Accounting is an important aspect of every corporate operation, according to Productivity Solutions Grant Singapore. They are also conscious of the necessity for low-cost accounting services Singapore businesses that provide such services. As a result, all business owners can apply for the Productivity Solutions Award, also known as the Xero cloud accounting PSG Singapore grant. The Productivity Solutions Grant assists businesses that wish to improve their productivity by using IT solutions, equipment, or software-based technologies.
The PSG as an enterprise Singapore grant seeks to deliver low-cost accounting services in Singapore that encompass a variety of industries, including retail, logistics, engineering, culinary, and even gardening. Customer management, data analysis, inventory monitoring, payroll, and even finance administration are all included in the PSG enterprise Singapore grant. Some people are still unsure about the PSG enterprise Singapore grant. So, in this post, we’ll go over the top queries concerning the PSG when you incorporate a company in Singapore.
What is the procedure for requesting a PSG?
Many people are interested in applying because the PSG enterprise Singapore grant is one of the few inexpensive accounting services Singapore software options available to business owners. Here’s a rundown of the procedures you’ll need to do to apply for the Xero cloud accounting PSG Singapore award. To begin, go to Tech Depot to see what sorts of low-cost accounting services Singapore solutions are appropriate for your company’s needs.
You must get a quote from a pre-approved Xero cloud accounting PSG Singapore provider who offers the same support solution. Before submitting the Xero cloud accounting PSG Singapore application, make sure you haven’t signed any contracts or made any payments to the provider. After that, you may use your CorpPass account to submit your application to the Business Grants Portal or BGP.
To assist you in better preparing for a smoother PSG application process, we have compiled a list of advice as a quick and simple reference to aid you along.
#1 Determine whether you are qualified for PSG.
PSG is exclusively available to local SMEs when they incorporate a company in Singapore, and all of the following qualifying requirements must be met:
- Institutions of Public Character (IPCs), Religious Entities, Voluntary Welfare Organization (VWO), Government agencies, and subsidiaries are the only business entities that are registered/incorporated in Singapore.
- At least 30% local shareholding owned directly or indirectly by Singaporean(s) / Singapore PR(s), as defined by the applicant’s ultimate individual ownership.
- If you are a member of a corporate group, your company group’s annual sales Turnover must be less than S$100 million, or your company group’s employment size must be less than 200 employees. A corporate group consists of the applicant, corporations that hold 50% of the applicant, and companies that the applicant owns 50% of.
#2 Prepare your financial documentation before submitting your application.
You will be asked to provide financial papers as part of your PSG enterprise Singapore grant application. A distinct set of paperwork may be required depending on your company structure and when you incorporate a company in Singapore:
- For companies in existence for three years or longer, financial statements (FS) for the previous three years or prorated based on incorporation date.
- Firm financial statements for the last two years of operation will serve a company that has been in business for less than three years.
- When you incorporate a company in Singapore in less than one year, you may attach extra essential supporting papers such as a Certificate of Incorporation, ACRA Bizfile document, Projected Income Statement, and up-to-date unaudited financial statement or management account.
- Please keep in mind that submitting supporting papers in the “Company Financial Info” section, under “Company Profile,” is a required step before submitting a PSG application.
In addition to your firm’s financial papers, if your firm is part of a corporate group, final corporate group financial statements for the previous three years and ACRA Bizfile are necessary for submission. Financial statements are audited statements/management accounts that include a profit and loss statement and a balance sheet, both of which are signed off by an authorized person whose name and designation are clearly indicated on the papers.
#3 Before submitting your application, confirm your business sector on your ACRA Bizfile
When filling out the PSG application form, you will be asked to specify the Business Sector in which your firm works. This might be linked to the SSIC descriptions on your company’s Accounting and Corporate Regulatory Authority (ACRA) Bizfile.
Please verify that your company’s ACRA Bizfile is up to date and includes your current business operations and corresponding SSIC description. If your company operations have changed since then, you may want to contact ACRA to update the essential information. This is required in order for you to have access to the appropriate PSG solutions for your present business activity.
#4 Look for the “don’ts” in your vendor’s quote
You will be required to present an authentic quotation produced by the vendor as part of the PSG application. Please keep the following in mind while you prepare the quotation:
- Prior to submitting the PSG application, the grant applicant must not have signed the quote and must not have made any payment or depositions to ratify the contractual arrangement. The quote must be sent to the grant applicant’s registered company name, as it appears on the business’s ACRA Bizfile, in full; short-form and/or other names will not be allowed.
For example, if the registered firm is ABC Global Pte Ltd, ABC Global (without the ‘Pte Ltd’ suffix) will not be approved. Failure to comply with the aforementioned requirements may result in your application being denied and/or returned for revision.
WLP Group provides PSG grants as part of its accounting services. We strongly suggest you contact us to learn more about PSG grant options that may be beneficial to your Singapore business formation process. The Xero PSG grant accounting software will benefit your business. If you require any further information, please contact us immediately.