launched to incentivize companies to embrace productivity-improving solutions.
- Provides financial support- PSG grant provides financial support of up to SGD 30,000 and covers approx 70% of the eligible expenses.
- Provides technological solutions- This grant assists businesses in implementing digital solutions to boost productivity and strengthen operational procedures.
All firms registered and operating in Singapore are qualified for Productivity Solutions Grant (PSG) in Singapore.
