Productivity and Innovation Credit (PIC) Scheme

PIC: Government Grant by Spring Singapore to Fund Singaporean Companies’ Productivity – Website, E-commerce & Online Marketing Training

With the aim to improve productivity and efficiencies, as well as to drive innovation across business industries, the Singaporean government has been aiding SMEs through a number of grant schemes, allowing companies to realize their business objectives that need financial assistance.

The year 2010 marked the launch of a distinctive grant that lets SMEs enjoy huge savings through tax deduction or allowances of up to 400%, or a 60% cash payout when they invest in productivity and innovation improvement related activities.

Productivity and Innovation Credit (PIC) Scheme

The PIC scheme encourages businesses to make use of modern technology to increase productivity in various business operations. It supports investments in six productivity improvement activities, namely:

 

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PIC Scheme

Get assistance for your company’s Customized Application Solution

One of the activities that PIC Scheme covers is the Customized Application Solution which includes website development for companies. It also covers expenses for E-commerce, Search Engine Optimization (SEO), Social Media Services, Responsive Website (Mobile), and Content Management System (CMS).

NeoRanking will gladly refer your company to the Inland Revenue Authority of Singapore (IRAS) so you can take advantage of all available assistance to aid your online marketing efforts.

Allow us to manage your company’s online marketing

Our company has served various clients across all industries so we’re pretty confident that we can handle yours as well.

The PIC Scheme provides the opportunity for you to save a significant amount of your marketing fund, allowing you to allocate your investment to other business areas. Plus, when you allow us to manage your online marketing activities, you’ve got lots of extra time to focus on other important tasks. So, really, what’s there to lose?

Is my business eligible for PIC Scheme?

As long as:

  • Your company has three (3) employees with CPF contribution
  • You have active business operations in Singapore
  • You invest in the 6 qualifying areas approved by the agency

Yes, your company is eligible to apply for the PIC grant.

How much can I claim?

Under this grant, your company can claim up to SGD60,000 or 60% of SGD100,000 cash payout for the first year, and SGD60,000 per year onwards until YA 2018.

How long does it take to receive the grant?

Generally, the IRAS will release the cash pay-out within three months upon receipt of the completed application form, relevant annexes, and hire-purchase template.

Do you have more questions regarding the PIC Scheme? Head over to the IRAS website for more details.

If you need help with your application*, please call us on + 65 6252 7411 or make an enquiry by submitting a form below.

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We want you to succeed in the great work you do, and we will partner with you, when possible, to help you achieve your goals.