The Singapore government has recently announced a new grant to help businesses with their productivity solutions. The Productivity Solutions Grant (PSG) will reimburse up to 70% of costs incurred on approved productivity solutions, with a maximum grant of S$30,000 per company.
This is a great move by the Singapore government, as it recognizes that businesses need to be more productive in order to compete in the global marketplace. The PSG will go a long way in helping businesses to adopt new productivity solutions and improve their bottom line.
There are also a wide range of other eligible productivity solutions, including enterprise resource planning (ERP) systems and customer relationship management. So, now we know what is PSG and the benefits of PSG grant Singapore along with other eligible productivity solutions. But there are a few things that you need to remember before applying for a PSG solution. Here are some of them.
Crucial Points to remember while applying for a PSG grant
● Purchase solutions only from Pre-approved vendors
This award is only available for pre-scoped solutions ordered from approved providers such as MediaOne marketing. They are one of the best PSG approved company in Singapore. So, make sure that the company or firm, you are purchasing solutions from is a pre-approved vendor. You can ask for the details and proof from the firm. If they are claiming but not able to show the proof, it is better to move to other firms. Once you make any payment to non-approved firms, you cannot avail the benefits and your application might get rejected.
● File a PSG grant application before starting the project
Always make sure that before filing a PSG grant application, do not start the project. It will not be counted as the process of PSG grant application and just like the above-mentioned point, you may not receive the benefit. Also, once you start the project with any firm, whether it is approved or non-approved. You have to pay the full price as per the contract you have signed. So, make sure to follow the PSG grant application properly and step by step.
● Annual sales should be under S$100 million
Once approved, you will receive the benefit from 1st April every year. So, it is crucial to have annual sales of less than S$100 million by March 31st to leverage the benefit of PSG solutions. Even if your annual sales amount to more than the maximum amount after submitting the application, your business may not qualify for the PSG enterprise Singapore.
