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PSG Grant Singapore: Everything You Need to Know
27 May 2022
When COVID-19 hit the Singaporean economy, all businesses, especially SMEs were greatly affected. Because of this, the government released a means to support companies through these trying times. With that, the Singapore government launched the PSG, otherwise known as the Productivity Solutions Grant. Small to medium-sized businesses in Singapore can now apply for a grant of up to 70% funding support for approved e-commerce solutions. This is extremely essential with the importance of digital marketing these days, as it helps take your business’ marketing to a whole new level. Keep reading to understand more on what the PSG Grant is and how you can apply for one.
What is a PSG Grant?
Singapore government launched the Productivity Solutions Grant (PSG) in April 2018 with the purpose of helping local SMEs improve their operations of the company by utilizing IT services and equipment. PSG serves several industries, including retail, construction, logistics, precision engineering, and food.
The PSG also supports solutions being implemented in business management. As well as the different processes, and systems, such as customer management, data analytics, inventory management, and finance management, in addition to sector-specific solutions. Up to the annual grant cap of S$30,000 per financial year is also supported by PSG support. PSG included pre-scoped IT solutions, equipment and consultancy services that improve productivity as well.
The PSG grant is available for all types of businesses operating in Singapore. However, a company must meet these criteria to apply. Firstly, registration and operation in Singapore for at least six months is required for the organisation. The organisation must also purchase, lease, or have a subscription for the IT solutions/equipment/consultancy service in Singapore.
Some selected Singaporean companies must have a minimum of 30% local shareholding. For consultancy solutions, you must have at least three employees at the point of application.
With that, here are the criteria:
Company registration and operating in Singapore.
There should be at least 30% of local shareholding.
Company’s Group Annual Sales Turnover of not more than S$100 million, or Company’s Group Employment Size of not more than 200 workers.
A company’s purchases, leases, and subscriptions of the IT solution(s) or Equipment(s) should only be located and used Singapore.
Your company should not have any payment or signed contract with any source (supplier, vendor, or third party) that concerns equipment’s purchase, lease, subscription or IT solution.
What does the PSG Grant Cover?
The PSG grant covers a lot of sector-specific solutions and supports broad-based solutions among different industries. These include Customer Relationship Management and Human Resource Management systems.
IT solutions: Take a quotation from the pre-approved vendor For example, if you are part of the food business, Pre-scoped Equipment offer general healthcare equipment such as Online Ordering and Payment and Online Food Delivery.
Equipment: Source for the equipment & get a quotation from the vendor One example would be for healthcare businesses. Pre-scoped IT Solutions offer food services-specific solutions such as the Intraoral Scanner. This allows dentists to see detailed, 3D images of the patient’s teeth and surrounding soft tissues.
Consultancy Service: You need to get a quotation from the pre-approved consultant. Redesign consultancy services are also made available for business sectors. For more details on the different solutions covered under the PSG grant, please refer here.
How to Apply for a PSG Grant?
One can apply for PSG Grant online, taking a few steps only. However, reading the guidelines carefully is essential, as each application is assessed on a case-by-case basis.
What Are the Documents Needed for the PSG Application?
Some important documents are also required when applying for a PSG Grant. The documents needed are as follows:
Purchase Order or Quotation Contract
Screenshots showing the company’s name & the name of an IT solution.
Licence number of software with a minimum of one-month usage report
Receipt or copy of cheque payment
Bank statement showing the payment
Applications must be sent at least two weeks before the deadline to allow for processing time.
How to Claim Your PSG Grant?
Claiming your PSG Grant is simple with these few steps:
With your CorpPass account, log into the Business Grants Portal. You can claim your grants under the “Claims” section, found under “My Grants.”
Go to “File new claim”. Then select the approved grant you wish to submit a claim for and click ‘Proceed’.
Fill in your contact details.
Under the section “Claims Information” fill in the details and upload any supporting documents.
Fill in the details under the section “Business Outcomes”.
Complete the declaration and submit your claim once you’ve reviewed everything carefully.
Verz Design Can Assist You With Your PSG Grant
It is natural for a company owner to seek success for their business. With the PSG Grant, you are sure to achieve it. In Singapore, Verz Design is an approved vendor of the eCommerce PSG grant, allowing you to avail of up to 70% funding for your website design! Get in touch with us today to make your website ideas come to reality! Call us at 6841 1680 or email us at [email protected] for a free consultation today!
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