The Most Frequently Asked Questions For PSG Grant Singapore!

Of course, you require big economic support to commence and operate your diverse business processes successfully. This is a common problem where SMEs usually lag behind.

But, since the Government has offered Productivity Solutions Grant or PSG grant in Singapore, many small and medium-sized businesses are experiencing the privilege of enhancing their business processes. 

With 80% financial support, the Government of Singapore is assisting many SMEs companies intending to remain ambitious in the market. They're offering their support in customer management, data analytics, financial management, inventory tracking, and eCommerce solutions in Singapore.

So, if you’re plotting to start up a local business in Singapore, you can consider this opportunity to ascertain your company. But a first-time PSG grant applicant needs to know about a lot of things while applying for a PSG application. 

This is where we bring a list of frequently asked questions (FAQs) about the PSG application process for your reference. Let’s have a look.


Table of Content

  • What Documents are Required to Apply for PSG Grant?
  • Am I Eligible UNder PSG?
  • What Software Solutions PSG support?
  • Can I Purchase the IT Solutions Before Applying for PSG?
  • What is the Maximum Grant Amount I Can Claim for?
  • When Am I Availed to Submit Claims for Pre-approved Solutions Under PSG?
  • Conclusion!

General FAQs for PSG Grant 

What Documents are Required to Apply for PSG Grant?

You can request the PSG application online through the Business Grants Portal. To register for the PSG application, you will require to have the following documents:

  • Must-have a signed or unsigned quote from the PSG grant vendor.
  • Your company’s Unique Entity Number, CorpPassID, and password to login to the Business Grants Portal
  • An invoice
  • License number(s) of software with a minimum 1-month usage report
  • A copy of the latest bank statements
  • A receipt of revenue, sales, and net profit

You can reach the final decision once the application s approval for further process. 



Am I Eligible Under PSG?

If you're already registered and running a small and medium-sized enterprise in Singapore, you can make a request for PSG. But along with this, there are a lot of factors that need to take into account to become eligible for this. Let's have a look.

  • Make sure your enterprise is registered and operating in Singapore.
  • To be in possession of a minimum of 30% local shareholding.
  • The annual sales turnover of the Company's Group doesn't exceed S$100 million or the Employment Size of Company’s Group not more than 200 workers.
  • Subscription/purchase/lease of the IT solution(s) or Equipment(s) should only be used in Singapore.
  • The company must not have executed any payment and acknowledged any agreement with a supplier, vendor, or third party regarding subscription/purchase/lease of the equipment or IT solution.

What Software Solutions PSG support?

The PSG accommodates a broad assemblage of support in various IT solutions and other sector-specific solutions. These sectors are:

  • Logistics
  • Retail
  • Precision Engineering
  • Food
  • Landscaping
  • Construction

On top of that, PSG also carries several types of software solutions like customer management, financial management, inventory tracking, and data analytics. Due to the impact of the COVID-19 pandemic, PSG now also incorporates other important IT solutions like temperature screening, online collaboration, queue management, and virtual meeting. 



Can I Purchase the IT Solutions Before Applying for PSG?

No, you can't! After the submission of the PSG application, you can make a subscription, setup, and other software services favorably. But, you can pick a software solution while waiting for application approval. In this, there may be a chance of the application being unsuccessful. It usually doesn't happen. 

What is the Maximum Grant Amount I Can Claim for?

Generally, from 1 April to 31 March of the subsequent year, every company can capture a maximum of $30,000 grant. You can ask for more than one solution under the PSG but make sure you appeal for distinct solutions concurrently. Well, there is no limit to apply for PSG applications but the total PSG grant amount shouldn't exceed $30,000 for the 12 months.

When Am I Availed to Submit Claims for Pre-approved Solutions Under PSG?

While capitulating a claim for expenses for getting the pre-approved IT solution of your preference, make sure you're meeting the following requirements:

  • As you get permission for your PSG application, make sure you purchase/lease, subscribe to the solution. 
  • You need to use an IT solution.
  • You must have to pay for the solution in full.
  • Make sure you've submitted all claim documentation.

Claims should be submitted after the 13th month once the purchase of your IT solution has been approved. And before the 7th month after your purchase/lease/subscriptions have been approved.

Conclusion!

We hope these FAQs show you everything you need to know about the PSG grant. By the way, if you're planning to implement a sage 300 ERP consultant in your business, Acsolv Consult will help in any type of ERP software under the PSG.

If you'd like to schedule a consultation with us, feel free to contact us at any time


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