Productivity Solution Grant (PSG) is a great initiative the Singaporean government took to help SMEs improve their daily work operations. This is an excellent choice for businesses looking for IT solutions and equipment. PSG enhance productivity and efficiency and smoothens the daily routine of businesses. For instance, if you want to start your own business in Singapore, PSG is the only solution that renders various benefits, such as financial support and improved productivity and efficiency. This guide covers vital considerations, benefits, and the PSG application process.
How Does Productivity Solution Grant Work?
Utilising psg grant singapore, businesses enhance productivity and make operational activities seamless to stay ahead in today’s competitive market. PSG can cover almost 70% of qualifying costs, becoming a preferable choice for many businesses for driving innovation and growth. Many industries, such as food services, retail, logistics and healthcare, can use PSG Singapore efficiently.
Key Considerations About the Grant
- When you decide to get Singapore psg the Singaporean government provides up to 70% of the qualifying costs capped at $30,000 per company.
- The business grant portal is a platform allowing businesses to apply for grants.
- Candidates applications are processed within the six weeks of submission.
- The maximum support level for a pre-approved solution was remodified to 50% of qualifying costs, effective from 1st April 2023.
Eligibility Criteria For Applying PSG
There are some conditions that companies must follow to get funding from PSG Grant in Singapore. Let’s get started.
- Businesses are required to register in Singapore with local shareholding and must qualify the conditions of Small and Medium Enterprises (SMEs)
- Must have a minimum annual sales turnover of S$100,000.
- Number of employees upto 200.
- Singaporeans or permanent residents own a local equity share of 30%.
- The primary and secondary codes of Singapore Standard Industrial Classification (SSIC) must start with 692.
- Applicants must purchase or take a subscription to the IT solution used in Singapore.
What are the benefits of PSG?
Financial Support
Singapore Productivity Solutions Grant offers funding support to SMEs to improve the efficiency and productivity of their businesses.
Improve Efficiency
Investments in approved solutions through PGC help smoothen their daily operational activities, render optimal results, and reduce manual tasks.
Competitive Edge
Incorporating productivity solutions offered by PGC is a golden opportunity for businesses to have a competitive advantage. This allows them to keep updated with the latest industry trends and stand out from the competition.
Promotes Businesses
The PGC promotes businesses to adopt new technologies and solutions for growth and sustainability.
Savings
Money and time are two valuable resources that can be saved by investing in advanced solutions that streamline workflow and automate tasks with the help of the PGC.
SMEs Support
The PGC initiative is explicitly designed to support (SMEs) that reduce the financial burden of businesses to some extent.
Job Creation
Once businesses have grown, PGC generates more employment opportunities, resulting in more economic growth and development.
Step-By-Step Guide For Applying PSG
Struggling to find out how to apply for PSG. Follow the steps mentioned below:-
- First and foremost, businesses must identify their solution and what they want to achieve with PSG initiatives, such as productivity or technological advancements. Ask for direct quotations for the specified solutions from pre-approved providers.
- Create an account by visiting the official website of the Business Grants Portal and submit all the required documents when applying. You need to mention all the details regarding your business, obtained quotations and the selected solutions,
- Carefully examine the application and submit it to the Grant portal for further processing. Keep an eye on the status of your application and keep updated on any additional requirements or the final decision.
- Once your application has been approved and you have started using the service, you can price begin submitting reimbursement claims. Ensure the solution you bought or subscribed to meets the requirements of your business for the permitted applications. It has been used for at least 30 days and paid fully. The Business Grants Portal should be used to immediately submit the necessary claim paperwork.
- When your claims have been approved, the funds will be transferred to your account. All payments will be released through PayNow Corporate. So, it is recommended that you must enrol yourself for PayNow Corporate using your Unique Entity Number (UEN) by liaising with your bank. You can use the FormSG platform to submit your PayNow Corporate information.
Wrapping It Up
This blog has covered all the information about the productivity solution grant singaporehelping businesses improve efficiency, productivity, and daily operational activities with innovative solutions. By following the application process and practices, SMEs can avail this great opportunity and take their business to the next level efficiently and effectively. If you’re having trouble filling out the PSG application form, Dcub3 guides you throughout the process. Furthermore, it also renders a full spectrum of services, including ecommerce development, search engine optimisation and lead generation.
