Support is offered to small medium-sized firms (SMEs) to stimulate the use of IT solutions, equipment, and advisory services as part of Singapore’s economic transformation strategy to position the country as a leading player in technology, innovation, and entrepreneurship. The accounting software grant Singapore platform was created to support firms on their transformation path. Productivity Solutions Grant
What is PSG?
The Productivity Solutions Grant (PSG) is an accounting software grant Singapore platform that assists businesses and organizations in using technology and equipment to improve their operations. It includes solutions for enterprises in a variety of industries, including food, engineering, logistics, retail, and eCommerce. For your firm, you may pick from a variety of industry-specific digital solutions.
You may get up to 80% financing support and access to high-quality IT solutions and equipment by applying for PSG for your business. It’s an excellent method to improve your workplace digitally, especially if you’re new to software development and solutions.
In 2020, the Monetary Authority of Singapore (MAS) will introduce a S$35 million PSG to promote small financial institutions in the financial services industry. This was part of the efforts to boost financial organization productivity.
This accounting software grant Singapore platform is available to organizations in a variety of industries in addition to the financial services industry. PSG’s financial assistance helps SMEs improve their production and efficiency.
It’s just a matter of time before all firms adopt at least one form of digital software or technology as IT solutions grow more popular and prevalent. With 82.86 per cent of Singaporeans having access to the Internet, firms may engage with their clients online by going digital in Singapore. The grant’s goal is to give firms in a variety of industries the tools and resources they need to develop and thrive.
Nowadays, you must use cutting-edge technology to obtain an advantage over your competition. Startups and SMEs have additional options to become digital and stay competitive thanks to a government-funded grant and a digital agency.
To provide more support for SMEs, the award for accounting software grant Singapore platform was increased from 70% to 80% in 2021, and the deadline was extended from September 30, 2021, to March 31, 2022.
Understanding the PSG
With the COVID-19 epidemic on the horizon, now is the greatest moment to rethink your business and become digital with PSG’s aid. Aside from hiring a digital marketing firm in Singapore, the Productivity Solutions Grant can provide you with the tools you need to help your company formation Singapore entity become digital. Check your eligibility, choose the best digital options, and gather all of the required documentation for submission. The following are some of the advantages of the Productivity Solutions Grant.
#1 Financing up to 80%
As previously stated, you can receive up to 80% funding if you apply for the PSG. Businesses may save a significant amount of money by investing in long-term digital technology and resources.
The financial assistance is now available until March 2022. If you’re interested in applying, keep an eye out for changes from time to time.
#2 Get access to high-quality information technology solutions
Access to a wide selection of high-quality IT solutions and equipment is one of the major reasons company formations Singapore owners register for the PSG. All of these are advantageous to businesses in a variety of industries, particularly eCommerce enterprises that require good SEO rankings for their websites.
Whether you want to improve the online visibility of your eCommerce website or invest in social media marketing technology, the PSG can help you find the right solutions, tools, and equipment. You must contact a qualified pre-approved vendor to locate the correct product or solution for your organization.
If you want to create a high-quality eCommerce website, for example, you should contact a pre-approved web design and development firm. If you need to handle sales and inventories, on the other hand, contact a management software vendor. They will supply you with a solution to assist you in managing your transactions more effectively.
Choose the proper provider for your company formation Singapore process and clarify your goals ahead of time. Depending on your demands, this should present you with the greatest and most relevant options.
#3 Long term investment
Budget limits may be one of the obstacles that SMEs encounter when it comes to making long-term investments. You’ll have additional financial resources on hand to invest in long-term digital solutions and technologies with 80 per cent funding, allowing you to focus on other elements of your organization.
Who are eligible?
Before applying for the accounting software grant Singapore platform, make sure your company formation Singapore entity is in one of the government-approved industries. Food, retail, construction, landscaping, precision engineering, and logistics are just a few of these businesses. To begin with, your company must be registered and operating in Singapore. Any SME based outside of the nation is ineligible for PSG.
Most significantly, in Singapore, you must make full use of all of your IT solutions and capabilities. Any purchase, lease, or subscription made outside of the nation would disqualify your company from applying for the Productivity Solutions Grant.
The final step is to choose the solution you want to use once you’ve confirmed that your company is a registered entity in Singapore. The next step is to apply for your PSG after passing the criteria. Give your company formation Singapore entity the boost it needs to thrive.
It’s now or never to submit an application.
WLP Group provides PSG grants as part of its accounting services. We strongly suggest you contact us to learn more about PSG grant opportunities that may be beneficial to your Singapore business formation process. The Xero PSG grant accounting software will benefit your firm. If you require any additional information, please contact us as soon as possible.