The evolution of PSG has been of considerable help to the companies. It helps the companies to be supporting IT solutions along with equipment to enhance the business outcomes. The utility of PSG is that it covers industry specific parameters pertaining to manufacturing or be it landscaping industries. In addition, the expertise of Xero PSG 6 extends to areas like customer service management, financial management or data analytics. There is a possibility of a bulk of the funding as this can stretch up to 80 %. It is going to serve as an avenue for a company to be making technology investments at a long term level. Even it might be in relation to kick-start the efforts in terms of digitalization.
The entities who are eligible to be applying for a PSG grant
A SME is in a position to be applying for a PSG if they are able to follow the below criteria.
- A company that is registered and operating on the shores of Singapore
- The subscription / lease or purchase of IT solutions or equipment that you need to be using in Singapore
- There has to be a minimum of 30 % shareholding in the country of Singapore.
In addition there are a series of procedures that you need to follow when it is comes to the application of a PSG grant. First and foremost you need to obtain a quotation from the cloud accounting software from the company. There are a lot of pre –approved vendors, such as Timcole.com.sg, who do go on to accomplish a great job.
Other points of consideration with a PSG grant
Do keep in mind that you should not be making any payment to a third party vendor or supplier to the lease or purchase of any equipment. Even the same logic is applicable as you should not be signing any type of contract with them. Till this point of time there are close to a few vendors with a series of requirements. In fact PDPA critieria is one of the important points that you have to choose. On the website you are going to figure out the various versions of the same.
Then comes to the question of claim submission as you need to be using the POS system for close to a month so as to extract the exact sales transaction details even before claim submission. As a supporting document you might be asked a 1 month supporting document.
Once you receive the PSG grant you have to comply with the audit requirements that makes sure that the PSG solution that you purchase gears up for the intended purposes. A suggestion is to keep all documents ready with the supporting PSG document. It is because you might have gone on to stop operation so that the process of audit occurs in a smooth way. Once you have gone on to receive the application from a POS vendor you can start off the process in a smooth way.