What is Productivity Solutions Grant? (PSG)
PSG grant is a joint project of Enterprise Singapore and the Infocomm Media Development Authority (IMDA).
The Productivity Solutions Grant (PSG) provides companies with financial assistance for adopting IT solutions and equipment to improve their business processes.
As a management consulting firm, PSG supports adopting solutions that cross-industries, such as customer management, data analytics, financial management, and inventory tracking.
Singapore is a place that consists of many different businesses. It houses several corporations and companies from different industries. This is because it has one of the most successful economies in the world.
It offers a stable foundation for businesses as its economy is one of the most or the most open-market economies in the world.
That means that Singapore offers easy policies and makes it easier for businesses to navigate their economies. It is also ranked as the most pro-business in the world.
These factors make Singapore even more attractive to investors and businesses. This is the reason why Singapore has a very crowded or saturated market.
There are many businesses, not just from Singapore, but from all over the world. Which are there and more are coming.
In a complicated market like this one, it may be harder to survive as there are many competitions.
Singapore offers high rewards for businesses but high risk must also be taken. Many have taken the risk in hopes that they will be able to emerge successful in a market like Singapore’s.
There are various ways to succeed from the company incorporation Singapore procedure until its fully operational.
One of the things that entrepreneurs do is to apply an effective accounting system and team.
In Singapore, Xero is one of the most popular accounting services.
What is Xero?
Xero is an inline accounting body that offers help both to small businesses and to accountants as well.
Xero offer services like
- Paying bills
- Claiming expenses
- Tracking projects
- Capturing data
- And all other accounting-related tasks.
Xero has been proven to be one of the most efficient accounting services in Singapore which is why many are seeking its services.
This is also why the government has partnered with Xero to extend its help to small businesses that are having a problem with their business starting from the company incorporation Singapore procedure.
This initiative is called Xero Productivity Solutions Grants.
Small businesses, then, aim to be a Xero PSG approved vendor to jumpstart their business.
What is Xero PSG Grant?
It is the grant that is supported by the Singapore government. It aims to help businesses increase and improve their productivity.
This grant helps companies that are willing to adopt pre-scoped IT solutions and equipment to further improve their business.
These businesses will then be called Xero PSG-approved vendors .
Xero PSG Grant service supports those companies from the company incorporation Singapore procedure up until it is fully functional.
That offers sector-specific solutions for a Xero PSG approved vendor from any industry such as:
- Construction, and more.
Xero PSG grant offers data analytics, management, inventory, and financial management.
The Singapore supplementary budget allows further enhancements of a Xero PSG-approved vendor as funding will be raised up to 80% starting from April 1, 2020, to September 20, 2021.
This is also to help businesses get back on their feet after the pandemic which is a big help, especially when company incorporation Singapore processes are complicated and costly.
Things to note when applying for Xero PSG Grant
#1 Types of XERO PSG plans
There are many different types of Xero PSG grant plans that a Xero PSG approved vendor can choose from.
The grant offers up to 80% grant that is why availing of these plans is possible and is within reach even for small businesses.
There are 4 different grants that a small business can apply for. The most expensive one is priced at $3,345, however, with the 80% subsidy, it can be availed at $669.
#2 How do you qualify for Xero PSG grant?
When you apply, you must know if you are eligible for the grant. You will not be a Xero PSG approved vendor if you are not eligible for it.
Eligibility includes owning a registered company in Singapore and has a minimum of 30% shareholding.
For selected grants, a company must have an annual turnover of less than S$100 million or less than 200 employees.
#3 Details of project costs
To allow them to gauge the grant best fit for you, one of the things that are asked for in the application is the total project cost.
One must be detailed as it may be a ground for disapproval of the grant. This can be settled on the website when applying for the grant.
Singapore aims to make it easier to set up a business especially in times like this. The company incorporation Singapore process is also one of the things to be improved.
Make things easier for you and your business by hiring an experienced third party to guide you in this. Visit WLP Group today to know more.