Business Encyclopedia

A

Accounting and Corporate Regulatory Authority (ACRA)
Audited Financial Statement
Annual General Meeting (AGM)
Annual Report (AR)
Articles of Association
Apostille

B

BizFile
Business Grants Portal
Business Profile

C

Central Provident Fund (CPF)
Certificate Of Residence (COR)
Common Reporting Standard
Common Seal
Companies Act (Cap. 50)
Company Constitution
Company Secretary
Company Stamp
CorpPass

D

Dependant’s Pass
Directors’ Resolution in Writing (DRIW)
Dividend
Dormant Company
Double Taxation Agreement (DTA)
Due Diligence

E

Electronic Register of Members (eROM)
Employment Pass (EP)
EntrePass
Enterprise Development Grant (EDG)
Estimated Chargeable Income (ECI)
Exempt Private Company (EPC)

F

Financial Year End (FYE)
Form C-S/ C
Form C-S (Lite)
Fund Accounting

G

Goods and Services Tax (GST)

H

Hedge Fund

I

Import/Export License
Income Tax
Initial Public Offering (IPO)
Inland Revenue Authority of Singapore (IRAS)
Intellectual Property Office of Singapore (IPOS)
Interim Dividend
IR21 Form
IR8A Form

J

K

Know Your Customer (KYC)
Knowledge Capital

L

Letter of Consent (LOC)
Limited Liability Company (LLC)
Limited Liability Partnership (LLP)
Limited Partnership (LP)
Liquidation (Court Order/Compulsory)
Liquidation (Voluntary)
Long Term Visit Pass (LTVP)

M

Ministry of Manpower (MOM)
MTI

N

Nominee Director
Nominee Shareholder
National Registration Identity Card (NIRC)
Notice of Assessment (NOA)

O

P

Partnership
Personal Data Protection Act (PDPA)
Personalised Employment Pass (PEP)
Private limited company
Productivity Solutions Grant (PSG)
Permanent Resident (PR)

Q

Quickbook Accounting

R

Register of Charges
Register of Nominee Director
Register of Registrable Controllers (RORC)
Registered Office Address

S

S Pass
Share
SingPass
Small Company
Sole Proprietor
Special Employment Credit
Sponsored Employment Pass
Striking Off

T

Trademark
Temporary Bridging Loan
Temporary Employment Credit (TEC)

U

UEN
Unaudited financial statement
Undischarged Bankrupt

V

Variable Capital Company (VCC)
Venture Capitalist (VC)

W

Wage Credit Scheme
Withholding Tax (Section 45)

X

XBRL
Xero

Y

Year of Assessment (YA)

Z

Zero Rated Supplies
Zero-rised Financial Statement

Productivity Solution Grant (PSG)

The Productivity Solution Grant (PSG) is a Singapore government grant that helps local SMEs who seek to use IT solutions and equipment to improve their operations. PSG offers a wide range of IT solutions for various industries, including retail, construction, food, and business management, processes, and systems, including customer management, inventory management, and financial management. For approved e-commerce systems, PSG offers up to 80% finance.

Who Can Apply for the PSG (Productivity Solutions Grant)?

To be eligible for PSG, SMEs must meet the following criteria:

  • Singapore is where the company is registered and where it operates.
  • A minimum of 30% local ownership is required.
  • Looking for IT solutions in Singapore

You’re in luck if you’re an SME registered and operating in Singapore with at least 30% local equity searching for IT solutions. Then, you can qualify for the PSG.

You can still apply for PSG if your company hasn’t been in operation for more than six months, subject to Enterprise Singapore’s approval (ESG).

What Paperwork Must Businesses Submit to be Considered for the Productivity Solutions Grant (PSG)?

For a successful PSG application, you’ll need the following documents:

  • Purchase order or signed quotation/contract acceptance
    Invoice
  • Screenshots of the firm name and the e-commerce solution’s name.
  • Software license number(s) with a minimum one-month use report
  • A receipt or a duplicate of payment by check
  • Payment made on the bank statement.

Application for the Grant

To apply for the PSG, businesses must:

  • Visit the GoBusiness Gov Assist website to review the list of supportable solutions and select the most appropriate ones for your business.
  • Request quotes from the providers you want to work with:
  • Obtain a quote from a pre-approved vendor for a digital solution.
  • Get a quote and a product brochure from the vendor you’ve chosen for equipment.

Fill out a Business Grants Portal (BGP) application at www.businessgrants.gov.sg

NOTE: To access BGP, businesses must have a SingPass account.

The following organisations are not eligible for grant funding:

  • Institutions of Public Character, Charities (IPCs),
  • Religious Organizations
  • Voluntary/non-profit welfare organisation (VWO)
  • Agencies and subsidiaries of the government