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Get up to $30,000 for your business in Singapore
with the productivity solutions grant
Are you an SME owner looking to funding to improve your business productivity? If so, we have good news for you!
Launched in 2018, the Productivity Solutions Grant (PSG) was implemented by the government to provide financial support to businesses. Governmental grants such as PSG can help businesses improve the tools they are using, improving the companies’ productivity.
This guide shows you the benefits of PSG, what are the eligibility requirements, how to apply for the grant and the application process.
What can I get from the Productivity Solutions Grant?
The PSG grant allows companies to claim back their expenses spent on support solutions for their business. A list of supportable solutions and approved vendors for each sector can be found here. Do note that your SSIC determines the sector you are under.
Other than sector specific solutions, there are solutions available for all sectors too. These support solutions can be further classified into 3 categories, IT solutions, Equipment and Consultancy Services.
You will need to get a quotation from the approved vendor and submit an application on the Business Grants Portal (BGP). Do note that you will need a Corppass account to use the amenities on the portal.
Make sure you submit your grant claim before the claim due date, or else you might not be able to enjoy the claim.
From 1 April 2023 onwards, the maximum support for all sectors is at 50% of the eligible cost. Meaning if your approved support costs S$1000, you will only be able to claim S$500. Each eligible company will be able to receive up to S$30,000 of claims annually.
Eligibility Requirements
To be eligible, you need to:
-
Have a business entity registered and operating in Singapore
-
Have a Singaporean/Singapore PR holding at least 30% of the total shares of the company
-
Not have a turnover exceeding S$100 million or 200 employees
-
Only allow the solutions and equipment purchased to be used in Singapore
-
Ensure your company is not categorized as Charities, Institutions of Public Characters (IPCs), Religious Entities, Voluntary Welfare Organisation (VWO), Societies, Government agencies and subsidiaries.
However, this is to keep in mind that different criteria are applied to different natures of solutions and sectors involved.
How to apply for Productivity Solutions Grant
Select the pre-approved solutions that match well with your business objectives and needs. You can easily find these solutions listed on the tech support website here. Contact the vendor(s) and obtain quotation(s).
Now you will submit an online application from your Business Grants Portal. You will need your Corppass to sign in. Provide all the necessary information and details about the selected solution, your business, estimated project cost, etc. You may also be required to support your application with some documents like quotations or proposals etc.
Then, your application will be evaluated by the relevant government agency. If it gets approved, you will instantly receive a letter of offer detailing the grant amount, along with any specific requirements or conditions.
2. Project Execution
Get hold of the approved solution vendor and go ahead with the implementation of your project within the timeframe. Up to 50% of the qualifying cost can be used for the PSG funding.
3. Claims
After completion of the project, submit claims and supporting documents on the Business Grants Portal. After verification, the grant amount will be a payout to your business.
Get up to $30,000 for your business in Singapore
with the productivity solutions grant
Are you an SME owner looking to funding to improve your business productivity? If so, we have good news for you!
Launched in 2018, the Productivity Solutions Grant (PSG) was implemented by the government to provide financial support to businesses. Governmental grants such as PSG can help businesses improve the tools they are using, improving the companies’ productivity.
This guide shows you the benefits of PSG, what are the eligibility requirements, how to apply for the grant and the application process.
What can I get from the Productivity Solutions Grant?
The PSG grant allows companies to claim back their expenses spent on support solutions for their business. A list of supportable solutions and approved vendors for each sector can be found here. Do note that your SSIC determines the sector you are under.
Other than sector specific solutions, there are solutions available for all sectors too. These support solutions can be further classified into 3 categories, IT solutions, Equipment and Consultancy Services.
You will need to get a quotation from the approved vendor and submit an application on the Business Grants Portal (BGP). Do note that you will need a Corppass account to use the amenities on the portal.
Make sure you submit your grant claim before the claim due date, or else you might not be able to enjoy the claim.
From 1 April 2023 onwards, the maximum support for all sectors is at 50% of the eligible cost. Meaning if your approved support costs S$1000, you will only be able to claim S$500. Each eligible company will be able to receive up to S$30,000 of claims annually.
Eligibility Requirements
To be eligible, you need to:
-
Have a business entity registered and operating in Singapore
-
Have a Singaporean/Singapore PR holding at least 30% of the total shares of the company
-
Not have a turnover exceeding S$100 million or 200 employees
-
Only allow the solutions and equipment purchased to be used in Singapore
-
Ensure your company is not categorized as Charities, Institutions of Public Characters (IPCs), Religious Entities, Voluntary Welfare Organisation (VWO), Societies, Government agencies and subsidiaries.
However, this is to keep in mind that different criteria are applied to different natures of solutions and sectors involved.
How to apply for Productivity Solutions Grant
Select the pre-approved solutions that match well with your business objectives and needs. You can easily find these solutions listed on the tech support website here. Contact the vendor(s) and obtain quotation(s).
Now you will submit an online application from your Business Grants Portal. You will need your Corppass to sign in. Provide all the necessary information and details about the selected solution, your business, estimated project cost, etc. You may also be required to support your application with some documents like quotations or proposals etc.
1. Approval and Evaluation
Then, your application will be evaluated by the relevant government agency. If it gets approved, you will instantly receive a letter of offer detailing the grant amount, along with any specific requirements or conditions.
2. Project Execution
Get hold of the approved solution vendor and go ahead with the implementation of your project within the timeframe. Up to 50% of the qualifying cost can be used for the PSG funding.
3. Claims
After completion of the project, submit claims and supporting documents on the Business Grants Portal. After verification, the grant amount will be a payout to your business.
VENTUREHAVEN – SINGAPORE
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Singapore 051531
Phone: +65 6444 3130
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Email: contactus@venturehaven.com.sg
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WhatsApp: +60 11-1617 8668
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Address: D-11-05, Menara Suezcap 1, KL Gateway, Gerbang Kerinchi Lestari, No 2, Jalan Kerinchi, 59200 Kuala Lumpur
Phone: +60 3-2732 7628
WhatsApp: +60 11-1617 8668
Email: contactus@venturehaven.com.my
Operations Hours: Monday – Friday / 9:00am – 6:00pm, except Public Holidays
VENTUREHAVEN – SINGAPORE
Address: 531A Upper Cross Street #04-95, Hong Lim Complex
Singapore 051531
Phone: +65 6444 3130
WhatsApp: +65 8122 3888
Email: contactus@venturehaven.com.sg
Operations Hours: Monday – Friday /9:00am – 7:00pm, except Public Holidays
VENTUREHAVEN – MALAYSIA (JB)
Address: H-03-03, H-04-03, Komersial Southkey Mozek, Persiaran Southkey 1, Kota Southkey, 80150 Johor Bahru, Johor
Phone: +60 7-336 4545
WhatsApp: +60 11-1617 8668
Email: contactus@venturehaven.com.my
Operations Hours: Monday – Friday /9:00am – 6:00pm, except Public Holidays
VENTUREHAVEN – MALAYSIA (KL)
Address: D-11-05, Menara Suezcap 1, KL Gateway, Gerbang Kerinchi Lestari, No 2, Jalan Kerinchi, 59200 Kuala Lumpur
Phone: +60 3-2732 7628
WhatsApp: +60 11-1617 8668
Email: contactus@venturehaven.com.my
Operations Hours: Monday – Friday /9:00am – 6:00pm, except Public Holidays
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