Singapore is one of the world’s most liberalized markets. That is why there are many different businesses registered here. It also offers various support programs through grants. Businesses in Singapore come from industries such as engineering, mining, healthcare, foods and beverages, and even environmental industries. These companies are all entitled to an eCommerce PSG package to help them with business operations.
What is an eCommerce PSG package?
The Productivity Solutions Grants is a Singaporean grant that aims to help businesses adapt to different IT solutions. This was launched back in April 2018 by Enterprise Singapore and has been granted to different businesses since then.
This gives 80% funding to small and medium enterprises in Singapore. This was increased from 70% because of the pandemic. The PSG eCommerce includes pre-scoped solutions like IT equipment, tools, and consultancy services. Their services are also made to cater to sector-specific needs like the retail, engineering, food, and logistics sectors. This helps small and medium enterprises have customized support that perfectly tends to their needs as a business.
The interested company must be able to meet the following qualifications to apply for the grant. The following criteria are what makes a business eligible
- A company can qualify for the Productivity Solutions Grant if they are currently registered and incorporated in Singapore. This means that they have the proper legal papers to conduct business in the Singapore economy.
- The company should also be interested to purchase the rent or subscribe to an IT solution or tool that will be used in Singapore. Companies cannot use that IT solution or support in other countries.
- These small and medium enterprises would also have a minimum of 30% local shareholding.
- For selected solutions, Interested applicants should also have three local employees to qualify.
How to apply
#1 Identify supportable solutions
The first thing that you have to do if you want to apply for the PSG eCommerce Used to determine the supportable solutions. As mentioned above described as pre-scoped IT solutions can cater to the needs of your business. This means that Singapore has already determined the kinds of support it can provide through the eCommerce PSG package.
Services vary from IT solutions, consultancy services, and equipment. These kinds of help can guide and support small and medium enterprises in their business operations. After identifying the needs of your business you have to remember the following:
- If you want an ideal solution for your business you have to get a quotation from a pre-approved vendor. This means that one requirement of the application is an estimate of how much your desired IT solution would be
- If you want to avail the equipment then you also have to determine the source beforehand and get a quotation from your source.
- A quotation would also be required from a pre-approved consultant if you want to avail the consultancy services.
Pre-approved and predetermined quotations or costs of the solution that you would avail can help Singapore agencies determine the percentage of grants. As mentioned above Singapore grants up to 80% of the total costs of the IT solution.
The eCommerce PSG package includes tools in the retail food precision engineering construction financial service and even landscaping industries. This package helps businesses adopt a broad-based solution that can help in many aspects of the business. Customer relationship management and human resources management systems are just two of the business departments that this grant can help in.
#2 Access the Business Grants Portal
After determining what kind of IT solution is perfect for your business, then you can continue with the application properly. This step could be done through the business grants portal provided by Singapore.
The first that this website would be determining the sector that best describes your business. It would also ask you to determine what kind of help you would be needing. You can input to adapt technology to improve business processes or improve service standards.
Since you already determine the kind of IT solutions, the PSG eCommerce application should be easy. In this step, you have to fill in the necessary details and make sure that your company is eligible to apply.
You have to remember that all information and details must be true to avoid complications. Submitting falsified documents can lead to the suspension of your business registration.
#3 Double-check and submit your application
Before you submit, it is important to double-check and make sure that all information you have input is correct. You must also be able to explain the business impact and lay out the details of the cost of your id solution.
This kind of information can help Singapore agencies determine the kind of grant to issue. At the end of the PSG eCommerce application, a consent and acknowledgment action would have to be filled out. After submission, you would have to check the business grants portal account for the verdict.
Benefits of the PSG eCommerce
Can improve cash flow
Manage the challenges that small and medium enterprises usually this is the cash flow. These kinds of businesses usually do not have access to Huge amounts of capital. That is why the 70 to 80% grant can help these kinds of businesses.
The money that they can save from this grant can be focused on and spent on other aspects of the business. This money can help further improve other important departments of SMEs.
Access to professional
Since one of the solutions that PSG e-commerce offers is consultation services, small and medium enterprises can have the chance to consult with professionals. These professionals can help them and guide them to improve different areas of business operations.
State-of-the-art IT solutions
This grant will also open doors for small and medium enterprises to have an access to high-quality IT solutions. Singapore has made sure that the pre-scoped solutions are those that can effectively and efficiently and SMEs’ business operations.
Apply for the Productivity Solutions Grant today
PSG eCommerce offers many benefits to businesses. That is why it is highly advisable to apply for the different grants Singapore offers. If you want to know your eligibility and the requirement, Digital Solutions can help you apply for the PSG eCommerce grant. Contact us today to know more details about the application.t f