WE PROVIDE FREE CONSULTATION ON VARIOUS
GOVERNMENT SCHEMES TO HELP BUSINESSES DEVELOP
AND IMPROVE THEIR CAPABILITIES
Productivity Innovation Project (PIP)
PRODUCTIVITY AND INNOVATION CREDITS (PIC)
Businesses can enjoy 400% tax deductions/allowances on up to $400,000 of their expenditure per year in each of the Six Qualifying Activities, instead of the 100% deductions/allowances under the existing tax rules.
The 100% deductions/ allowances is usually termed “base deductions/ allowances”, while the additional 300% deductions/ allowances is usually termed “enhanced deductions/ allowances”.
Eligible businesses can apply to convert up to $100,000 of their total expenditure for each YA in all the Six Qualifying Activities into a nontaxable cash pay-out, instead of claiming tax deduction. The cash pay-out rate is 40% of the qualifying expenditure incurred after 1 Aug 2016.
THE SIX QUALIFYING ACTIVITIES ARE:
1. Acquisition and leasing of PIC IT & Automation Equipment
2. Training of Employees
3. Acquisition and licensing of Intellectual Property Rights (IPR)
4. Registration of patents, trademarks, designs and plant varieties
5. Research and Development Activities
6. Design projects approved by Design Singapore Council
For more details about PIC scheme, please visit IRAS Website
INNOVATION AND CAPABILITY VOUCHER (ICV)
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.
Local SMEs can apply for the ICV when you meet the following criteria:
• Business is registered and operated in Singapore
• Have a minimum of 30% local shareholding, and
• Group annual turnover is not more than S$100M or your group employment size is not more than 200 employees
Each SME may apply for up to 8 vouchers valued at a maximum of S$5,000 each. Please note that for Integrated Solutions, each SME can apply up to a maximum of 2 vouchers. Consultancy Projects support the following capability areas:
• Financial Management
• Human Resources
• Integrated Solutions are tried-and-tested, plug-and-play tools that help SMEs overcome common business challenges and achieve overall productivity gains.
CAPABILITY DEVELOPMENT GRANTS (CDG)
The capability Development Grant (CDG) aims to support SMEs to scale up business capabilities and ensure business sustainability. You can take on projects in areas like product development, human capital development, business processes enhancements for productivity and business model transformation. The grant defrays up to 70 percent* development, of qualifying projects costs such as consultancy, training, certification and equipment costs.
BUSINESSES CAN OBTAIN GRANT SUPPORT FOR
THEIR CAPABILITY UPGRADING EFFORTS IN THESE
10 DEVELOPMENT AREAS:
• Product Development
• Branding, Marketing & Franchising
• Business Excellence
• Business Strategy Innovation
• Standards Adoption
• Financial Management
• Human Capital Development
• Intellectual Property
• Enhancing Business Processes for Productivity
• Service Excellence
Small and medium enterprises (SMEs) that meet the following criteria are eligible:
• Registered and operating in Singapore
• At least 30% local shareholding
• Group annual sales turnover ≤ S$100m or group employment of ≤ 200 employees
• Funding Support
• You may get up to 70% funding support of qualifying project costs such as:
– Equipment costs
To encourage more SMEs to build business capabilities, the application process for grant support of S$30,000 or less has been simplified. You can look forward to simpler application forms and reduced documentation requirements for such projects.
P-Max is a programme under the Adapt and Grow initiative that aims to: Help small and medium-sized enterprises (SMEs) to better recruit, train, manage and retain their newly-hired Professionals, Managers, Executives and Technicians (PMETs)
Enable SMEs to establish better communication channels between supervisors and staff and to adopt progressive HR practices (e.g. goals setting, performance management) for newly-hired PMETs within their SMEs
Help newly-hired PMETs to better acclimatise to the new SME work environment and to encourage better retention of PMETs in SMEs
As an SME, you will be eligible if:
• you are registered or incorporated in Singapore
• you are made up of at least 30% local shareholding
• you have an annual sales turnover of no more than S$100M or you employ fewer than 200 employees
• If you are a PME, you are eligible if:
– you are a Singapore Citizen or Singapore Permanent Resident
– you are looking for a full-time career in an SME
– you hold at least a Diploma or have experience working in a PME job
– you have at least 1 year of full-time working experience
As an SME, you may receive the following:
• Up to 90% funding support for SME and PME workshop course fees. You need only pay the 10% nett fee portion
Once you have completed the workshops, you will be eligible for a one-off S$5,000 Assistant Grant if:
• you retain your newly-hired PME employee for at least 6 months
• you successfully complete a 6-month follow up and have it endorsed by the programme manager
MARKET READINESS ASSISTANCE GRANT (MRA)
The International Expansion Grant (Market Readiness Assistance Grant) administered by IE Singapore, is designed to accelerate the international expansion of Singapore SMEs.
PURPOSE OF THE SCHEME
Companies can apply for financial assistance for pre-determined activities focused on overseas market set-ups, identification of overseas business partners and overseas market promotion.
All Singapore-based small and medium enterprises (SMEs) that have:
• Global HQ anchored in Singapore
• Annual turnover of less than S$100 million per annum based on the most recent audited report (Company level)
You may get up to 70% funding (valid until 31 March 2018) for supportable activities, capped at S$20,000 per company per fiscal year, starting 1 April and ending 31 March the following year.
Each company is eligible for a maximum of 2 applications per fiscal year limited to 1 activity (e.g. application to take part in 1 overseas trade fair) per application.
• Market Assessment
• Market Entry
• Identification of overseas partners
• Overseas marketing and promotion
• Online marketing activities
• Participating in overseas trade fairs not supported under iMAP
Employers can receive funding support under WorkPro to enhance work-life harmony and implement age-friendly workplaces.
WHAT IS WORKPRO
WorkPro is a scheme for employers to:
• Augment local manpower.
• Foster progressive and age-friendly workplaces and jobs.
• Strengthen the Singaporean core.
PURPOSE OF THE SCHEME
WorkPro provides funding support and assistance for employers to:
• Implement age management practices;
• Redesign workplaces and processes to create easier, safer and smarter jobs for older workers; and
• Implement flexible work arrangements for all workers.
• Age Management Grant – Up to $20,000 per company
• Job Redesign Grant – Up to $300,000 per company
• Work Life Grant – Up to $160,000 per company
All local companies can apply for WorkPro if they are legally registered or incorporated in Singapore. This includes societies and non-profit organisations such as charities and voluntary welfare organisations.
Companies that have previously obtained the Age Management Grant or Work-Life Grant would not be eligible
for the same grant.
PRODUCTIVITY INNOVATION PROJECT (PIP)
The Productivity Innovation Project Scheme primarily aims at encouraging contractors and prefabricators to embark on development projects that build up their capability and improve their site processes for achieving higher site productivity. These projects could be worked on individually or in groups.
PURPOSE OF THE SCHEME
Businesses get co-funding when they re-engineer site processes or adopt labour-efficient construction technologies to reduce site workers or improve site productivity.
All Singapore-registered construction businesses with projects that generate savings in man-days or improve productivity in specific site processes by at least:
• 20% for the Standard PIP Scheme; or
• 30% – 40% for the Enhanced PIP Scheme or Industry category.
*Firm or firms must achieve at least 30% productivity improvement.
** Firms must achieve at least 40% productivity improvement and technology must demonstrate a potential to have an impact on the whole industry.
THE FOLLOWING COSTS MAY BE CONSIDERED FOR CO-FUNDING:
• Professional Services / Subcontracting
• Acquisition of Intellectual Property Rights
• Funds are given on reimbursement basis and upon completion of project deliverables
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