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.
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