Singapore is well-known as the world’s most favorable and friendliest business environment as the government has launched out a variety of programs and incentives for the business community. Beside Job Redesign Grant that we mentioned in our previous blog, Productivity Solutions Grant (PSG) is another indispensable incentive specially designed for small and medium-sized enterprises (SMEs) in order to enhance and support businesses in the digital transformation process. In general, the Productivity Solutions Grant rolled out is dedicated to pursuing technological solutions, leveraging productivity and remaining competitive in business firms. This article will go through all the brief introduction about PSG as well as a handful of tips to successfully apply for the Productivity Solutions Grant.
What is Productivity Solutions Grant?
The Productivity Solutions Grant (PSG) is a financial initiative implemented by the Singapore government from April 2018 to enhance transformation within SMEs through the digitization process. In other words, PSG is designed to help businesses facilitate their operational automation and achieve productivity enhancement by effectively applying up-to-the-minute IT solutions.
Adjusted to align with the Industry Transformation Maps (ITMs), the implementation of IT solutions has been pre-scoped government agencies and pre-approved by the industry’s leading technology vendors. PSG covers both industry-specific solutions (including Retail, Wholesale Trade, Food Services, etc) and module-specific solutions (such as Inventory Management, Sales Management, Accounting Management, Human Resource Management, and more).
Synergix Technologies is selected by the Info-communications Media Development Authority (IMDA) as a Pre-Approved Vendor for ERP Solutions. Our key role is to provide effective cloud-based ERP solutions to better assist businesses’ digitalisation.
Why SMEs should apply for the PSG?
The Productivity Solutions Grant from Singapore Government can bring many long-term benefits for businesses, especially for ones which desire to scale up their business in the digital era. With the funding support eligible up to 70%, the PSG serves as an incentive to aid business firms to implement technological solutions. It demonstrates that the PSG creates a window of opportunity for small companies to scale their business to the upper-level transformation. Furthermore, when businesses wish to prove their plan of transformation potential, the PSG can be also effectively utilised as an approach to attract new investment. External shareholders are often interested in the projects with the innovative IT system as it is more likely to prosper than others. So far, the government grant plays a vital role in competitiveness stimulation among industries that each business and SME should consider to grab this chance early to create a competitive edge.
Tips for the Productivity Solutions Grant
Here are some tips to help businesses lead a successful application to Productivity Solutions Grant that you might find useful.
1. Check your company’s eligibility
In order to successfully apply for the PSG, SMEs companies must meet the three following criteria for the grant receipt. The first requirement is that businesses registered and operated in Singapore. Secondly, the leased or purchased Information Technology solutions or equipment have to be used in Singapore. And as the third condition for the grant’s eligibility, the enterprises applying for the grant have to make sure that at least 30% of shareholding within their organisation is local. Thus, determining from scratch whether a business is eligible for the PSG is vital for time-consuming avoidance.
2. Understand the process before applying
It is crucial for companies to look thoroughly into the PSG application process first and foremost. Applicants must apply for the PSG before they sign any contract or make any payment with a vendor related to the purchase/lease/subscription of the IT solutions. Otherwise, the application will be rejected. Additionally, businesses should be aware that only the shortlisted pre-approved vendors can allow businesses to be eligible for the grant. Some brands may be sold through multiple resellers so SMEs should not be confused as IMDA does not approve by brand but by the IT provider company.
3. Get a consultation from a solution provider’s experts
As the application process could be challenging for many businesses taking the first step into the PSG implementation, it is a wise choice to have a consultation from IT solution provider’s experts. Information technology providers that have hands-on experience in the grant application process can offer you paramount support in filing the good application as well as reducing the processing time.
Synergix Technologies is not only the leading Singapore ERP Solutions Provider but also an Approved Vendor selected by IMDA. We have been working closely with Government agencies to support hundreds of businesses to apply for Singapore Government Grant. With our long experience in the grant application process, specialists of Synergix E1 ERP System have given our customers the best consultations and assistance in getting PSG for Synergix E1 ERP Solutions with 100% success guaranteed. Contact us today for a free grant consultation.