Mostly for small and medium enterprises (SMEs) PIC Plus Scheme has introduced a revolutionary way no matter what their initial capitals of the businesses are. PIC Plus Scheme began for the first time in 2014 by the Singapore government. PIC Grant Scheme was the primary form of this kind of system. In accordance with the requirement for driving opportunities from the scheme is to spend more than $1,200,000 assessing the years of 2013 to 2015. Because of the high demand of this incentive government took the decision to extend it to the years 2016 to 2018. There are six qualifying activities in this scheme. However, PIC Scheme offers a tax deduction of as much as 400% on $400,000. The PIC Plus Scheme provides the deduction with the same percentage on an extra $200,000, and the total remains $600,000.
There should have been three matters making you qualify for PIC Plus Scheme. We need to describe it below-
Only partnership business, a sole proprietor, or a company will be allowed to have the opportunity for becoming a PIC Plus Scheme. A business has to register in such categories in order to qualify for this.
On the other hand, PIC Grant scheme had to operate actively in Singapore while the outgo was minimum $5000. PIC Grant Scheme needed three Singapore residents by means of CPF contribution or stable residence with a view to qualifying for the PIC Plus Scheme bonus.
PIC Grant Scheme is all about productivity of business and initializing the condition regarding the business. In order to turn Singapore into an entrepreneur-friendly society, a lot of financial measures have been made. PIC Grant Scheme is one of them which easily understand the situation by restricting costs and delayed startup.
Due to the competitive business environment existing in the present world economy, there are lots of tracts where you should show your excellence to survive. PIC Plus Scheme is the most recent offer by Singapore government that superseded the popularity of its previous version. As anyone as a businessperson can take the chance of launching massive business in a short span of time lots of entrepreneurs and common people become interested in starting a business with small capitals. Obviously, those persons won’t participate in business so earlier and could not be so successful within this mini time frame, but PIC Grant Scheme encouraged them to do whatever can be done by now. Massive tax deduction is something you as a businessperson will desperately look for. Buying automated machines in IRAS’s expense is another thing that has beaten the opportunity offered by anyone ever in the same business zone.
Because of the close interaction between businessperson and the consultant supported by PIC Grant Scheme, any conflict becomes clear sooner before a problem arises. Their consultancy seems to be world class and surely they are helping businesspersons of small businesses in Singapore get ride with the complete initiative. Even for a Pro business man equipments are hardly available, and you need to opt for leasing and other financial instruments in order to create a good fund. However, PIC Grant Scheme in Singapore lets you ignore those options as these are mostly time-consuming. Lots of mini and middle-sized business was overlooked by people in the past because those were not examined by people or government as adequately as it were necessary. But, now as a citizen of Singapore you can go for any massive investment or huge industries.
Businesspersons are rarely facing problems when it comes up with the fact of higher investment. Small business is becoming middle ones and people who were not engaged in any business are now deeply inspired to develop small businesses. Due to the contribution of IRAS, PIC Grant Scheme initiated acceleration in business quite imposingly so that people of all classes are participating in middle typed businesses.
Being a businessperson in Singapore, you must feel the need of extra capital to enlarge your business infrastructure. By means of PIC Grant Singapore, you can get the opportunity of availing extra funds to purchase sophisticated tools and mechanical devices which eventually make the machinery system work automatically. For an automated mechanism and technology IRAS helps you get PIC Grant scheme and provide you those materials in order to gain a speedy business environment. In factory and stores you need so many materials that are working today automatically. If you have some of them, you can cut short the monthly expenditure that you, usually, do for your employee.
No matter how larger your factory machineries are if you want them to run, you will need to recruit expert people to operate those. However, automated machinery does not require any manual help or instruction. It moves and works automatically and reproduces commodities without stopping for a minute. It collects the raw materials and processes them into the final product. In the middle there is no requirement of human interference or assistance so that you can get products faster and better without any help of real people there. Since it is automatic, it works many times faster than manual machineries. It also allows you to get better quality product consistently, and you can guarantee your customer about the quality it provides. You can avail all this if you are going for the PIC Grant Singapore.
Moreover, because of PIC Grant Singapore you can deduct your payable taxes of every year and can continue selling your products to the right direction with their helps. You can use the money you have to give to the government for further business. In fact, that payable tax amount will eventually, enhance your capital of the business. Lots of industries today have been developed in Singapore by means of availing facility under PIC Grant Singapore. It was one of the unique decision and a legendary progress ever by any Singapore government. In 2010, the PIC Grant first came into the action and after that there have been lots of improvements, and finally, the scheme has become in 2014 with the name PIC Plus Grant Scheme.
