3 Key Grants Available to SMEs in Singapore

SMEs in Singapore

Singapore recognizes that a government subsidy for online web platforms is one of the most successful marketing methods available today, given the pervasiveness of technology.

Many Singapore companies desire to apply for a PSG grant accounting services to boost their sales and earnings. In addition to accounting software grants, the Singapore platform offers development services that benefit both business owners and customers.

Government financing is provided for online websites. Depending on the sector and the needs of company formation Singapore procedures, there is a range of grants available. For example, incentives are available to assist entrepreneurs in launching their companies.

Subsidies that provide mentoring and chances for collaboration may also be beneficial to small companies. Technology-related incentives are also offered to assist businesses in transitioning to a new way of doing business.

Businesses may also apply for a government grant to assist them to create and build an online presence for their company formation Singapore process, such as the Singapore Xero award. A small amount of government funds is now available for use on the internet.

#1 Productivity Improvement Grants

Thanks to the assistance of the Enterprise Singapore Xero grant, this contribution was made possible. Merchants and service providers may apply for funding for a variety of IT solutions that have been pre-selected. This reward also comes with training and equipment.

Businesses that wish to enhance their procedures and operations may get this kind of assistance. This award also includes a Xero grant for retail businesses in Singapore.

Eligibility Criteria

The work on this project began in April of this year. This incentive may be worth up to 80% of the merchant’s total IT system or equipment cost.

This government grant for website creation would be particularly beneficial to small and medium-sized businesses. The following are the eligibility criteria and basic application processes for this government prize for the web.

  • The Productivity Solutions Grant must be granted to a new Singapore-based company that is in the process of establishing an entity. It needs to be operational right now in Singapore.
  • An IT solution or equipment that may be used in Singapore must be rented or subscribed to by the merchant.
  • The merchant must have at least 30% local equity to be eligible for different business Singapore Xero grant solutions.

If you fulfill these requirements, you are eligible to apply for the Productivity Solutions Grant. Go to the Business Grants website as the first step in the process. To avoid difficulties, you must correctly fill out the required information.

You should also get a quotation from the businesses from whom you want to purchase. You must, for example, be able to give a quote for the IT solution that your new company formation Singapore entity needs.

Whether you’re purchasing equipment or seeking consulting services, there are certain rules to follow. This document is required if you wish to apply for a business grant via the portal.

#2 The enhanced PSG grant accounting platform for SMEs

As a consequence of an official statement made during the Supplementary Budget 2020, the PSG grant accounting platform has improved. To encourage companies to continue working on digitalization and efficiency improvements, the prize was raised.

The maximum financial support level has been increased to 80% from April 1, 2020, through September 30, 2021. As a consequence of the pandemic, the scope of generic solutions has been expanded, and these measures were created to help companies in fighting COVID-19’s effects. These are the tools that have aided in the expansion of the generic solutions’ scope:

  • Virtual meeting software
  • Web-based collaboration tools (covering remote working solutions)
  • Temperature detection tools
  • Queue management software

COVID-19 business continuity methods will no longer be supported after December 31, 2020. As a consequence, all businesses that submitted their applications before the deadline were eligible for the package of measures.

However, considering that the pandemic is far from over, there are reports that the administration is working on a new set of relief measures.

Anyone interested in learning more about the choices available on company Gov Assist is welcome to do so. Taking a careful look at the solutions may help a business choose which accounting software grant Singapore platform support packages are the most relevant and suitable.

#3 Grants to Boost eCommerce

This is a government-sponsored subsidy for the creation of websites. The Enterprise Singapore Xero grant, which also offers the Productivity Solutions Grant, provides this service. A partnership between Amazon, Lazada Singapore, Shopee, and Qoo10 made this honor possible.

The services offered by this project are focused on boosting Xero PSG grant accounting web design and development, as the name of the program indicates.

Article production, which includes product photoshoots and content writing, is one of the services available. They provide a variety of services, including product listings, material submissions, and shop decoration.

Product storage and contacts with last-mile delivery companies are also part of the logistics. The Xero PSG grant accounting web design and development booster bundle may also assist you with promoting and advertising your products and services.

Owners of new companies may also take advantage of training classes to improve their knowledge and abilities in using accounting software grant Singapore services.

To be eligible for a government grant for the development of an online portal, you must fulfill these requirements.

  • The new business must be registered and operational in Singapore.
  • Locals should own at least 30% of the company’s shares, according to the current audited report, and the company’s annual turnover should not exceed S$100 million.
  • It is not necessary to be a registered user of the Singapore platform for accounting software. Only one PSG grant accounting web design and development platform may be used by each interested application.

Businesses may apply for a PSG grant accounting for eCommerce site design and development directly via the PSG grant accounting portal of their choice.

If a merchant wants to open an eCommerce website with Lazada, they must first have their application accepted by the company formation Singapore entity. Keep in mind that merchants must already have an account with their preferred platform. The e-commerce site to whom they applied will assess their application.

Apply for a grant right away

In Singapore, small and medium-sized businesses have access to a broader range of incentives. All that’s left for you to do now is evaluate and determine what sort of solutions and assistance your company will need.

WLP Group can assist you in obtaining the most appropriate finance for your requirements. To learn more about your financing alternatives, contact us right now.

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