Customers can tap on to various government grants for Small and Medium Business to enhance the business capability and productivity. For more information, please speak to an OTC staff to learn more about its application.
Productivity & Innovation Credit (PIC) Grant
The Singapore Government originally devised the Productivity and Innovation Credit (PIC) Scheme, in order to extend financial support to Singapore businesses, by way of Cash Subsidies,Grants, Aids and Tax Deductions etc.
One of the PIC Grant Benefits, the Cash Payout is the direct Cash Incentive available for small and developing enterprises suffering from cash-crunch.
Introduced in the PIC Scheme of 2010 budget, the Cash Payout was that qualifying businesses of Singapore can claim 60% of the Qualifying Expenditure classified under 6 categories.
For all the categories put together, the maximum limit was $1, 00,000 that is they can claim a Cash Payout of 30% per year totaling $60,000 for 2011 and 2012 where the maximum limit can be combined.
In the PIC plus Scheme this has been modified as 60% per year on a ceiling of $100,000 (not combinable) from the year 2013 to 2018.
For availing Cash Payout, the Qualifying Expenditure as stipulated in the PIC Grant specifications spent on introduction of innovation, sophistication in equipment, upgraded technology and training of staff etc. is the main consideration.
The Free cash which is non-taxable as Cash Payout is a real boon and should be claimed in the appropriate format along with documentary proof, for spending the Qualifying Expenditure under each category of the 6 categories separately.
Innovation & Capability Voucher (ICV) Grant
The Innovation & Capability Voucher (ICV) is a simple to apply, easy-to- use voucher valued at $5,000, to encourage SMEs to develop their business capabilities.
SMEs can use the voucher to upgrade and strengthen their core business operations through consultancy in the areas of innovation, productivity, human resources and financial management.
Apart from consultancy, ICV also supports SMEs in the adoption and implementation of pre-scoped Integrated Solutions to improve business efficiency and productivity.
Each SME is entitled to a maximum of eight vouchers. Each ICV project must be completed before the submission of a new application. The duration for each project should not exceed six months.
All local SMEs can apply for ICV if they meet the following criteria:
Registered and operating in Singapore.
Have a minimum of 30% local shareholding.
Have group annual turnover of not more than $100 million OR group employment size of not more than 200 employees.
Inudstry 4.0 and IoT Grants
Various Governments are putting together grants to support the launch of Industry 4.0 in their respective countries. Please contact us for more advice on such grants and policy.