When you can manage the capital of the business, you can overcome almost all parts of your business. If you have a small business, you can extend it to middle business. If you have a middle one, you can get a massive business by means of PIC Grant. From a massive business situation, you can develop an industry despite that will take no time to take the progression. PIC Grant not only lets the businessperson do well in the domestic arena but also does in the international level.
Depending on your business requirement you need a huge budget to purchase automated machineries. If your business is pretty small, you might not consider buying some expensive apparatuses right now. However, your business may require them although you are a little aware of that. If you could invest more and purchase sophisticated tools for your business maybe it could start fairly and you could achieve a good result. When you are hopeless about the extension of your business somebody else is not, at the same time. It is possible that other businessmen already started investing more and get their instruments to be of a high quality. Customers asking the most accurate and improved products will not wait for you. Taking this true into account, for enormous small businesspersons IRAS introduced PIC Grant for the first time in Singapore in 2010. Later it improved a lot and expanded its activities among people in the state.
PIC Grant Singapore has made this task easy for small and middle business investors. In the recent market of commodities, there is no end of demands. Instead of counting the number of total consumers in the area, there has been a trend to count the demand first. The amount of Commodities distribution, to the same zone’s people can be different when the demand rises or falls. Number of consumers can stay same, but the demand can rise. For this marketing plays a big role and companies are looking into the marketing method twice then they did it earlier. PIC Grant Singapore has enforced their action into the strategic plans of the company as well. They are careful about this despite there can be a lot of variation in the application of marketing methods of different companies. PIC Grant provides funds, and eligible logistic companies use these funds to improve their business conditions.
Not the small companies can spend this money likewise. However, they can use it only PIC Grant Singapore’s preferred way so that PIC Grant can see the improvement directly and gets their money saves as has been properly invested. An automated machine can perform many times better than manually workers do. It enhances the productivity and at the same time, the extra production becomes meaningful as the ultimate creation of demand is also done by the PIC Grant Singapore. Their expert teams work ceaselessly to increase the sale by implementing various marketing efforts.
PIC Grant reasonably has access to the company’s strategy and plans because there may be a time when PIC Grant Singapore helps the company change the direction and get to work for more sales every day. Their consultation and approach should be directly applied by companies so that there will be equilibrium between the gross sale and the gross production.
Yes – for the businesses of Singapore, it is a twin-blessing that the Singapore Government is very liberal and generous in granting Cash Assistance, Free Money Grants, Cash Incentives and added PIC Bonus – all under the one nomenclature of PIC Scheme Benefits; Consultancy Companies like us PIC Grant.sg are ready 24/7/365 online to guide, assist and liaise for businesses, until they avail all the PIC Scheme Benefits.
It is true all over the world Governments are keen that Industries and Commerce inside their country should flourish, so that the national economy gets a boost. With this objective, many welfare activities are undertaken to support the growth of commercial businesses. But no country can match Singapore in this regard. The pragmatic approach of the Singapore Government, ever since they attained freedom as Independent country in 1965, is promoting the tiny nation in all areas, including surging forward into a stable economy landscape.
This is because the Government comes forward with various welfare measures to support the businesses, big, medium and small in every way possible. Particularly the Small and Medium Enterprises get a very favorable support, to help them modernize their day-to-day activities, introduce innovative steps to increase productivity, refine the equipments, workmanship, and technological solutions par excellence.
Introducing innovations costs huge capital outlay, which is beyond the scope of SMEs. So the Singapore Government has evolved a Development Program to help out these SMEs, with liberal financial assistance by way of Grants.
The Productivity and Innovation Credit (PIC) Scheme has been in operation since 2010, by allocating funds in the budget. Since then the Program is expanded to cover still more benefits and Cash Incentives offered to Singapore businesses.
As on date, the PIC Scheme Benefits are – 400% tax deduction and allowances on the Qualifying Expenditure spent for introduction of innovation; or 60%of Qualifying Expenditure as Cash Payout (free money); other benefits such as Innovation and Capability Voucher (ICV); the Capability Development Grant (CDG); and above all the latest addition of PIC Bonus to match dollar-by-dollar of Qualifying Expenditure in the financial years of 2013 to 2015 subject to a maximum of $15000 (taxable).
