The Three Government Grants Layout for Singapore Retailer (Newest )

Singapore government grant available to assist SME to boost productivity and save cost.

The universal principle applied whether you’re a startup SME or multi-national corporation (MNC).

Maximise profit and Boost Cost

Most business concentrate on bettering profit and overlook how to save money. The first thing that come into your head about cost saving is probably wind up spending. If you are a regional businesses, the great thing is that you can leverage the government grants available on the market that will assist you save cost.

The benefit as Singapore retailers, you have as many as 10 unique kinds of government grants cater for start up, local businesses or venture programs when you expand your land oversea.

Amongst all, we’ve shortlisted the top 3 major grants which you need to pay attention to.

The Best 3 Government Grants for Retail Business

  1. Productivity Solution Grant (PSG)
  2. Enterprise Development Grant (EDG)
  3. Market Readiness Assistance Grant

1. Productivity Solution Grant (PSG)
Grant objectives

PSG grant aims to encourage local businesses with adoption of IT solutions and equipment to improve business processes and increase productivity through automation.

  • The business entity must be registered in Singapore
  • Purchase/lease/subscription of the IT solutions or equipment must be used in Singapore
  • Have a minimum of 30% local shareholding (for chosen solutions only)

Grant service

Up to 70% financing support, for companies making long-term technology investments

PSG is the most available grant scheme for retail industry as retail business is one of the major industry that government encourage to set off on digital transformation. Retail industry contributes up to $35 bil yearly, from 21,000 establishments. You may get support from PSG when embracing eCommerce solution (eg. Shopify), Omni-channel POS System (eg. Vend), or incorporated cloud accounting system (eg. XERO).

See the full list of supported solutions on Tech Depot

The application procedure for PSG is straight forward where you can discover the details step by step guide here.
Who must apply

Retailer who has yet to update from the cash register system are likely to gains from digital POS System (ePOS) using PSG.

Unlike cash register systems, ePOS system for example Vend, is just one of the recommended brand for handling multi-outlet retail company. The cloud based point-of-sale system improve inventory management, customer involvement and providing real-time information which enable business owner to create strategic decision.

One great example is the multi-outlets fashion retailer, OMOSE who benefits from PSG grant to deploy Vend Retail Management System to each of his sockets, integrate with Shopify eCommerce, XERO accounting applications and empower Omni-channel Loyalty program at one go. The fashion retailer has since experience the cost saving, earnings increase with increased customer retention.

Solution Pricing

Singapore retailer can buy Vend pre-approved package at $5100 and get subsidy up to $2670 to enjoy all of the benefits that innovative IT system can rewards them. And they can purchase several packages around $30,000 for retailers that has multiple outlets.

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2. Enterprise Development Grant (EDG)
Grant objectives

EDG grant is design for business that has transform with basic digital solution such as POS System or accounting system to strengthen the company base and further enhance and optimise the process for additional scaling. You can regards that as”Stage 2″ digital transformation.

The Enterprise Development Grant (EDG) assists Singapore businesses grow and transform. This grant supports projects that assist you update your Company, innovate or venture abroad, under three pillars:

Core Capabilities — Projects under Core Capabilities help companies prepare for transformation and growth by strengthening their business foundations. These should go beyond basic functions such as sales and accounting.

Innovation and Productivity — Projects under Innovation and Productivity service businesses that explore new regions of growth, or search for ways to boost efficiency. These may include reviewing and redesigning workflow and procedures. Businesses could also tap into automation and technology to make routine tasks more efficient.

Market Access — Projects under Market Access service Singapore companies who are willing and prepared to venture overseas. You may tap into the EDG to help defray some of the costs of expanding into foreign markets.

  1. The business entity must be registered in Singapore
  2. At least 30% local shareholding
  3. Be in a financially viable position to begin and finish the job (Applications will be evaluated by Enterprise Singapore based on project scope, project results, and competency of the service provider)

Grant service

The grant funds up to 70 percent of qualifying project costs namely third party consultancy fees, equipment and software, and internal labour cost.

3) Market Readiness Assistance (MRA) Grant

Grant objectives

The MRA Grant aim to assists Singapore SME to expand their business to oversea and take part in action such as market entry, or involvement in a trade fair.

  1. Business entity is registered/incorporated in Singapore
  2. At least 30% local shareholding
  3. Group annual turnover not exceeding S$100 million per annum based on the most recent audited report, or group job not exceeding 200 workers

Grant service

Up to 70 percent of eligible costs, capped at 20,000 per company each financial year