PSG Grant Accounting- Xero
Save on Xero with
Grant up to 50%
Run your business accounting online with xero. Easy to use Accounting software, designed for your small business
Ace's Xero Accounting Solution Package is recognized as a Pre-approved Digital Solution by the Infocomm Media Development Authority (IMDA) and qualifies for the Productivity Solutions Grant (PSG). This grant supports small businesses by covering up to 50% of the costs, allowing them to access state-of-the-art cloud and digital solutions at a reduced price.
Who is eligible for PSG?
Registered company and operating in Singapore
Minimum 30% Singaporean shareholding
Have a minimum of 30% local shareholding;
with Company’s Group annual sales turnover less than S$100 million,
OR less than 200 employees (for selected solutions only)
SAVE MORE WITH SFEC!
What is SFEC
(SkillsFuture Enterprise Credit)?
To foster business and workforce development, two transformative initiatives have been introduced. The Enterprise Transformation initiative aims to enhance business productivity, while the Workforce Transformation focuses on job redesign and curated training programmes by SkillsFuture Singapore and Workforce Singapore.
Eligible employers can benefit from a one-off $10,000 SkillsFuture* Enterprise Credit (SFEC), covering up to 90% of out-of-pocket expenses for supportable initiatives, supplementing existing support schemes.
*Enterprise Transformation (up to $7,000 only) – Schemes by various agencies hosted on the Business Grant Portal (BGP);
Workforce Transformation (up to the full $10,000) – Training courses aligned to the various Industry Skills Frameworks by SkillsFuture Singapore (SSG), Job Redesign initiatives, and Career Conversion Programmes etc. by Workforce Singapore (WSG)
Payable After PSG
If Eligible for SFEC, Claim 90% on out of pocket expenses
*For Illustration Purposes,
what would be possible with the grants
Who is eligible for PSG GRANT?Registered and operating in Singapore Purchase/lease/subscription of the IT solutions or equipment must be used in Singapore Have a minimum of 30% local shareholding; with Company’s Group annual sales turnover less than S$100 million, OR less than 200 employees (for selected solutions only)
The grant covers 50% of the costs. Does this mean i only need to pay ACE half the price upfront?Regrettably, that is not the case. It is a prerequisite to remit 100% of the project fee to ACE upon the culmination of the project. Following the full settlement, your company is then eligible to apply for the 50% reimbursement through the PSG grant. This reimbursement procedure usually spans a duration of 1 to 2 months. Hence, we kindly advise enterprises to plan their financial resources judiciously to accommodate this payment structure. It is in the best interest of ensuring a fluent transaction process.
How do i check if i am eligible for Singapore's SkillsFuture Enterprise Credit(SFEC)?During the recent 2022 Budget announcement, Finance Minister Lawrence Wong said that more companies will be able to benefit from the SkillsFuture Enterprise Credit (SFEC) scheme, thanks to relaxed requirements. Here's what SMEs need to know: If your SME meets the new, easier-to-meet criteria during the specific qualifying time, it can get a one-time credit of up to $10,000 from the SFEC scheme. This $10,000 should be seen as a special fund to help you improve your business and train your team at the same time. You can use up to $7,000 of this fund to help pay for approved business growth programs, including the PSG. This can cover up to 90% of the extra costs that you'll incur in these programs. At least $3,000 of the fund should be set aside to enhance the skills and capabilities of your workforce. We hope this helps your SME take full advantage of the extended SFEC scheme to grow both your business and your team.