We believe everyone have heard about our Singapore Budget FY2022. There are multiple business grants and support measures that could benefit your business today. What are they and how can we apply for these grants?
We have consolidated some of the grants and support scheme. You will be able to find out the Know-how and Where-to in this article.
Let us look at those grants that does not require us to lift a finger. In other words, eligible companies will automatically be notified by the relevant government agencies.
Small Business Recovery Grant
A One-off cash payout to SME in sectors that were most affected by COVID-19 Safe Management Measures.
Each eligible firm will receive $1,000 for each local employee receiving mandatory CPF contributions in the period of 1 November 2021 to 31 December 2021, subject to a cap of $10,000 per firm. For sole proprietorships and partnerships that are run by at least one local business owner but do not hire any local employees, the firm will receive a flat pay out of $1,000. The selected firms will receive $1,000 for each local employee whom are receiving CPF contributions in the period of 1st November 2021 to 31st December 2021. This is subjected to a cap of $10,000 per firm. Sole Proprietorships and Partnerships that have at least 1 local business owner but did not hire any local employees will receive a flat pay out of $1,000.
Jobs Growth Incentive (JGI)
Provides wage support to firms that meet the JGI qualifying criteria
Visit the site below to understand Phase 3 JGI criteria and disbursement amount
Previously we have written an article on PCP/JGI grant. If you are interested to understand more about the JGI criteria. Visit our article here.
Let us take a look at grants which will potentially improve your company's productivity and competitiveness. Given that digitalisation have taken a big leap in the current years. It will be best to find out how these grant can help you to keep up with the digital world. Let us keep improving ourselves to maintain competitive in our industry.
Productivity Solutions Grant (PSG)
Productivity Solutions Grant is introduced to support Singapore companies who are looking to enhance their business processes through adopting of IT solutions. PSG covers sector-specific solutions including retail, food, logistics, precision, engineering, construction and landscaping industries. PSG also support the adoption of solutions across industries. Consultancy solutions such as customer management, data analytics, financial management and inventory tracking. Some of the solutions are website creation/redesign, digital marketing, POS system, accounting, payroll software etc.
Find out more from our PSG page. https://www.kmerleone.com/productivity-solutions-grant
Advanced Digital Solutions
This grant support the adoption of advanced technologies like artificial intelligence, Robotics, Internet of Things and also integrated digital solutions that are able to address the challenges your industry is facing.
The eligibility criteria:
Minimum of 30% local shareholding; and
Group sales turnover less than S$100 million per annum, or group employment less than 200 employees
A Local entity that is registered and operating in Singapore
Read more about this grant with the link below.
Grow Digital
If you are planning to internationalise your business through cross-border digital platforms. This will be the grant you are looking for. This grant will be able to give you a head start in going global.
The eligibility criteria:
Minimum of 30% local shareholding; and
Group sales turnover less than S$100 million per annum, or group employment less than 200 employees
A Local entity that is registered and operating in Singapore
Eligible SMEs can receive up to 70% funding to participate in the platforms under Grow Digital. Adoption of these platforms does not count toward Productivity Solutions Grant funding utilisation, which is capped at a maximum of S$30,000 per SME per year.
This grant does not count towards your Productivity Solutions Grant funding utilisation. Which is capped at a maximum of S$30,000 per SME per year. If you are eligible to participate, the grant amount will be up to 70% funding.
If you find this article useful and you have more questions unanswered. Perhaps you might want to contact us at +65 8010 1470 or email us at info@kmerleone.com.
At K.Merleone, we provide specialized grant advisory and have helped clients achieve high approval rates for grant submissions. Chat with us now to find out how we can make your life easier so that you can spend more effort on other aspects of your business that matter.