As digital technology transforms every sector of Singapore’s economy, it is essential that small and medium sized enterprises (SMEs), defined in Singapore as businesses with an annual turnover of not more than S$100 million, or that employ more than 200 workers, make the most out of digital technologies to improve operations and generate new revenue.
There are programs in place that can help, like the Enterprise Solutions Grant (EDG) that supports projects that help you upgrade or innovate your business, or the Market Readiness Assistance (MRA) that helps businesses wishing to take their first step into the overseas market.
Singapore SMEs looking to adopt digital technologies like NetSuite can also take advantage of the Productivity Solutions Grant (PSG) to improve, grow and scale their business.
What Is the Productivity Solutions Grant (PSG)?
The PSG is an initiative delivered by the Government of Singapore via its Infocomm Media Development Authority (IMDA). It helps small to medium-sized enterprises (SMEs) invest in technology, IT solutions and equipment that will enhance and automate business processes, therefore improving productivity. The PSG is part of IMDA’s SMEs Go Digital Programme, which helps to simplify the adoption of new technology for SMEs. It offers funding support to SMEs who select pre-approved solutions, like NetSuite.
What Help Is the Singapore Government Offering With the Productivity Solutions Grant (PSG)?
The Government of Singapore has allocated an initial S$110 million over the next three years for the Productivity Solutions Grant. The PSG supports the purchase of pre-approved productivity and technology solutions for SMEs across specific sectors, as well as a selection of solutions used across most industries.
What Are the Advantages to Applying for a Productivity Solutions Grant (PSG)?
With the PSG, SMEs receive up to 80% in funding support* when they adopt approved software and equipment. The government has approved specific solutions and equipment that will support business growth and a strong economy.
What Does the Productivity Solutions Grant Cover?
The PSG covers solutions in specific industries including retail, manufacturing, wholesale trade, logistics, food, logistics, precision engineering, construction and landscaping. The PSG also supports broader solutions that impact a wide range of industries, such as customer relationship management, data analytics, financial management, inventory tracking, online collaboration tools, virtual meeting and telephony tools, queue management systems and temperature screening solutions.
Who is Eligible to Apply for the PSG?
Business entities can apply for the PSG if they meet the following criteria:
- Registered and operating in Singapore.
- The purchased/leased IT solutions/equipment/consultancy service must be used in Singapore.
- A minimum of 30% of the business is owned by local shareholders (for selected solutions only).
- Have at least three local employees at the point of application or deployment of the solution (for selected solutions only).
What Documents Are Required to Apply for the PSG?
PSG applicants require the following documents for their application:
- A copy of their latest financial statement.
- A quotation from the vendor of a pre-approved solution.
What NetSuite Solutions Are Pre-approved Under the PSG?
SMEs can get up to 80% funding support* by adopting a solution from the five pre-approved NetSuite SuiteSuccess solutions listed in the IT solutions category.
- SuiteSuccess Starter with InvoiceNow & Implementation is well suited for SMEs who is currently using entry-level accounting software (MYOB, XERO, QuickBooks and even Excel) and are considering to start using ERP solutions that provides more functionality than their current solution.
- SuiteSuccess Starter Products with InvoiceNow & Implementation is well suited for SMEs with more advanced inventory requirements who are considering to start using ERP solutions. This package has the prebuilt functionality of the base product of Starter Products at a cheaper price.
- SuiteSuccess Starter with InvoiceNow & Implementation (5 users) is well suited for larger SMEs that have outgrown their accounting software with 5 users licences included.
- Retail Limited Cloud Services with InvoiceNow is well suited for SMEs who are looking to gain structure, visibility and control over its new business. These SMEs can benefit from this package that comes with CRM, Distribution and Financials features.
- Financials Mid-Market Cloud Service with InvoiceNow is well suited for SMEs who are on a growth journey that have outgrown its basic accounting system. This package provides SMEs with broad-based functionalities that cover Distribution and Financials that can scale with the business. *Does not include CRM or ecommerce functionality.
