The Productivity Solutions Grant is without a doubt one of the most highly debated grants for Singapore SMEs offered in Singapore. Many companies are involved in the Productivity Solutions Grant, and many statements on PSG have been made during the 2020 pandemic. The most famous was the PSG laptop claim, which expired in December 2020.
Most Singapore SMEs or businesses who want to purchase a laptop or create an eCommerce website are aware of the PSG grant accounting scheme, which finances up to 80% of the qualifying amount.
Xero PSG grant accounting platform has a slew of other opportunities for SMEs or company incorporation Singapore processes to theoretically assert, with up to 80% funding support. Here are a couple of examples:
Hubspot is a tech firm that specializes in customer relationship management and marketing automation.
The financial accounting service is the Xero PSG grant.
Google Workplace is a tool that lets you handle your emails and career applications.
1 Exactly what is a Productivity Solutions Grant (PSG)?
The Productivity Solutions Grant is designed to promote the use of internet technology applications across a wide range of industries. Among them are retail, accounting, logistics, engineering, food, and landscaping. Productivity Solutions Grant (PSG) incorporates three existing grants: a landscape grant from the National Parks Board, a Spring Singapore Innovation Voucher, and the Media Development Authority’s SMEs Digital initiative.
In a nutshell, you will request up to 80% of the eligible amount of government support for digital solutions for your industry or company incorporation Singapore process.
2 Why isn’t the final claim for the claimed price 80% of the claimed price?
The bulk of government grants are denoted by the phrase “up to.” Most grants are conditional on acceptance, and you must submit your application to the Business Grant Portal for the proper officer to approve before continuing with grant claims. In certain circumstances, the organization is ineligible for the grant; thus, we urge SMEs to apply first before proceeding with the proposal.
Another consideration is that the difference between the actual price you pay and the amount claimed will not be 80 percent because the claims omit expenses such as Government Service Tax (GST), etc.
3 Who is qualified to apply for PSG Grants?
The overwhelming majority of Singapore’s SMEs are qualified for this grant.
According to the Enterprise Singapore website, the following are the specified criteria:
The corporation is listed and trades in Singapore.
In Singapore, IT solutions or facilities must be bought, rented, 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 staff (for selected solutions only)
Will your startup be considered? You may apply to the Business Grant website, and the assessing officer can determine whether to approve or reject the application.
4 Is there a cap on the number of applicants that will be accepted?
In contrast to the business readiness award, there is no annual cap on the number of applications approved. You can apply for more than one solution through the PSG, but you can only apply for one at a time. As a result, before submitting an application for certification, SMEs can consider how the Xero PSG grant accounting process functions and choose a PSG-approved vendor.
For applications provided by Enterprise Singapore (ESG) between 1 April and 31 March of each year, there is also a grant cap of $30,000 for each business organization. According to Budget 2021, the Xero PSG grant will fund up to 80% of qualifying spending until March 31, 2022.
5 PSG Grant is taking so much time; is there a sample available, or can the vendor do it for me?
No, as much as we wish we could, the answer is no. The customer must submit the statements and the request for acceptance through the company incorporation Singapore grant portal. The client would be required to log in via Corppass, preventing an external provider from doing so.
It will be up to the applicant, as with all federal funds, to show the government how the solution will effectively improve the effectiveness of their operations, which will change depending on the client.
PSG is, in our view, one of the simplest grant applications. Laptops and financial apps such as Xero PSG grant or Quickbooks are among the most common solutions, according to many SMEs.
6 What are the reimbursement conditions for PSG?
It is comparable to the vast majority of federal grants. That is a refund agreement. As a result, the consumer must spend in full before submitting a submission for reimbursement to the company incorporation Singapore grant platform.
In some cases, proof of usage and how this approach affects the business would be needed in order to apply for PSG grant accounting platforms. Until filing claims, you must use the software/solution for at least a month.
Payment terms for various solution providers’ projects differ. It is best to ask each solution provider about payment terms.
7 To reduce my expenses, can I seek improvements or cash back from the solution provider?
Unfortunately, the answer is no. Pre-approved options are referred to as PSG. Every solution provider has given Enterprise Singapore their requirements, which are being checked by officers. It comes in the form of a pre-approved box, and only what is contained in the pre-approved bundle is eligible for reimbursement. Customers, on the other hand, have the option of paying for the additional change on their own. Cashback is specifically banned on all government grants.
8 How long does it take to submit an application for the PSG Grant?
It could take as long as six weeks. When you apply for the prize, the amount of work you do at Enterprise Singapore is generally taken into account. It all depends on the solution you need.
Another criteria is if all of the documents and the schedule are in order; if they are, clearance should be received in a comparatively brief amount of time, i.e. 3-4 weeks.
Apply for a PSG grant right now
Aside from Singapore business incorporation, WLP Group also offers Xero PSG grant support. We suggest that you contact us to learn more about the PSG grant solutions that may be beneficial to your company incorporation Singapore process. Xero PSG grant accounting software would help the business. Contact us as soon as possible for more details.