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List of Grants for SMEThere are grants for SME that can help your company to improve the productivity and capability. Furthermore, we can help turn your investments into tax saving, or receive a cash payouts of up to $100,000. With more than 100 grants given by the various government agencies such as Infocomm Development Authority (IDA), Spring Singapore , Inland Revenue Authority of Singapore (IRAS) . It is a very difficult and complicated process . We can help you to determine which ones you qualify for.
SMEs Go Digital aims to defray up to 70 per cent of the cost of technology purchases, capped at $300,000 per SME. It will replace the seven-year-old iSprint scheme, which provided similar subsidies and basic tech advice, benefiting some 8,000 SMEs. SMEs Go Digital was announced at Budget 2017 to help SMEs build stronger digital capabilities to seize the opportunities for growth in the digital economy. Building on the foundation of Enhanced iSPRINT, SMEs Go Digital takes on a more structured and inclusive approach towards the adoption of digital technologies by SMEs. In addition to productivity tools such as digital ordering and payment, and fleet management, new digital capabilities such as cybersecurity, data protection, and data analytics will also be included under the SMEs Go Digital programme. SMEs can can reach out to the SME Centres for advice on the pre-approved solutions that meet their business needs. For SMEs with more advanced digital needs such as data analytics and cybersecurity, the Business Advisors at the SME Centres will refer them to the SME Digital Tech Hub. Click here for more about Go Digital Programme Startup SG Founder provides mentorship and startup capital grant to first-time entrepreneurs with innovative business ideas. SPRING will match $3 for every $1 raised by the entrepreneur. SPRING has appointed Accredited Mentor Partners (AMP) that will identify qualifying applicants based on the uniqueness of business concept, feasibility of business model, strength of management team, and potential market value. Upon successful application, the AMP will assist the startups with advice, learning programs and networking contacts. The grant is open to all Singaporeans/Permanent Residents who are first-time entrepreneurs. In addition, the applicant would need to adhere to the following conditions at the time of application: Approved applicants must dedicate a reasonable amount of their time on the business and must be a key decision maker in the company. The applicants must also commit full-time to the company and not be in any other employment from the time they accept the terms and conditions of the Letter of Offer. Click here for more info . MRA grant supports Singapore SMEs in international expansion. It covers activities like Who can apply for the MRA Grant? Agency: IE Singapore Amount: 70% / cap at S$20,000 Eligibility: P-Max is a programme under the Adapt and Grow initiative that aims to: With up to 90% funding support from WSG, SMEs are only required to pay the 10% nett fee portion of the respective SME and PMET workshop course fees. SMEs who successfully complete the six-month follow-up aimed at strengthening HR practices and retain their newly-hired PMET employee(s), will also be eligible for a one-off S$5,000 Assistance Grant. Click here for more about P-Max What is it? The Productivity Innovation Project Scheme primarily aims at encouraging contractors and prefabricators to embark on development projects that build up their capability and improve their site processes for achieving higher site productivity. These projects could be worked on individually or in groups. Who is it for? All stakeholders on the construction project value chain, who are registered and operating in Singapore, are eligible. What is it for? The incentive scheme helps contractors to re-engineer site processes or adopt labour-efficient construction technologies to reduce site workers or improve site productivity. The following costs are supportable on a co-funding and reimbursement basis: How much? Group Industry * Firms must be at least achieve 30% productivity improvement and demonstrate development in any 2 of the 3 areas in financial standing, human resource development or certifications/awards. ** Firms must achieve at least 40% productivity improvement, and the technology used must demonstrate the potential to greatly transform the industry's current state. It will expire after YA 2018 The IRAS PIC Bonus encourages more companies to take advantage of the PIC scheme to invest in productivity. 1. Reduction of cash payout rate for qualifying expenditure incurred on or after 1 Aug 2016 from 60% to 40% (the cash payout rate is not determined by the date of submission of the cash payout application); and Under the PIC Scheme, businesses can enjoy 400% tax deductions/allowances on up to $600,000 and/or 40% cash payout for investments made in any of the Six Qualifying Activities from the Years of Assessment (YAs) 2013 to 2018. Acquisition and Leasing of PIC IT and Automation Equipment Training of Employees Acquisition and Licensing of Intellectual Property Rights (IPR) Registration of Patents, Trademarks, Designs and Plant Varieties Research and Development (R&D) Activities Investment in Design Projects Click here for more about PIC Bonus SPRING's enhanced funding support of up to 70% would be effective for three years until 31 March 2018. You may get up to 70% funding support of qualifying project costs such as: The application requirements for smaller scale projects, for grant support of S$30,000 or less has also been simplified. You can look forward to more streamlined application forms and documentation requirements Criteria Your business qualifies as long as: Between 1 Jul 2016 to 30 Jun 2019, companies supported under the Capability Development Grant (CDG) may apply for the WorkPro - Job Redesign Rider (“JR Rider”) upon CDG project completion. To be eligible, SMEs need to show that the project has led to a positive impact on older workers (subject to applicable conditions being met). This includes, but is not limited to: The JR Rider can be used to increase the level of funding support to a maximum of 80% of the qualifying project cost, or up to $20,000 payable per older worker who have benefited (whichever is lower), subject to the applicable caps to the JR Rider scheme. Click here for more about CDG link The Innovation & Capability Voucher (ICV) is a simple to apply, easy-to-use voucher valued at $5,000, to encourage SMEs to develop their business capabilities. Criteria All local SMEs can apply for ICV if they meet the following criteria : *Above is the excerpt from SPRING SINGAPORE, more information can be found on the link. The Inclusive Growth Programme (IGP) is a fund managed by e2i that helps companies kick-start productivity projects, with companies in return sharing the productivity gains with their workers through higher wages. e2i helps businesses identify potential areas for improvements to benefit both businesses and workers, and offers grant support under IGP to help companies get started on the productivity initiatives. The fundable components include: • Automation & equipment cost • Process re-engineering & job redesign • Training for local workers Capped at $1 million over two years per company, IGP can be used to fund: • Up to 50% of productivity improvement costs • Up to $300,000 per project For more information on the IGP, click here. As announced at Budget 2016, the SEC will be extended for three years (viz. 1 January 2017 to 31 December 2019) to continue providing a wage-offset to employers hiring Singaporean workers aged 55 and above, and earning up to $4,000. Re-employing Older Workers not covered by the new re-employment age of 67 For more information on the SEC, click here. |
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