If you’re confused about the different grants available in Singapore for the benefit of your company, you’re not alone.

Because of the complexities, processes and the lack of information regarding these grants, a lot of people who have their own businesses know very little about them. As a result, they are unable to fully utilise the different benefits our Government is offering, which can most of the time lead to several financial difficulties.

One such grant is the Productivity Solutions Grant in Singapore (PSG).

 

What is Productivity Solutions Grant in Singapore?
The PSG supports companies keen on adopting IT solutions and equipment to enhance business processes.

For a start, PSG covers sector-specific solutions including the retail, food, logistics, precision engineering, construction and landscaping industries. Apart from these, PSG also supports adoption of solutions that cut across industries, such as in areas of customer management, data analytics, financial management and inventory tracking.

In simpler terms, the PSG is really just an initiative by Enterprise Singapore to fund local companies to go digital.

As announced at the Budget 2021, the enhanced maximum support level of up to 80% will be extended from 30 September 2021 to 31 March 2022. This is greatly due to the current Covid-19 pandemic, and also for the very fact that our Government is encouraging companies to adopt IT solutions and equipment to enhance business processes.

And mind you, these IT solutions we’re talking about are of high credibility. In fact, they have been pre-scoped by various government agencies such as Enterprise Singapore, National Environmental Agency and Singapore Tourism Board.

The only condition is that you’ll have to engage an IMDA PSG Pre-Approved Vendor such as AKS Tech and invest in long term IT solutions. Only then are SMEs eligible to get up to the aforementioned 80% PSG funding support.

After all, the PSG serves as an avenue for companies to make genuine long-term technology investments. And more often than not, technology is not about fancy high-end solutions. Business owners can start their technology journey by taking simple steps to automate existing processes and improve productivity.

 

Am I eligible?
To begin with, you’ll have to take note if you’re eligible for the PSG grant. Several things to note here:

  1. Your company needs to be registered and operating in Singapore
  2. Your company has a minimum of 30% local shareholding
  3. Your company is engaging an IMDA PSG Pre-Approved vendor
  4. Lastly, your company is in a financially viable position to start and complete a project

 

Sounds great! What’s the PSG process like?
Once you’re eligible, you’ll have to take note of the process:

Step 1 – Contact AKS Tech for a free consultation regarding eCommerce PSG Grants (PSG Grants Up to 80% Funding)

Step 2 – Submit application on Business Grants Portal (www.businessgrants.gov.sg/) for assessment of PSG grants

Step 3 – Acceptance of AKS Tech Quotation upon approval from ESG and make payment of 50% of invoice value for work commencement

Step 4 – Planning of IT Solutions Set-up, initial migration and implementation
Step 5 – Settlement of remaining 50% payment of Productivity Solutions Grants for eCommerce upon completion of set-up

Step 6 – Submit invoice(s) for claims on Business Grants Portal (www.businessgrants.gov.sg)

While this sounds like a handful, vendors that are IMDA PSG Pre-Approved will be assisting you, so there’s little to worry about. Moreover, with one such well-rounded vendor such as AKS Tech to guide you in every step of the way, you can be rest assured that applying your PSG grant is as easy as breathing.

 

What else do I need to know?
Last but not least, do take note of your company’s grant cap on the Business Grants Portal (BGP). For grant cap ending 31 Mar 2021, you’ll have to submit your PSG application by 1 Feb 2021 to be qualified under this grant cap. Applications submitted after 1 Feb 2021 will have to tap on the grant cap for the next financial year.

You can check out the list of readily adoptable solutions on GoBusiness Gov Assist. You’ll need to consider your business needs to select the relevant and right-sized PSG support packages.

Last but not least, you can refer to the PSG Application Checklist for some tips on how to prepare for your PSG application process.

Awesome Work

You May Also Like