Government

Government Grant

Singapore government has launched various programs to help local small and median enterprises (SMEs) in productivity, innovation and business growth.

Productivity and Innovation Credit (PIC) Scheme

The PIC scheme boost your tax savings! It supports investments in six productivity improvement activities:

  • PIC IT and Automation Equipment
  • Training
  • Acquisition and Licensing of Intellectual Property Rights
  • Registration of Patents, Trademarks, Designs and Plant Varieties
  • Research and Development
  • Design Projects Approved by Design Singapore Council

 

You can receive benefits from PIC scheme in two ways:
  • Cash payout: up to $100,000, maximum cash payout is $60,000 for each year from 2013 to 2018
  • Enjoy 400% tax deduction on up to $400,000

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Innovation & Capability Voucher (ICV)

The Innovation & Capability Voucher (ICV), up to $5000, helps SMEs to take their first step towards capability development. SMEs can use the voucher to:

  • Upgrade and strengthen core business operations through consultancy in the areas of innovation, productivity, human resources and financial management
  • Improve business efficiency and productivity by adopting and implementing simple solutions, such as equipment & hardware, technical solutions & training and design & renovation
  • Each SME is entitled to a maximum of eight vouchers.

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ICT for Productivity and Growth (IPG) Programme

The $500 million ICT for Productivity and Growth (IPG) programme was announced at the 2014 budget speech. Over three years (FY14 – 16), IPG seeks to accelerate the adoption of ICT solutions among SMEs and boost SMEs’ productivity and growth.

The IPG comprises 3 key initiatives:
  • Scaling up proven ICT solutions: 70% of the qualifying costs will be subsidised
  • Piloting of emerging solutions: 80% of the qualifying pilot project costs will be subsidised, up to $1 million per SME
  • Enabling high-speed connectivity for businesses:

1) 50% of the monthly recurrent cost of the fibre subscription plan will be subsidised

2) 50% of the cost of Wireless@SG equipment will be subsidised, capped at $2,400

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Assistance for local Companies Budget 2015

More help for SMEs to go overseas

Market Readiness Assistance (MRA) Grant

  • Upgrade and strengthen core business operations through consultancy in the areas of innovation, productivity, human resources and financial management
  • Improve business efficiency and productivity by adopting and implementing simple solutions, such as equipment & hardware, technical solutions & training and design & renovation

 

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