What is PSG Grant?
What exactly does a customer constantly look for when a deal is struck, be it a simple blouse bought from the online store to tons of raw material or a project that involves hundreds and millions of dollars? It is none other than the promise of time which none can spare much. This brings us to the next point, increase efficacy through embracing digitisation of business if one was presented the chance. So, if you are operating In Singapore you are in luck, for the government has greatly helped many business owners with this endeavour by fortifying the internet connection and now a strong advocate to such cause by assigning grants as high as 50% for IT Solution. There are of course certain criteria that need to be met which can be referred below.
In order to be approved for accounting PSG, the business must be registered and operate within Singapore, must deploy the purchased or leased IT solutions and equipment within the country. The company also must have less than S$100 million annual sales turnover, OR employs less than 200 employees (for selected solutions only). Finally, the shareholders should be at least 30% local (Singapore Citizen). The next step when all the criteria were met is to get a Purchase Order or a signed quotation/contract from an authorised Xero vendor. Then you need to produce an invoice, and a bank statement which indicates that payment to the pre-approved vendor. There is also a need for license number(s) of IT solutions, along with a minimum 1 month usage report by screen shooting whichever displays that contains the business’s name, along with the name of the IT solution. Last but not least is a copy of a cheque payment or a receipt made for the IT solution.
What are the steps to take in getting a PSG Grant?
Once all are done with, owners can then claim the grants which can be done online via Business Grant Portal (BGP in short). However, the government required business owners to make the claim by the organization themselves. The duration of the claim will typically take anywhere from four to six weeks from the date all the required documents have been submitted. Therefore, it is best to submit your claims after the IT solution has been fully deployed for at least a month in order to gather all the necessary information. The reason being should incomplete submissions arise, it will only lead to excruciating long delays in the disbursement of the claim. After the documents have been reviewed the approved grant will be credited directly to the business’s bank account through GIRO. It is important to take note that the grant will only be disbursed, after the GIRO form has been verified by the business’s bank, and then submitted to ESG before the claim is being requested. If there are multiple claims to be made, the GIRO form will only be required when you submit your first claim. Any further changes made towards your business’s bank account details will need a new Giro Form submission.
The sectors that PSG usually covers are IT solutions that provide sector-specific functionalities. Some of the sectors are retail, food, logistics, precision engineering, construction and landscaping. Beside the sector-specific solutions, PSG will also include solutions offering features that manage business functions encompassing multiple sectors. These include, customer Management, Data Analytics, Financial Management and Inventory Tracking. Due to the economic impact of the COVID-19 pandemic, the PSG now also supports IT solutions that help implement business continuity measures. In other words these sectors can also enjoy the grant such as Online Collaboration Tools, Virtual Meeting and Telephony Tools, Queue Management Systems and Temperature Screening Solutions.
This has been truly remarkable news among the many dreary headlines we have been experiencing in the year 2020. No matter how pitiful we are against all odds there are always opportunities if we look hard enough, what with the support from the government there shan’t be qualms to start your dream if you have one. Or, use this chance to change the situation for the better by opting for digital accounting that offers convenience and security rather than those arduous manual data input which cost time and money. So call us at W.L.P to discuss setting up XERO with this wonderful grant and kick start the year with innovation and unparalleled spirit of passion in the world of entrepreneurship and business management. In the meantime stay safe and take care.
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