Singapore is one of those lucky countries where the government ensures a 100% business-friendly environment along with launching various programs like the PSG grant for supporting the business community.
The Singaporean government has launched the PSG grant for providing funds to small and medium-sized businesses for supporting the growth of SMEs in Singapore. The funds are given to the eligible SMEs for transforming into a state-of-art digital process.
The transformation of the business to embrace sophisticated technology requires huge funds that this grant will provide with the hope of increasing productivity. The grant can cover up to 70% of the cost for digitization if the SME falls in sectors such as retail, food, construction, wholesale, landscaping, precision engineering, and logistics.
Tips for acquiring the PSG Grant in Singapore—
Eligibility of the SME
Three things are needed for applying for the PSG grant in Singapore.
- The company should be registered in Singapore
- The leased or brought information technology products and equipment must be used in Singapore.
- At least 30% of the company’s shareholders should be local in Singapore.
Understanding the procedure
The applicants need to apply for the PSG grant before signing up any deal with vendors and make prior payments for IT leasing/purchasing or subscribing.