Singapore has been a blooming industrial hub since the advent of the scheme known as Production and Innovative Credit (PIC Grant) which has been launched by the Singapore Government in 2011 as an initiative to support the growth of industries while reducing the overall tax and cost payout burden. Here is a brief introduction about the PIC Grant and their work for assistance of the retail industries in Singapore.
What is PIC Grant?
Singapore Government launched a business incentive scheme known as Production and Innovative Credit (PIC Grant) to ensure benefit to the small business in terms of faster development and increasing productivity while at the same time, diminishing the tax pay and cost payout as much as 400K a year.
There are certain areas like Research and Development, External Training, Intellectual Property, Trademark Registration, which solidifies the ground for the development of the retail industries.
How to get PIC Grant?
For any retail industry, the PIC Grant Consultant of Singapore will check for the following criteria, which allows the set up of retail industries:
- The business firm should be located at Singapore itself.
- The industry should hire at least 3 local employees.
- The industry should have an investment of at least $5,000 during the initiation year of PIC Grant, so as to claim the PIC Bonus during the latter years.
The 6 Benefits offered by PIC Grant:
Retail Industries in Singapore has received an immense boon from the PIC Grant Singapore, which helped them to flourish properly. Here are the 6 benefits guaranteed to them by PIC Grant which are stated as follows:
- Reduction of tax – Retail industries get a tax reduction as much as 400K per year. This ensures bigger investments while maximizes more benefits in return. Most of the retail industries try to get the PIC Grant so as to deduce tax largely.
- Improving Productivity – The retail industries will always try to improve their productivity by improvising new marketing strategies. Having a Trademark Registration for the industry will guarantee that the products fabricated by it won’t be reproduced by other local business firm. This ensures the long-term productivity of the industries. Research and Development Team comes into foreplay to check the needs and demands of the customers and clients who avail their products – thus safeguarding their upper hand in the industrial chains.
- Better Cash Payout profit – Having a PIC Grant qualifies the retail industry to have a better investment and a steady cash payout. This enables the industries to invest in better technologies while maintaining a constant steady flow of income. PIC Grant Singaporeoffers cash expenditure as much as $60,000 per year, with a bonus incentive of around $15,000.
- Appropriate Technologies – Cash payout goes in for a long-term benefit for the small and medium retail industries by allowing them to buy automatic machines and devices to improve the work performance and manufacture. This will give an upper hand in curbing the other competitors in the retailer market.
- Provide Financial Assistance – Finance is a drawback for every retail industries. Providing financial assistance such as expenditure cost is the best way to increase the productivity of the business. PIC Grant Consultant encourages the use of modern technologies so as to allow them to download application form enabling them to get financial assistance wherever and whenever required.
- Cheap Skilled Labor – Cheap skilled labor benefits for better management of the retailer industries. Employee Training team comes into foreplay by empowering the labors so they can maneuver the technological devices with ease.
From the above discussion, we can wrap up the benefits provided by the PIC Grant Singapore for the betterment of the retail industries. Recently launched scheme PIC Grant 2014 ensures that the industries will receive the expenditure cost as much as 400K per year, so they can maximize their profit.