All the above PIC Grant benefits are streamlined through Government Enforcement Agencies, such as Inland Revenue Authority of Singapore (IRAS). The qualifying businesses in Singapore have to make claim applications, explaining the compliance of the procedures laid out for introduction of innovation for increased productivity.
The Government has specified the categories of Qualifying Expenditure under 6 branches, from training the staff to Research and Development to getting approval of the innovative designs from Design Singapore Council. Besides, there are rules, regulations and norms stipulated by the IRAS for processing the PIC Claim Applications, after scrutiny and check-up.
Businesses who aspire for claiming the maximized PIC Scheme benefits should comply with the procedures, norms and stipulations scrupulously. Often times SMEs lack the manpower, knowledge or expertise for preparation, submission and follow-up with the Government Agencies of their PIC Claim Applications.
Expert professionals of PIC Grant.sg come into the picture here. These professionals by experience over the years of handling the PIC Grant Claim Applications of assorted businesses of Singapore have gained expertise, in dealing with every individual applicant. So they are in an advantageous position to render effective and efficient services, to the clients in respect of availing PIC Grant benefits to the maximum.
Singapore SMEs by getting in touch with the professionals of PIC Grant.sg can benefit by their experienced expertise services in three ways:
One – the professionals can offer practical and down-to-earth Consultancy Service, for Singapore businesses as how to run the business by observing cost-saving methods;
Two -Application Services in helping businesses right from the stage of preparation of PIC Claim Applications, in the proper way with fullest details called for, with regard to the specific PIC Grant Benefit aimed at; processing the applications through the Government Agencies and following them up at regular intervals, until the applicant receives full PIC Scheme benefit satisfactorily; and
Three – Tax Advisory Service in effectively and legally saving taxation; providing clarifications to tax-related issues in all the business transactions, including off-shore business activities; providing workshops and training for the personnel, with regard to availing Tax Incentives offered by Singapore Government etc.
When totaling the Cash Benefits granted by Singapore Government by means of various PIC Grant subsidies and incentives, the businesses can reap enormous financial help for free. With such huge sums at their disposal, they can readily embark on sophisticated innovations for increasing productivity, reduced costs, competitive price-tags of the end products and get the cutting-edge advantage over peers, to grow the respective businesses manifold.
Why don’t you grow your business this way by clicking http://www.picgrant.sg/?
Self-employed Persons like professional service providers; small traders; vendors; hawkers; freelancers; artists and artisans etc. are part of the business community in any country. They serve the consumers at large in the society in their own way, and pay tax to the Government Exchequer. All the money invested in their respective trade or business is theirs; or borrowed from Banks at best.
In Singapore it is not so. The Self-employed Persons are regarded as contributors to the economic growth and well being of the country, and are allowed to enjoy liberal Government Grants, Subsidies, Investment Allowances, Tax Rebates and free money by means of Annual Bonus etc. This sort of financial help gives a morale-boost to Self-employed Persons, to march forward in introducing innovative measures and expansion of their business, without feeling the cash-crunch.
Another unique advantage for Self-employed Persons in Singapore is there are professional Business Consultants like PIC Grant.sg, to help them get the maximized Government Grants by following the procedures, rules, regulations and norms scrupulously, and take up the responsibility of smooth liaison between the Government and Self-employed Persons.
The details of such a fantastic opportunity available for Self-employed Persons are as follows:
Ever since Independence in 1965, Singapore has been progressing forward in the economic arena, faster and steadier. World-countries regard Singapore as the best place for business activities, and keep an eye for a chance to tie-up with Singapore, in any commercial business.
The secret behind this economic success is Singapore Government is adopting a broad and pragmatic outlook, towards commercial businesses and helps them in every way possible, to grow and prosper. This policy brings forth in return free and fair trade practices, striving hard for cutting-edge advantages by technology improvements and innovations, sizeable revenue to the Government Exchequer and escalation of nation’s pride in the eyes of other countries.
As part of this forward-thinking, Singapore Government allocated substantial funds in the budget of 2010, to extend financial help to the Singapore businesses in large measures. A program by name Productivity and Innovation Credit (PIC) has been evolved, whereby generous Cash Incentives, Subsidies, Grants, Tax Deductions and such other lenient allowances in Tax Liability were granted to Singapore businesses, in every financial year.
