31 May 2023
Recognised as a Pre-approved PSG (Productivity Solutions Grant) vendor, Synergix Technologies has accompanied with 600+ clients in implementing ERP solutions to streamline their operational activities. If you’re digging into the process of becoming a PSG vendor, its benefits, and the steps you need to take to get started, here is the article that is for you.
Understanding PSG and its Significance in Singapore
Since April, 2018, the Productivity Solution Grant (PSG) has helped Singapore companies improve their productivity and automate existing processes through digitalisation with IT solutions. For the most part, the eligibility requirements for the PSG are fair and easy to meet. Any business that is registered and operating in Singapore that intends to purchase, lease, or subscribe IT solutions or equipment within Singapore is eligible. For selected solutions, only SMEs with a minimum percentage of 30 local shareholding and a Group annual sales turnover of S$100 million or less or less than 200 employees will be eligible.
From 1 April 2023, local SMEs can apply for PSG to get funds up to 50% of the qualifying cost. It is estimated that SMEs will receive around SGD 30,000 and get support for sector-specific and generic solutions that are pre-approved by EnterpriseSG and other participating agencies.
Read more: Guide to Understand The Productivity Solutions Grant (PSG)
Eligibility Criteria for Becoming a PSG Vendor
- Company registration: Provide an overview of the registration requirements for businesses in Singapore, including necessary licences and permits.
- Business operations: Discuss the prerequisites for being eligible as a PSG vendor, such as having a physical office or address in Singapore.
- Product/Service relevance: Emphasise aligning your product or service offerings with the PSG categories and how it benefits potential customers.
Steps to Become a PSG Vendor
Step 1: Research and Familiarise Yourself with PSG Categories
- Provide an overview of the different PSG categories available and how they cater to various industries and business needs.
- Encourage thorough research to identify the category that aligns with your products or services.
Step 2: Prepare Your Proposal
- Explain the importance of a well-structured proposal that highlights your offerings, competitive advantage, and value proposition.
- Provide tips on how to tailor your proposal to meet the specific requirements of the PSG category you are targeting.
Step 3: Submit Your Proposal
- Walk through the application process, including how to submit your proposal through the relevant government portal.
PSG Pre-Approval Process
- Provide a checklist of required documents and emphasise the importance of accuracy and completeness.
Step 4: Evaluation and Approval
- Discuss the evaluation process and the factors considered by the evaluating authorities.
- Highlight the need for patience during the evaluation period and the potential for follow-up queries.
Step 5: PSG Vendor Registration and Onboarding
- Explain the vendor registration process and the necessary steps to complete the registration.
- Emphasise the importance of providing accurate information and maintaining transparency throughout the process.
Post-Approval Responsibilities and Benefits
- Vendor Agreement: Discuss the importance of signing the vendor agreement and abiding by its terms and conditions.
- Government Funding: Explain how being a PSG vendor opens doors to government funding for your customers and how this can boost your business growth.
- Marketing and Promotion: Provide tips on leveraging your PSG vendor status to enhance your marketing efforts and gain a competitive advantage.
Conclusion
Becoming a PSG vendor in the Singapore market offers significant opportunities for business growth and access to government support. By following the steps outlined in this guide, you can navigate the process successfully and position your business for success. Seize this opportunity to expand your market reach, build credibility, and drive productivity for your customers with PSG.
Remember, staying up to date with the latest PSG guidelines and market trends is crucial for maintaining your status as a PSG vendor and maximising the benefits it brings. As Synergix Technologies has been recognised as a pre-approved vendor of PSG, any eligible companies that adopt Synergix ERP solutions can get a chance to receive funding of up to 50% of the qualifying cost.
Synergix Technologies
We have successfully helped many clients on the road to digitalising and automating their operations. Our cloud-based ERP software with continuous innovation can streamline your business operations from Manufacturing, Project Management, Customer Relationship Management, Human Resource to Finance/Accounting, etc.
If you’re keen on installing a comprehensive ERP software, contact us for a free consultation!
