Productivity Solutions Grant in Singapore

In today's fast-paced and competitive business landscape, productivity plays a crucial role in determining the success of organizations. To assist Singapore companies in their pursuit of enhanced productivity, the Government has introduced the Productivity Solutions Grant (PSG). This article aims to provide an overview of the PSG, outline its benefits, discuss eligibility criteria, explain the application process, and highlight how external assistance can facilitate the utilization of this grant.

Topics To Be Discussed

Key Facts about the PSG Grant

Benefits of the Singapore PSG Grant

Eligibility Criteria for the PSG Grant

How to Apply for the PSG Grant

Key Facts about the PSG Grant

The Productivity Solutions Grant is a government initiative administered by Enterprise Singapore, a Government agency championing the development of Singapore’s industry. It provides funding support for businesses seeking to adopt technology solutions and equipment that enhance productivity and efficiency. PSG serves as a catalyst for businesses in their digital transformation, enabling them to remain competitive and thrive in today's evolving market.

Award Amount

Up to S$30,000

Timeline

Applications are processed about 6 weeks from the submission of all required information.

Key Requirements

1. Company registered in Singapore;

2. 30% or more local shareholding;

3. Company is an SME.

Benefits of Singapore Productivity Solutions Grant (PSG) Grant

Financial Assistance: PSG offers financial support to eligible businesses, co-funding up to 50% of the qualifying costs capped at S$30,000. This financial boost helps companies overcome budgetary constraints and accelerate the implementation of productivity-enhancing solutions.
Enhanced Productivity: PSG encourages businesses to adopt technology solutions that streamline processes, automate manual tasks, and optimize operations. By leveraging PSG funding, organizations can implement innovative tools and equipment to improve productivity, reduce operational costs, and gain a competitive edge.
Increased Competitiveness: With PSG, businesses can leverage advanced technologies and upgrade their capabilities to gain a competitive advantage. By integrating digital solutions, organizations can enhance their agility, responsiveness, and overall competitiveness in the marketplace, positioning themselves for sustainable growth.

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Eligibility Criteria for PSG Grant Singapore

To be eligible for the Productivity Solutions Grant, businesses must meet the following criteria:

An applicant should be a company incorporated in Singapore and physically domiciled in the country.

The company should have at least 30% local equity, held directly or indirectly by Singapore citizens or permanent residents. The determination of local equity ownership is based on the ultimate beneficial ownership concept.

If your business belongs to a corporate group, the combined annual sales turnover of the company and its related entities within the corporate group must be less than S$100 million OR the total employment size of your company and its related entities within the corporate group must be less than 200 employees.

Supported Solutions

Please take note that the PSG exclusively offers support to companies that opt to implement solutions from the approved vendors list. It is essential to select solutions from this list in order to be eligible for the support. The grant offers two types of solutions:

To explore the full range of approved solutions and vendors, you can refer to the comprehensive list provided by the authorities.

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How to Apply for PSG Grant

Applying for the Productivity Solutions Grant is a straightforward process. Follow these steps to apply:

Sign in to your Corppass account to access the BGP portal. If you don't have a Corppass account, sign up for one. Refer to the provided user guides, including the Corppass user guide and the BGP step-by-step guide, for assistance in navigating the application process. Prepare the required documents and information as outlined in the PSG Application Checklist.

Once you have submitted your application with all the required information, you can expect to receive an update on the status of your application within approximately 6 weeks. The review process takes into account the evaluation of the submitted documents and the assessment of your eligibility for the PSG. During this time, the relevant authorities will review your application and notify you of the outcome. Please note that the processing time may vary, and you will be notified of any additional requirements or if any clarification is needed.

Following these steps and providing the required documentation and information will help facilitate the application and reimbursement process for the PSG.

How We Can Help with the Singapore PSG Grant

At CorporateServices.com, we understand the importance of navigating the grant application process effectively and maximizing the benefits of the Productivity Solutions Grant. Our dedicated team is here to provide comprehensive assistance and support to ensure a seamless application experience. We will assist you in preparing and organizing all the necessary documentation and information required for a successful PSG application. We can help streamline the process, saving you time and effort. Discover more about our Incentives services and how they can benefit your business.

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This series of articles regarding Singapore government incentives was prepared by CorporateServices.com, a leading Singapore-based corporate service provider. We offer a range of services for private limited companies in Singapore. Our team of experienced experts provides Singapore company registration and other incorporation-related services through our cutting-edge online platform.

Contact us if you need assistance with setting up a new Singapore company or would like to transfer the administration of your existing company to us.