Government Grants Can Substantially Help Self-Employed In Singapore!


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, 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 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 anytime by clicking

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