The Productivity Solutions Grant is without a doubt one of the most often discussed incentives available to Singapore-based SMEs. Numerous businesses have shown interest in the Enterprise Singapore Xero grant, and numerous claims on PSG have been filed in the event of a 2020 pandemic. The most often made claim was for a PSG laptop, which was due to expire in December 2020.
The majority of Singapore SMEs and businesses interested in purchasing a laptop or establishing an eCommerce website are familiar with the PSG grant accounting process, which funds up to 80% of the qualifying amount.
PSG grant accounting software enables SMEs or companies in Singapore to potentially claim a plethora of extra benefits, including financial support of up to 80%. The following are a few examples:
- Hubspot is a software company that focuses on CRM and marketing automation.
- An Enterprise Singapore Xero award is used to fund a financial accounting program.
- Google Workplace is a cloud-based service that enables you to manage your emails and job applications.
#1 The Productivity Solutions Grant (PSG)
The Productivity Solutions Grant is intended to encourage the widespread use of internet technology solutions across a variety of industries. Retail, banking, logistics, engineering, cuisine, and landscaping are just a few of them. The Productivity Solutions Award (PSG) combines three previously awarded grants: a National Parks Board landscape grant, a Spring Singapore Innovation Voucher, and the Media Development Authority’s SMEs Digital initiative.
In a word, for a new company set up in Singapore, you may apply for up to 80% of the qualifying amount of government funding for digital solutions.
#2 Why is the final claim for the given amount less than 80% of the stated price?
The majority of government giveaways begin with the term “up to.” The majority of awards are conditional on approval, and you must request approval through the Business Award Portal before proceeding with grant claims. In certain cases, the company will be excluded from receiving the grant; thus, we strongly encourage SMEs to apply first before continuing with the project.
Another factor to consider is that the difference between the real price you pay and the amount claimed may be less than 80% since the claims exclude costs such as Government Service Tax (GST).
#3 Who may apply for PSG Grants?
This award is open to the vast majority of Singapore’s SMEs. According to Enterprise Singapore’s website, the following requirements have been declared:
- The business is registered and operates in Singapore.
- IT solutions and equipment must be purchased, rented, or subscribed to in Singapore.
- Have a minimum of 30% local ownership, an annual group sales revenue of less than S$100 million, and less than 200 employees (for selected solutions only)
Will you be considered as a new company set up in Singapore? You may apply online via the Enterprise Singapore Xero grant website, and an assessing officer will decide whether or not your application is approved.
#4 Is there a maximum number of applications that will be considered?
In contrast to the business readiness grant, there is no yearly limit on the number of accepted applicants. You may apply for several solutions via the PSG, but only one at a time. As a result, SMEs should understand the PSG grant accounting procedure and choose a PSG-approved vendor prior to submitting an application for approval.
There is also a maximum award of $30,000 for each business organization for applications sponsored by Enterprise Singapore (ESG) between 1 April and 31 March of each year. Budget 2021 states that the PSG grant will cover up to 80% of eligible expenditures through March 31, 2022.
#5 PSG Grant is taking an unreasonable amount of time; is there a prototype available, or can the vendor do the task for me?
No, despite our best efforts, the answer is no. Claims and requests for approval must be submitted through the Enterprise Singapore Xero grant site. The client will be forced to log in through Corpass, prohibiting them from doing so via an external source.
As with past government handouts, the recipient must demonstrate to the government how the solution would significantly enhance the efficiency of their operations, which will vary based on the customer.
PSG is, in our opinion, one of the easiest grant applications to do for a new company set up in Singapore. According to many SMEs, laptops and financial applications such as Xero PSG grant or Quickbooks are among the most favored choices.
#6 What are the terms of payment for PSG?
It is similar to the overwhelming bulk of public assistance. This is a reimbursement agreement. As a result, the client must make complete payment before filing a refund request to the Enterprise Singapore Xero grant site.
Proof of use and how this solution aids in the new company set up in Singapore may be required in certain instances to qualify for Enterprise Singapore Xero grant accounting platforms. You must use the software/solution for at least one month prior to submitting claims.
Payment periods for projects undertaken by various solution providers vary. It is critical to inquire about payment terms with each solution provider.
#7 May I request changes or a refund from the solution supplier in order to reduce my expenses?
Sadly, the answer is no. PSG stands for pre-approved solutions. Each solution provider has submitted its criteria to Enterprise Singapore, which are now being reviewed by authorities. It is provided in the form of a pre-approved kit, and only the contents of the pre-approved package are reimbursed. On the other hand, customers have the option of paying for the extra change themselves. Cashback is strictly prohibited on any government grants.
#8 How long would it take to submit a PSG Grant application?
It may take up to six weeks. When applying for the award, the amount of work you perform at Enterprise Singapore is often considered. Additionally, it is dependent on the answer desired.
Another criterion is if the documentation and the plan are in order; if they are, approval may be obtained in a reasonable period of time, i.e. 3-4 weeks.
Now is the time to apply for a PSG grant
Apart from company registration in Singapore, WLP Group also provides Xero PSG grant funding. We recommend that you contact us to learn more about possible PSG grant opportunities for your company. Xero PSG grant accounting software will help your company.
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