Must-know essentials of PSG Grant in Singapore
MBiA - MyBusiness in Asia
MyBusiness in Asia is a provider of corporate and accounting services in Singapore and Hong Kong.
In the dynamic and fiercely competitive world of business today, achieving high levels of productivity is paramount for the success of organizations.
? Recognizing this, the Singaporean government has implemented the Productivity Solutions Grant (PSG) to support local companies in their efforts to boost productivity.
Key Facts about the PSG
The Productivity Solutions Grant (PSG) from the Monetary Authority of Singapore (MAS) offers financial support for small and medium-sized enterprises (SMEs) to increase their productivity by implementing IT solutions and consultancy from pre-approved vendors.
Since 1 April 2023, business entities registered and operating in the country can claim up to 50% of qualifying costs for all solutions, except:
?? Job redesign consultancy solutions - solutions to increase productivity and make work attractive for employees will continue to receive enhanced support at 70%.
?? Pre-scoped IT solutions for the legal sector - the legal sector will continue to receive enhanced support of 70% until 31 March 2025.
Benefits of the Singapore Productivity Solutions Grant (PSG):
?? Financial Aid: PSG provides financial assistance to eligible businesses, co-funding up to 50% of qualifying expenses, with a cap of S$30,000. This helps companies overcome financial barriers, accelerating the adoption of productivity-boosting solutions.
?? Enhanced productivity: PSG encourages the uptake of tech solutions to streamline processes, automate tasks, and optimize operations. Leveraging PSG funding enables businesses to deploy innovative tools, cut costs, and gain a competitive edge.
?? Increased competitiveness: PSG empowers businesses to embrace advanced technologies, upgrading their capabilities for a competitive edge. Through digital integration, organizations enhance agility, responsiveness, and market competitiveness, paving the way for sustainable growth.
Who is eligible to apply for PSG?
Business entities can apply for PSG if they meet the following criteria:
?? Registered and operating in Singapore
?? Purchase/lease/subscription of the IT solutions/equipment/consultancy service must be used in Singapore
?? (For selected solutions only) Have a minimum of 30% local shareholding
?? (For consultancy service solutions only) Have at least three local employees at the point of application
Please be reminded that PSG support is available exclusively for companies choosing to implement solutions from the approved vendor list. For the full range of approved solutions and vendors, please refer to the comprehensive list provided by the authorities.