3 Reasons why SMEs need to apply for PSG

There are many businesses that can be found in Singapore. Singapore houses companies and corporations of all sizes. Some are one of the biggest in the world while some are new companies trying to get a piece of the market. Singapore is one of the best places to expand or start a business due to many reasons. One of these reasons is because it is ranked and dubbed as the most open-market economy in the world. It is also considered the most business-friendly country. This means that it offers a solid environment for businesses and corporations. It has a solid foundation when it comes to financial positions as it has been one of the most sought after economies in the world for as long as the business world can remember. This is also one of the reasons why it is one of the few countries that remains resilient to the ill-effects of the pandemic-induced recession.

During this time, a lot of businesses have been affected as economic activity has been halted. The economy suffers as goods and services are forced to drop prices to accommodate the low activity of people. However, residents needed to cope so, some still try to start a new business and make a living. This is why there are still many individuals who are interested in how to incorporate business Singapore procedure.

Singapore has taken measures to make it easier for entrepreneurs to make a living. This is especially true for small and medium enterprises since they are the ones who need more assistance. One of the few things that the government has offered SMEs is the PSG or productivity solutions grant. One of the partners of PSG is Xero, which is an accounting services provider. A Xero PSG grant vendor is a business that has been granted a subsidy from the government along with Xero. To know more, let us discuss a little about PSG and why SMEs need to apply for it.

What is a Productivity Solutions Grant?

The Productivity Solutions Grants or PSG is one of the most comprehensive initiatives of the Singaporean Government to help individuals when they want to incorporate business Singapore companies. It allows a Xero PSG grant vendor to apply IT solutions and equipment to business procedures and management.

This grant covers sector-specialized solutions to industries like engineering, construction, food, and landscaping. They also help in making business more proficient when it comes to data analytics, inventory, and financial management. These solutions are vouched for by many government agencies like Enterprise Singapore, National Environmental Agency (NEA), and Singapore Tourism Board (STB).

The grant is already included in the Supplementary Budget 2020 to further help a Xero PSG grant vendor. This kind of grant is a big help for them to incorporate business Singapore companies as this is also costly. Here are 3 reasons why SMEs should apply for a PSG.

3 Reasons why SMEs should apply for a grant

#1 Helps jumpstart business
One of the benefits a Xero PSG grant vendor can get is that this can help them jumpstart their business. The grant allows businesses to start a new business, especially during this time. They would be able to start a business in a cheaper way as this grants you 80% of the costs of Xero packages. This way, businesses wouldn’t have to worry much about the capital and be able to start their desired business.

#2 Applies effective solutions

Since Xero is already a credible accounting services firm, the solutions applied to a Xero PSG grant vendor is proven and tested. This is one of the benefits a business can get when they apply for PSG. After they incorporate business Singapore enterprises, they would have access to effective accounting and bookkeeping services through Xero and at a cheap price because of the grant. This helps the business start immediately and lowers the risk of failing.

#3 Ensures continuity

Since there are many businesses affected, they can also apply for a grant. A Xero PSG grant vendor will also be introduced to effective Xero services that can be used to sort things out in an already existing company. Also, this can be used even for startups to ensure that they will be able to hold such kinds of businesses.

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There are many ways that one can remain profitable and running during a pandemic. These are grants offered by the government to help businesses stay afloat. There are also third-party firms that can help with business steps like how to incorporate business Singapore procedures. Visit us today in WLP Group to know more about our services.