Over and above the PIC Scheme Cash Benefits, in 2013 another novel scheme was devised, whereby a PIC Bonus matching dollar-by-dollar of the expenses incurred by businesses, towards innovation to increase productivity and quality of service was also granted. Government Grants in a year, given away as cash assistance and benefits are sumptuous when calculated.
Singapore businesses, Small and Medium Enterprises, Sole Proprietorships, Partnerships, Corporations, corporate entities including those owned by foreign nationals, and operating in Singapore through a unit or branch are eligible for claiming these PIC Scheme Benefits, including PIC Bonus (taxable).
Best part is Self-employed Persons are treated at par with Sole Proprietorships (or Partnerships if more persons are associated together) for staking their PIC Claim Applications, and enjoy all those benefits without any differentiation.
Tax deduction eligibility is 400% of the Qualifying Expenditure towards innovation, up to $40,000 till the year 2015, and $60,000 from 2016-2018; or 60% of the expenses to the tune of $60,000; other allowances and tax remissions under various heads, to save tax liability hugely; and automatic crediting of PIC Bonus from 2013 to 2015 up to a ceiling of $15000 spread over these three years.
All these Government Grants plus allowable tax deductions for business expenses (including expenses prior to commencement of business incurred in the same financial year), enterprise development expenses like expansion, acquisition of assets, revenue expenses like rental, utilities etc. can be equally enjoyed by Self-employed Persons.
It is needless to mention that with such huge sums available as free money from the Government of Singapore, Self-employed Persons can embark on avaricious plans of business growth, innovation and modernization to stave off challenges from competitors.
The procedures for staking PIC Scheme Claim Applications are clearly laid out. Government Agencies like Inland Revenue Authority of Singapore (IRAS) are there to streamline these Applications, after scrutinizing whether the applicants have followed the norms and regulations correctly.
Self-employed Persons in Singapore need not worry for this also. PIC Grant.sg professionals are at their service 24/7/365 online, and take up the complete responsibility of getting all the PIC Scheme Grants for them in full. With this final aim, these professionals can extend wholesome help from offering practical and down-to-earth Consultancy for cost-saving methods; employment of innovative equipments, processes and software solutions; training of persons both in introduction of innovation and legally saving tax liability; as well as preparation of PIC Scheme Claim Applications, and liaising with IRAS etc.
As such, for growing their businesses, profession or trade manifold, with liberal Singapore Government Grants, Self-employed Persons can avail the services of PIC Grant.sg anytime by clicking http://www.picgrant.sg/
The field of insurance is getting wider every day. More and more people are getting employed on a daily basis to become insurance agents. Insurance agents to claim IRAS PIC should be aware about the ins and outs of their field. PIC which stands for Productivity and Innovation Credit grant, is offered to the small scale businesses operating in Singapore. These grants are given for the betterment and advancement of those small scale organizations. The IRAS or the Inland Revenue Authority, prevalent in Singapore, handles the tax and revenue problems. It is a government institution.
There are some criteria which have to be fulfilled before this grant can be approved:
Tax deductions can be done by submitting the claim form before the date of submission, by the 15th of April. The cash payouts are also easy to attain for the insurance agents. All they have to do is to visit the IRAS website and download the application form, from there and correctly fill up all the details before submission to the PIC at the right time.
The insurance agents are eligible to enjoy another bonus which is for them exclusively. The insurance agents unlike the others do not have to file a separate application for the bonus. They get it alongside with the PIC. The IRAS calculate the bonus and thus, a separate form need not be filed. This additional bonus is paid along with the basic cash payout.
It must be noted that equipments and certain other objects are not liable for tax deductions and cash layouts. Some of those articles and objects which cannot be claimed under the PIC are: furniture, vehicles, electronic gadgets and renovation expenses.
With constant threats to secure the existence in the open market, the basic qualities for a company to have is innovative idea and large production scale to meet the demand as well to provide the product in competitive price. In 2010, Inland Revenue Authority of Singapore (IRAS) encouraged entrepreneurs and businessmen in order to promote businesses in Singapore by introducing Productivity and Innovation Credit (PIC) scheme in the Annual budget. PIC scheme terms and regulation says, eligible companies will be benefitted with 100% matching cash bonus if the company spends $5,000 on qualifying activities. The major benefit of PIC scheme is 400% tax deductibility.
