Table of contents
The Productivity Solutions Grant (PSG) is introduced to help you adopt pre-approved technology solutions that improve business productivity and efficiency. It covers a range of tools—such as web development services, cloud-based software, and point-of-sale systems. This blog offers a comprehensive walkthrough of the grant approval process, including eligibility criteria, key documents, step-by-step application instructions, and tips for overcoming common challenges.
By mastering the PSG documentation process, your business can unlock government support for transformative IT solutions, boosting growth and staying competitive in the digital economy.
Also Read :- Ecommerce Compliance with the Personal Data Protection Act (PDPA)
The PSG Grant Eligibility
Only businesses that meet specific eligibility criteria are allowed to apply for PSG. These rules ensure that the grant benefits businesses that align with the program’s goal of improving productivity within Singapore’s economy.
- Registration and Operations
Your business must be legally registered and actively operating within Singapore. This ensures that the benefits stay within the local economy. Furthermore, the solution or service supported by PSG must be used exclusively in Singapore. For example, if you open a Shopify store under the grant, your primary operations and sales must take place within the country.
- Local Shareholding
At least 30% of your business must be owned by Singapore citizens or permanent residents. This criterion promotes local ownership and encourages domestic investments in technology.
- Revenue and Employee
To be eligible, your business should employ fewer than 200 people or generate less than SGD 100 million in annual revenue. This ensures that PSG funding supports SMEs and not large corporations that have easier access to private funding.
- Previous Grant Funding
PSG funds must be used for new solutions, meaning your company cannot apply for the same project or service twice. This avoids duplicate funding and ensures fair distribution of grants across businesses.
Step-by-Step Guide to Applying for PSG
Applying for PSG funding requires meticulous attention to detail. The Business Grants Portal (BGP) is the primary platform for submissions. Here is a step-by-step guide:
- Identify Your Needs
Start by assessing what kind of solution your business requires—whether it’s an eCommerce platform like Shopify, an accounting software, or a POS system like Qashier. Aligning the solution with your business goals ensures you reap the maximum benefits.
- Explore the Vendor List
Visit the IMDA portal or the Business Grants Portal to view the pre-approved solutions and vendors. Selecting from these vendors ensures your chosen service qualifies for funding, saving you from rejections later.
- Request a Quotation
Once you’ve chosen a solution, contact the vendor for a detailed quotation. Make sure the quotation clearly outlines all components, such as installation, software subscriptions, and ongoing maintenance costs. This helps avoid disputes or missing information during the application process.
- Register a CorpPass Account
All grant applications require businesses to use a CorpPass account for secure access to government services. Visit the CorpPass website to register. The process involves entering your business’s Unique Entity Number (UEN) and assigning administrative roles for managing the account.
- Submit the Application
Use your CorpPass credentials to log into the BGP. Navigate to “My Grants” and select “Get New Grant.” Fill out the grant application, upload necessary documents, and provide complete business and vendor information. Take your time here—any mistakes can delay your approval.
- Await Evaluation
After submitting your application, the government evaluates it to ensure compliance with all criteria. This process typically takes four to six weeks. During this time, stay alert for emails requesting further information.
Also Read :- Shopify Features You Should Invest In with PSG Grant
Required Documentation Checklist
Completing the PSG grant application requires submitting several key documents. Accurate and complete documentation ensures your application moves smoothly through the approval process.
- Business Profile
Provide proof of your business’s registration, including the company’s name, registration number, and ownership structure. This helps the grant officers verify eligibility based on local shareholding requirements.
- Vendor Quotation
Upload the quotation from the selected PSG-approved vendor. Ensure the quote includes itemized costs for all components, such as software licenses, installation, and ongoing maintenance.
- Financial Statements
Submit your company’s latest audited financial statements. These help assess whether your business has the financial resources to co-fund the project.
- Proof of Payment
If your application is approved, you’ll need to submit receipts and bank statements as proof of payment. You may also need to provide screenshots or reports showing the deployed solution in use.
Tips to Avoid Common Mistakes
Many businesses encounter difficulties during the PSG application process. Here are some strategies to avoid common mistakes:
- Avoid Prepaying Vendors
Making payments before receiving grant approval disqualifies your application. The PSG grant requires you to apply first, receive approval, and then proceed with payments.
- Double-Check
Ensure all uploaded documents are accurate and complete. Missing information, such as an incomplete vendor quotation, can lead to delays or rejections.
- Plan Ahead
Grant processing takes time, so plan your application well in advance, especially if you need the funding before peak seasons. Early applications reduce the risk of delays due to high submission volumes.
Also Read :- Licenses Required For Ecommerce Businesses in Singapore
Recommended PSG-Supported Solutions
PSG offers funding for various IT solutions and consultancy services. Here are some popular options:
- Shopify
Shopify is ideal for businesses looking to set up online stores. With PSG funding, you can co-fund expenses related to Shopify setup, including payment gateways, POS integration, and delivery management services.
- Qashier POS System
Qashier’s POS system is perfect for retail and F&B outlets. It integrates seamlessly with online platforms, streamlining operations with features like automated stock tracking and reporting.
- SEO and Digital Marketing
PSG also funds services for SEO, paid advertising, and social media marketing. These solutions are essential for businesses aiming to boost online visibility and sales.
PSG to Drive Business Growth
The PSG grant provides a critical opportunity for Singaporean businesses to embrace digital transformation. By following the guidelines outlined in this guide, you can ensure a smooth application process, from identifying solutions to submitting accurate documentation.
Avoiding common pitfalls, such as prepaying vendors, and planning your application well ahead of deadlines will further improve your chances of approval. Take advantage of PSG funding today to streamline your operations, improve productivity, and stay competitive in a fast-changing market.