About the NetSuite Solution
The pre-approved NetSuite SuiteSuccess solutions have been designed to support growing businesses.
They combine NetSuite’s comprehensive suite of business applications with a customer engagement model that takes advantage of more than 20 years of expertise, providing industry leading practices, domain knowledge, KPIs and an agile approach to ERP implementation. Choosing SuiteSuccess means faster time to value, increased business efficiency, flexibility and greater business visibility.
“The PSG has unlocked a whole new world of possibility for our business. We chose NetSuite SuiteSuccess to gain greater visibility into operations and to add increased flexibility, ensuring we’re ready for anything in the ever-changing economic landscape. We now can concentrate on service innovation and delighting our customers.”— Matthew Ng, Executive Director, K9 Connection
How do I know if I qualified for the Productivity Solutions Grant (PSG)?
After you have submitted your application, a grant approval email will be sent to your application email informing you of your approved reimbursable grant amount.
Can I apply for more than one solution under the PSG?
Yes, you may apply for more than one solution, but each would be subject to a grant cap of S$30,000 per year.
Are the IT solutions claimable before the application date under the Productivity Solutions Grant (PSG)?
No, any IT solution should only be claimed after the application date. The application date must be made before signing any contract or invoice with the solution provider.
Can a pre-approved vendor apply on my behalf?
No, after you have received your pre-approved quote from a pre-approved vendor, you must process your application through Business Grants Portal (BGP).
What payment terms does NetSuite accept and when am I allowed to claim the expenses I incur under the Productivity Solutions Grant (PSG)?
Upon signing with NetSuite, the full amount should be paid by the business within 30 days. The business can only claim for reimbursement after receiving the approval of the grant application and after you have fully deployed the solution. You must provide documents to show that you have used the solution for at least one month. Incomplete submissions will result in delays.
Can you modify vendor quotations? Are you allowed to add or include a Complimentary Service or Item?
No, unfortunately, you can’t modify the pre-approved quote. Any modifications to services or items included on the NetSuite pre-approved packages will not be eligible for the PSG support (without additional approval). Other grants such as the Enterprise Development Grant (EDG) are available for custom solutions
Can I add other modules outside of the pre-approved package purchased?
Yes, other modules can be added to your solution but it will not be part of the reimbursable grant if they are not part of the pre-approved package under the PSG. Any module added outside of the pre-approved packages should be quoted separately and any modifications on the pre-approved quote is subject for approval by the PSG.
How long is the processing time to get approved?
Applications are processed within 4 to 6 weeks from the submission of all required documents. To ensure on-time delivery, please ensure quotations and invoices issued are exactly the same (no proration allowed) as per the approved price packages to minimise any delay.
How to Increase Your Chances of Getting the Productivity Solutions Grant (PSG)?
After getting your pre-approved quote, you must submit your application immediately on the Business Grants Portal (BGP). Preparing your latest financial statements or any document to prove that you have a good financial standing as a company can increase your chances of qualifying for the PSG.
Can I use an Enterprise Development Grant (EDG) in addition to PSG grant?
You should choose PSG if one of the packages suits you. If you need a customised solution, you should consider EDG instead.
How Much Does the Productivity Solutions Grant (PSG) Cover?
The PSG can cover up to 80% funding support, capped at $30,000 SGD for 1-year license fees and implementation (if applicable) that can be reimbursable upon the approval of your application and implementation of the software.
What NetSuite Costs Does the PSG Cover?
NetSuite pre-approved packages under the PSG will cover the first-year license, implementation services if included, Learning Cloud Support (LCS) training and the number of users included in the pre-approved package.
Interested on a NetSuite pre-approved package? Talk to us today.
*From 1 April 2022 onwards, the maximum support level will be up to 70%. For eligible pre-scoped solutions, enhanced support level of up to 80% will be extended from 1 April 2022 to 31 March 2023 for Food Services and Retail sectors.