A lot of companies, who want to go for PIC scheme had a serious doubt that whether their website can be claimed under the PIC scheme in terms of the developing cost or not. But surely the clients can breathe a sigh of relief as IRAS explained that the software including website is covered under the PIC scheme and also can be claimed, but only if the website enhances the company productivity and innovation. The regulations say if the website costs you S$ 15,000, then your company can claim for the PIC.
Businesses, are eligible for the PIC scheme, must include following activities.
In addition with above-mentioned activities, to be eligible for the claim for your website under the PIC scheme, the concerned company must have active business in Singapore and also at least 3 local employees (Singapore citizens or Singapore permanent residents).
To boost the productivity and innovative entrepreneurship on Singapore’s soil, the Inland Revenue Authority of Singapore (IRAS) introduced Productivity and Innovation Credit (PIC) scheme on the annual budget, 2010. Systematic way of running and innovative mind are two very basic things a company or business needs to overcome mitigations and to lead the market race. The PIC scheme was amended to improve the effectiveness and to enhance competitiveness in the free market capital. By setting the goal to improve the production quality, IRAS encouraged all businesses to take advantage of PIC Scheme by investing in a range of qualifying activities. According to the PIC scheme, eligible companies will receive 100% matching cash bonus on spending of a minimum of $5,000 on qualifying activities in a Year of Assessment (YA). The most positive aspect of PIC scheme is 400% tax deductibility on qualifying expenses.
A lot of prospective clients of PIC scheme had a serious doubt that whether software can be claimed under the PIC scheme in terms of the price or training cost, or not. But surely the clients are now assured about the benefit as IRAS explained that the software as well as hardware, both are covered under the PIC scheme and also can be claimed. For further information, in 2013, the Government of Singapore made this PIC scheme for software more liberal and the term ‘automation equipment’ has been changed to ‘IT and automation equipment’ to reflect the fact that PIC scheme already supports IT-related software besides automation equipment.
The qualifying activities for businesses to be eligible for PIC scheme or PIC+ scheme, includes purchase of IT products such as software and also training for employees. If any company need to send their employee for training purpose with the purchased software and to have hand on experience, the course fee spent, can be rightfully claimed under the PIC scheme and the cost will be reimbursed.
One of the revolutionary concepts that have emerged in the recent times is the growth of the Salon industries – just to meet the demands for beautification of hair for both men and women. Salon industries has been a promising market and Singapore government has introduced a scheme called PIC grant just to provide a boost for the new emerging industry. Here is a brief introduction about PIC Grant and the 6 Benefits they ensure for rapid growth of the industries all over Singapore.
Singapore Government has launched an incentive in 2011, which funds many business firms which helps to deduce tax payments and cash payments in varied fields of business such as Research and Development, Trademark registration, Training of Employees, Intellectual Property etc. PIC Grant Singaporehas provided a base for the Salon industries to flourish in Singapore thereby empowering small-scale business to flow with ease.
PIC Grant Consultant in Singapore provides all the necessary information required to obtain PIC Grant, which ultimately provides up to $60,000 cash payout per year to the active business operations in Singapore.
PIC Grant Singapore must meet some proper eligibility criteria for the growth of Salon industries. Here is the list of few requirements:
Therefore, it is now lucid that a lucrative policy has been started by the Singapore Government for the benefit of the Salon industries. The recently launched PIC Grant 2014 scheme allows a tax reduction of $600K per year or 60% cash payout until the year 2018.
The Inland Revenue Authority of Singapore, which stands for IRAS, has benefitted the manufacturing industries through their Productivity Innovation and Credit grant scheme. The PIC grant emerged in the market of Singapore in the year 2010. Many manufacturing industries have taken this path to enhance their productivity and profit while competing in the international market as well. They specialize in E-commerce, web design, customer relationship management and content management as well.
Individuals, businesses, property owners and GST are mainly prospering from PIC Grant. The various scheme that it provides are –
The following are some of the ways in which PIC Grant 2014 can prosper the manufacturing industries.
There are many consultants who have helped many manufacturing industries by providing them consultations. As PIC Grant Singapore took birth in the market, many PIC Grant Consultants linked their connectivity with the manufacturing industries to double their productivity. They give free assessment in approval case-by-case, check software and equipment qualifying for PIC, training qualifying for PIC cash payouts.