Special grants to small business houses with PIC scheme

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This is the world where we cannot deny existence of small business houses and the growth of such industries. Hence, to help survive these small industries and to enhance the productivity Governments of all the countries have started implementing different types of rules and schemes. There is a hope that with these various beneficial and advanced schemes, these small industries can grow more. Among all these schemes, Singapore PIC scheme has become famous all parts of Singapore.

This is a special scheme which has been introduced by the Government of Singapore in the year 2010 with a planning to continue it as five year plan that is up to the year 2015. But, in the recent budget this plan has been changed and an extended program has been taken to carry on this PIC scheme till the year 2018. Before taking such scheme a company or business house whether it is a sole proprietor or partnership, the company must qualify the following situations:

  • The total turnover per annum should not exceed $ 100 million
  • To qualify under the productivity innovation credit scheme, total number of employees within the workforce should not exceed 200
  • These companies before opting for this special scheme must ensure that they have a running business operation  within the country
  • These business houses must have at least three local staffs apart from directors and partners or owners.

With this scheme, the small companies will get effective cash payout system. The PIC Cash Payout is considered as the perfect option for the newly established industrial houses. To avail this cash payout option, these companies must follow the following rules in making some expenditure which are eligible under this scheme.

  • staff training is considered as one of the most important expenditure
  • Another eligible expenditure is considered as automation in equipments and obtaining lease of automation
  • A business should make expenses in implementation  of various Information technology matter within the business
  • Getting hold of a variety of intellectual properties
  • Disbursement should be made towards doing research and development works
  • Diverse types of design related expenditure should be implemented

If a business house can make those above expenditure and if these small industries qualify to obtain such scheme, then they can do the PIC Claim up to $ 400000 till the year 2015 and afterwards $ 600000. Other than cash payout, the business houses also can get PIC bonus.

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