The Productivity Solutions Grant is without a doubt one of the most often discussed incentives for Singapore SMEs accessible in Singapore. Many companies are interested in the Enterprise Singapore Xero grant, and many claims on PSG have been made during the 2020 pandemic. The most frequent was the PSG laptop claim, which expired in December 2020.
Most Singapore SMEs or companies who want to purchase a laptop or establish an eCommerce website are aware of the PSG grant accounting procedure, which finances up to 80% of the qualifying amount.
PSG grant accounting software offers a slew of additional possibilities for SMEs or businesses in Singapore to possibly claim, with up to 80% financial assistance. Here are a few such examples:
Hubspot is a software firm that specializes in customer relationship management and marketing automation.
A financial accounting program is an Enterprise Singapore Xero grant.
Google Workplace is a tool that lets you manage your emails and job applications.
#1 What is the Productivity Solutions Grant (PSG)?
The Productivity Solutions Grant is designed to promote the adoption of internet technology solutions across a wide range of sectors. Retail, banking, logistics, engineering, cuisine, and landscaping are among them. Productivity Solutions Award (PSG) is a merger of three previous grants: a National Parks Board landscape award, a Spring Singapore Innovation Voucher, and the Media Development Authority’s SMEs Digital program.
In a nutshell, you may request up to 80% of the qualifying amount of government financing for digital solutions when you set up company in Singapore.
#2 Why isn’t the final claim for the stated price 80% of the declared price?
The bulk of government handouts are denoted by the phrase “up to.” Most grants are conditional on approval, and you must apply via the Business Award Portal for the relevant official to approve before continuing with grant claims. In certain instances, the business is disqualified for the grant; thus, we urge SMEs to apply first before proceeding with the project.
Another consideration is that the gap between the actual price you pay and the amount claimed may not be 80 percent since the claims exclude expenses such as Government Service Tax (GST), etc.
#3 Who is eligible to apply for PSG Grants?
The overwhelming majority of Singapore’s SMEs are eligible for this award. The following are the stated requirements, according to the Enterprise Singapore website:
The business is registered and operates in Singapore.
In Singapore, IT solutions or equipment must be bought, leased, or subscribed to.
Have a minimum of 30% local ownership, a Group annual sales turnover of less than S$100 million, and less than 200 workers (for selected solutions only)
Will you get considered when you set up company in Singapore? You may apply via the Enterprise Singapore Xero grant website, and the assessing officer will determine whether or not to approve your application.
#4 Is there a limit on the number of applications that may be accepted?
In contrast to the business preparedness grant, there is no annual restriction on the number of applications approved. You can apply for more than one solution via the PSG, but you can only apply for one at a time. As a consequence, before submitting an application for approval, SMEs should understand how the PSG grant accounting process works and choose a PSG-approved vendor.
For proposals supported by Enterprise Singapore (ESG) between 1 April and 31 March of each year, there is also a grant maximum of $30,000 for each corporate organization. According to Budget 2021, the PSG grant would fund up to 80% of qualifying spending until March 31, 2022.
#5 PSG Grant is taking too much time; is there a prototype available, or can the vendor do it for me?
No, as much as we want we could, the answer is no. The customer must submit the claims and the request for approval through the Enterprise Singapore Xero grant portal. The customer will be compelled to log in via Corpass, preventing an external provider from doing so.
It will be up to the recipient, as with previous government grants, to show the government how the solution would effectively improve the efficiency of their operations, which will vary depending on the client.
PSG is, in our view, one of the simplest grant submissions when you set up company in Singapore. Laptops and financial programs such as Xero PSG grant or Quickbooks are among the most preferred options, according to many SMEs.
#6 What are the payment conditions for PSG?
It is comparable to the vast majority of government handouts. That is a refund arrangement. As a consequence, the customer must pay in full before submitting a request for reimbursement to the Enterprise Singapore Xero grant site.
In certain cases, proof of usage and how this solution helps when you set up company in Singapore may be needed in order to qualify for Enterprise Singapore Xero grant accounting platforms. Before filing claims, you must utilize the software/solution for at least a month.
Payment terms for different solution providers’ projects differ. It is important to ask each solution supplier about payment arrangements.
#7 To minimize my expenses, may I seek modifications or a refund from the solution provider?
Unfortunately, the answer is no. Pre-approved solutions are referred to as PSG. Every solution vendor has submitted Enterprise Singapore its requirements, which are being evaluated by officials. It comes in the form of a pre-approved kit, and only what is contained in the pre-approved package is eligible for reimbursement. Customers, on the other hand, have the option of paying for the additional change on their own. Cashback is absolutely banned for any government grants.
#8 How long would it take to submit an application for the PSG Grant?
It may take as long as six weeks. When you apply for the award, the quantity of work you do at Enterprise Singapore is generally taken into account. It also relies on the solution you want.
Another criteria are if all of the paperwork and the plan are in order; if they are, permission may be acquired in a reasonably short amount of time, i.e. 3-4 weeks.
Apply for a PSG grant right now
Aside from Singapore business registration, WLP Group also offers Xero PSG grant financing. We suggest that you contact us to learn more about the PSG grant options that may be beneficial to your business. Xero PSG grant accounting software will help your company. Contact us today.