Things to note when you apply for Xero Productivity Grant in Singapore
Without a doubt, the Xero productivity grant Singapore platform is one of the most often discussed incentives available in Singapore for SMEs. The Productivity Solutions Grant has piqued the attention of many companies, and many PSG claims have been filed during the 2020 pandemic. The PSG laptop claim was the most frequent, and it expired in December 2020.
The Xero productivity grant Singapore accounting procedure, which pays up to 80% of the qualifying amount, is familiar to most SMEs or companies in Singapore seeking to purchase a laptop or establish an eCommerce website.
With up to 80% financial assistance, the Xero productivity grant Singapore accounting platform offers a variety of additional possibilities that SMEs or company formation Singapore entities may possibly apply for. Listed below are a few examples:
- Hubspot is a customer relationship management and marketing automation software for company formation Singapore procedures.
- A financial accounting software called Xero productivity grant Singapore project.
- Google Workplace is a tool that lets you manage your emails and job suites in one location.
#1 What is a Productivity Solutions Grant (PSG) and how does it work?
The Productivity Solutions Grant aims to promote the use of internet-based technologies in a range of sectors. Among them include retail, finance, logistics, engineering, food, and landscaping. The Productivity Solutions Award (PSG) combines three current grants: the National Parks Board’s Landscape award, the Spring Singapore Innovation Voucher, and the Media Development Authority’s SMEs Digital program.
In a nutshell, you may request up to 80% of the qualifying amount of government financing for digital solutions for your company formation Singapore entity or sector.
#2 Why isn’t the final claim at least 80% of the original claim?
The bulk of government handouts include the phrase “up to.” Most grants are conditional on approval, and you must submit an application via the Business Award Portal for approval before continuing with grant claims. The company formation Singapore entity may be disqualified for the award in certain circumstances, therefore we urge SMEs to apply first before proceeding with the project.
Another thing to bear in mind is that the gap between the actual price you pay and the amount claimed may not be 80 percent since the claims do not include expenses like GST.
#3 What kind of people should apply for PSG Grants?
The overwhelming majority of Singapore’s SMEs are eligible for this award. The following are the stated requirements, according to the Enterprise Singapore website:
- The business is registered and operates in Singapore.
- In Singapore, IT solutions or equipment must be bought, leased, or subscribed to.
- Have local ownership of at least 30%, as well as a Group annual sales turnover of less than S$100 million and less than 200 workers (for selected solutions only)
Is your business going to be eligible? You may apply for a Business Grant via the website, and the assessing officer will determine whether or not to approve your application.
#4 Is there a limit on how many applications may be accepted?
There is no restriction on the number of applications received each year, unlike the business preparedness grant. You can apply for several solutions via the PSG, but you can only apply for one at a time. As a consequence, SMEs should understand how the PSG grant accounting process works before submitting an application for approval, as well as which PSG-approved vendor they wish to collaborate with.
For proposals supported by Enterprise Singapore (ESG) between 1 April and 31 March each year, there is also a grant maximum of $30,000 for each corporate organization. As stated in Budget 2021, the PSG grant would fund up to 80% of qualifying spending through March 31, 2022.
#5 Grant is too time-consuming; is there a prototype available, or can the vendor do it for me?
No, the customer must submit both the claims and the approval request via the business grant portal. The customer will be required to log in via Corpass, making it impossible for an external supplier to do so.
It will be up to the recipient, as with previous government grants, to show the government how the solution would improve the efficiency of their operations, which will vary depending on the client.
PSG is one of the most simple grant applications, in our view. Many SMEs cite laptops and financial software such as Xero productivity grant Singapore platforms or Quickbooks as preferred options.
#6 What are the payment conditions for PSG?
It’s similar to how most government subsidies work. It would be a reimbursement arrangement in such a case. As a consequence, the customer must pay in full before submitting a refund request to the business grant site.
In certain cases, proof of usage and how this solution helps your business may be needed in order to qualify for PSG grant accounting platforms. Before filing claims, the usual phrase is that you must utilize the software/solution for at least a month.
Payment terms for different solution providers’ projects differ. It’s important to ask each solution supplier about payment arrangements.
#7 Is it possible for me to seek modifications or cashback from the solution supplier in order to lower my costs?
The answer is, unfortunately, no. Pre-approved solutions are referred to as PSG. Enterprise Singapore has received all of the solution providers’ specs, which are now being evaluated by officials. It comes in the form of a pre-approved kit, and only the contents of the pre-approved package are eligible for reimbursement. Customers, on the other hand, have the option of paying for the additional change themselves. Cashback is absolutely banned for any government grants.
#8 How long would it take to submit an application for a PSG Grant?
It may take up to six weeks to finish. When you apply for the award, the quantity of work you do at Enterprise Singapore is generally taken into consideration. It also depends on the kind of solution you need.
Another criteria are if all of the paperwork and plan are in order; if they are, permission may be acquired in a reasonable amount of time, such as 3-4 weeks.
WLP Group offers Xero productivity grant Singapore fundings in addition to business incorporation in Singapore. We suggest that you get in touch with us to learn more about the PSG grant options that may be beneficial to your company formation Singapore procedures. The Xero productivity grant Singapore accounting software will help your company. Please contact us straight away for further information.