Optimize Government Grants Through
a CloudTech Partnership
The Singapore government has always been supportive of the business sector, whether enterprises or small and medium businesses. And it’s not just words of encouragement: It’s real, tangible support by way of financial incentives and grants all meant to undertake digital transformation and improve business operations.
Further, these grants have been enhanced from their previous forms as a response to the additional challenges brought by the COVID-19 pandemic.
The result: Resilient, thriving, competitive organizations that cement Singapore’s enviable place in the international business community.
CloudTech SG is happy to participate in this initiative through potential partnerships with companies aspiring for either of these grants:
The Enterprise Development Grant (EDG)
The EDG aims to support the growth and comprehensive transformation of established businesses in Singapore. It helps businesses fund qualifying project costs, which include third-party consultancy fees, software and equipment, and internal manpower cost. Eligible businesses may also apply for the Automation Support Package to help defray the costs of the large-scale deployment of automation solutions.
The grants come with a commitment to wage increments, job creation, job redesign, and staff training – all part of the Singapore government’s thrust to worker outcomes during these challenging times.
The three main pillars of the EDG are core capabilities, innovation and productivity, and market access.
If your business is registered and operating in Singapore, has a minimum of 30% local shareholding, and is in a financially viable position to start and complete the project, you may apply for EDG between 1 April 2020 and 31 March 2020. You will enjoy funding support of up to 80% of the total qualifying project costs. Companies severely affected by COVID-19 can be supported up to 90% on a case-to-case basis.
The Productivity Solutions Grant (PSG)
The PSG combines previous incentives to encourage businesses to digitalise their processes. In 2020, the PSG was enhanced to encourage businesses to continue their digital transformation efforts amid the economic impact of the COVID-19 pandemic.
It seeks to support companies in various sectors – retail, food, logistics, precision engineering, construction and landscaping – keen on adopting IT solutions and equipment to enhance their business processes.
The PSG also helps business in multiple sectors manage their functions in the following key areas: Customer management, data analytics, financial management and inventory tracking.
Remote working tools necessary for business continuity and agility during and after the pandemic are also now included in the PSG. They include online collaboration tools, virtual meeting and telephony tools, queue management systems, and temperature screening solutions.
Those who apply for the PSG between 1 April 2020 and 31 March 2022 will enjoy a maximum funding support of 80% of the total costs of the IT solutions and equipment that you have acquired for the purpose of digitally transforming your business.
Businesses applying for the PSG must be registered and operating in Singapore. The purchase, lease, or subscription of the IT solutions or equipment covered under the grant must be used within Singapore. Finally, for selected solutions, the business must have a minimum of 30% local shareholding.
Why CloudTech SG?
CloudTech has been a dynamic player in Singapore since the early days of cloud technology. It has worked with numerous businesses for over a decade, serving as an invaluable partner in implementing NetSuite and Oracle solutions and providing consultancy services distinct to each organisation. CloudTech capitalises on its deep knowledge of both business processes and business solutions.
Send us a line to find out how the government grants can work to your business’ best advantage. Contact US
ROLES
Chief Executive Officer
Chief Financial Officer
