Singapore is well-known as the world’s most favorable and friendliest business environment as the Singapore government has launched a variety of offers programs and incentives for the support business community in their transformation. Productivity Solutions Grant (PSG) is another indispensable incentive specially designed Digital program that helps small and medium-sized enterprises (SMEs) enhance and support businesses in the digital transformation process.
In general, the Productivity Solutions Grant rolled out is dedicated to pursuing your business processes with technological solutions, leveraging productivity, and remaining competitive in business firms. This article will go through all the brief introductions about the PSG grant as well as a few tips to successfully apply for the Productivity Solutions Grant.
What is Productivity Solutions Grant?
The Productivity Solutions Grant (PSG) by Enterprise is a financial initiative implemented by the Singapore government from April 2018 to enhance digital transformation within SMEs through the digitization process. In other words, the PSG grant is designed for SMEs adopting digital solutions to help businesses facilitate their operational automation and achieve productivity enhancement by effectively applying up-to-the-minute IT solutions.
Adjusted to align with the Industry Transformation Maps (ITMs), the implementation of IT solutions has been pre-scoped government agencies and pre-approved by the industry’s leading technology vendors. PSG grant covers both industry-specific solutions (including Retail, Wholesale Trade, Food Services, etc.) and module-specific solutions (such as Inventory Management, Sales Management, Accounting Management, Human Resource Management, and more).
Userbasic Software is selected by the Info-communications Media Development Authority (IMDA) as a Pre-Approved Vendor for ERP Solutions. Our key role is to provide effective cloud-based ERP solutions to better assist businesses ‘ digitalization.
Why SMEs Should Apply For The PSG?
The Productivity Solutions Grant from Singapore Government can bring many long-term benefits for businesses, especially for that desire to scale up their business in the digital era. With the funding support eligible up to 70%, the PSG serves as an incentive to aid business firms to implement technological solutions. It demonstrates that the PSG creates a window of opportunity for small companies to scale their business to the upper-level to encourage and support transformation.
Furthermore, when businesses wish to prove their plan of transformation potential, the PSG can be also effectively utilized as an approach to attract new investment. External shareholders are often interested in the projects with the innovative IT system as it is more likely to prosper than others. So far, the government grant plays a vital role in competitiveness stimulation among industries that each business and SME should consider to grab this chance early to create a competitive edge.
Tips for the Productivity Solutions Grant
Here are some tips to help businesses improve the lead a successful application supported to Productivity Solutions Grant that you might find useful.
- Check your company’s eligibility
To successfully apply for the PSG, SME companies must meet the three following criteria eligible for the PSG grant receipt. The first requirement is that businesses registered and operated in Singapore. Secondly, the leased or purchased Information Technology solutions or equipment have to be used in Singapore. And as the third condition for the grant’s eligibility, the enterprises applying for the PSG grant have to make sure that at least 30% of shareholding within their organization is local. Thus, determining from scratch whether a business is eligible for the PSG grant is essential for time-consuming avoidance.
- Understand the process before applying
Companies must look thoroughly into the PSG application process first and foremost. Applicants must apply for the PSG before they sign any contract or make any payment with a vendor related to the purchase/lease/subscription of the IT solutions. Otherwise, the application will be rejected. Additionally, businesses should be aware that only the shortlisted pre-qualified vendors for IT solutions can allow the business to be eligible criteria for the PSG grant that enables companies to adopt IT solutions. Some brands may be sold through multiple resellers SMEs should not be confused as IMDA does not approve by brand but by the IT provider company.
- Get a consultation from a solution providers experts
As the application process could be challenging for many businesses taking the first step into the PSG implementation, it is a wise choice to have a consultation from IT solution provider’s experts. Information technology providers that have hands-on experience in the PSG grant application process can offer you paramount importance support in filing a good application as well as reducing the processing time.
Userbasic Software is not only the leading ERP Solutions Provider in Singapore but also an approved vendor selected by IMDA. We have been working closely with Government agencies to support hundreds of businesses to apply for Singapore Government Grant. With our long experience in the grant application process, specialists of the User Basic E1 ERP System have given our customers the best consultations and assistance in getting PSG for User Basic E1 ERP Solutions with 100% success guaranteed. Contact us today for a free grant consultation.