Productivity schemes for Singapore businesses

Productivity schemes for Singapore businesses

Singapore is having a productivity push to lower its reliance on manpower. So to prevent companies from suffering too much, Singapore government has come up with the following productivity schemes to help Singapore SMEs.

Productivity schemes for Singapore businesses #1: Productivity and Innovation Credit by Inland Revenue Authority of Singapore (IRAS)

The PIC is the most popular form of grant that is given out by the government due to its large size as well as ease of acquiring the grant (do note that due to the increasing number of frauds, getting this grant has become a longer term issue).

The PIC is aimed at improving productivity of businesses through various ways: Investment in automation, training for employees, acquiring intellectual property rights, registering for patents and trademarks, design projects and research and development projects.

There are 2 main sections to it, 400%tax deduction of up to $400,000 a year or 60% cash pay out of up to $60,000 a year.

Find out more about PIC here: http://www.iras.gov.sg/irashome/PIcredit.aspx%23About_Productivity_and_Innovation_Credit

Productivity schemes for Singapore businesses #2: Innovation and Capability Voucher by SPRING SINGAPORE

Innovation & Capability Vouch is administered by the SPRING SINGAPORE, they come up as $5,000 credits to encourage SMES to take up capability development as well as systems that can help in improving the core business operation. It can also be used to do consultancy work for innovation, productivity, human resource and financial management. So apart from consultancy, ICV also wants to help business in using systems and solutions to improve business efficiency, this is limited to 2 vouchers of $5,000 which amounts to $10,000. SMEs can use the ICV to implement productivity solutions under the supportable cost categories of (i) equipment & hardware, (ii) technical solutions & training, (iii) design & renovation. Each SME is entitled to a maximum of eight vouchers. Each ICV project must be completed before the submission of a new application. The duration for each project should not exceed six months.

Find out more about the ICV here: http://www.spring.gov.sg/Enterprise/ICV/Pages/innovation-capability-voucher.aspx

Productivity schemes for Singapore businesses #3: ISprint by Infocomm Development Authority of Singapore (IDA)

ISprint Funding for package solutions primarily wants to fund and support SMES in taking up prepackaged solutions that improve producitivty for business. The company that is the vendor will need to be qualified by iSprint before you can get this grants

How Do You Qualify?

Your business must meet the following requirements to qualify for iSPRINT.

1. You are a local SME with

  • Minimum 30% local shareholding AND
  • Company’s Group annual sales turnover not more than S$100 million OR
    Company’s Group employment size not more than 200 workers

2. You do not already own/ use any other solutions that you are going to adopt (i.e. accounting, payroll or POS solution).

Find out more about the iSprint scheme here: http://www.ida.gov.sg/Collaboration-and-Initiatives/Initiatives/Store/iSPRINT-Packaged-Solutions

Productivity schemes for Singapore businesses

Daceasy Accounting Software is qualified for claims

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