The Singapore government recently announced a new grant to help businesses with 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 an excellent move by the Singapore government, as it recognizes that businesses need to be more productive 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 is also a wide range of other eligible productivity solutions, including enterprise resource planning (ERP) systems and customer relationship management. So, now we know what PSG is 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.
This award is only for pre-scoped solutions ordered from approved providers such as MediaOne marketing. They are one of the best PSG-approved companies in Singapore. So, ensure that the company or firm you purchase solutions from is a pre-approved vendor. You can ask for the details and proof from the firm. If they are claiming but cannot show the proof, it is better to move to other firms. Once you make any payment to non-approved firms, you cannot avail of the benefits, and your application might get rejected.
Always ensure 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 point mentioned above, 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 total price as per the contract you have signed. So, make sure to follow the PSG grant application properly and step by step.
Once approved, you will receive the benefit from April first every year. So, it is crucial to have annual sales of less than S$100 million by March thirty-first 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.
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