Last month, Singapore has exited the circuit breaker and is currently reopening the economy in phases. Many of us are aware that Covid-19 has impacted the global economy as well as the local economy in a big way. To help businesses in the food services and retail sectors that have been more affected, the Singapore government has introduced the Digital Resilience Bonus (DRB) with the aim of helping businesses to be more resilient and also adapt to the new norms. In addition to that, this is also a great enabler for businesses to stay competitive in the market and improve their productivity. In this article, we will be sharing with you all the information you wish to know about the Digital Resilience Bonus, which was introduced last month.
What is Digital Resilience Bonus?
The Digital Resilience Bonus (DRB) is a bonus given to SMEs who have adopted or plan to adopt digital solutions to enhance business digitalisation. There are 3 categories under the F&B and Retail sector. You may find the list of qualified digital solutions on Infocomm Media Development Authority (IMDA) website Digital Resilience Bonus page and your company may be eligible for up to $10,000 payout if qualified digital solutions have been adopted.
Is your business eligible for the Digital Resilience Bonus?
Businesses that are incorporated on or before 26 May 2020 and have adopted pre-defined categories of digital solutions on or before 30 June 2021 can receive the Digital Resilience Bonus of up to $10,000. The eligibility criteria are as below:
- Companies must fall under the Food Service & Retails sector with a qualified primary SSIC code. Check out the list of Food Services SSIC and list of Retail SSIC
- Companies must have an active PayNow Corporate account.
- Companies must be registered and on Peppol E-Invoicing
If your company meets the requirements above, you can then check whether your business have adopted qualified digital solutions. If not, you may want to start adopting digital solutions listed on IMDA’s website.
If your company does not meet some of the requirements such as E-invoicing through the Peppol network, don’t worry! Feel free to talk to us as our solutions are already connected to the Peppol network.
How can businesses apply for the Digital Resilience Bonus?
Food Service and Retail businesses do not need to submit any application form. Qualified solution providers like Synergix Technologies will help to submit your UEN to IMDA if your business is using the solutions between 1 June 2020 and 30 June 2021. The payouts will be automatically made via PayNow Corporate by IMDA.
As there are several grants and Digital Resilience Bonus introduced by IMDA, now is definitely the right time for SMEs to step up their business digitalisation efforts. Synergix Technologies’ Cloud ERP software has been pre-approved and we fall under Category 1 (i) Accounting (ii) HR/Payroll of for the food services sector and Category 1 (i) Accounting (ii) HR/Payroll and (iii) Inventory Management for the retail sector of the Digital Resilience Bonus.
In addition to that, we can also look into other government grants such as Productivity Solution Grant (PSG), Enterprise Development Grant (EDG) and E-Invoicing Registration Grant (ERG) to attain the best funding for you. Businesses who are registered on the Peppol network on or before 31 December 2020 will also be eligible for a one-time $200 grant.
Should you wish to talk to a consultant, please do not hesitate to get in touch with us!