Pic Grant Scheme Singapore - Yc Capital

By Author: Gwee Yi Chen
Total Articles: 2
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Productivity and Innovation Credit Scheme (PIC) is a business incentive scheme declared by the Singapore government, which supports self employed business owners to make better their business. The aim of the Productivity and Innovation Credit Scheme (PIC) is to reduce the employee expense, improving the business functionality, increasing profitability and improve the overall operations. The PIC scheme makes the organizations and self employed businessman to become more competitive in the market.Productivity and Innovation Credit Scheme (PIC) is relevant to partnership companies, companies with trust, sole proprietorship, law firms, but investment or lending companies do not qualify for PIC scheme. The investment or lending companies usually earn their income through acquiring interest or rent and hence they do not qualify under PIC scheme. Also the recent companies who have not started their operations fully do not qualify for PIC benefits.

We know that the cost of managing a business is high as there are advertisement, marketing, production, labor and other costs involved in the creation process. PIC gives an opportunity ...
... to SME’s to claim benefits and stabilize the functionality.

There are precise criteria’s which should be met to get entitled for the Productivity and Innovation Credit Scheme (PIC). They are –

• The operations of the company should be set up in Singapore
• On the payroll of the company there should be minimum three local employees who can be full time or part time working at the time of applying for Productivity and Innovation Credit Scheme (PIC)
• A qualifying expense of $5,000 should be met by the company in the month when the company is applying for Productivity and Innovation Credit Scheme (PIC)

Here are some things which can be claimed under Productivity and Innovation Credit Scheme (PIC) for increasing productivity and enhancing business.

• Employees training
• Projects on designing
• Purchasing or renting of automation equipment
• Cost of research projects which are performed out of Singapore
• Cost of copyrights or patents purchased by a company
• The cost of registering a design, trademark or patents, for a company

We impart advice or obligation free consultation for the companies who are eligible for Productivity and Innovation Credit Scheme (PIC), by filling an enquiry form which is available on the YC Capital website.

We offer services through our certified accountant who then fills the Productivity and Innovation Credit Scheme (PIC) claim. Our accountants had done successful and effective PIC claim cycle; the accounting team has a proven track record of 100% turnaround on the filed claims. The certified accountants clarify all the questions of the business owners while filing the PIC. Even with the introduction of the new budget the companies can claim for cash payout under Productivity and Innovation Credit Scheme (PIC) for qualifying expenses gained during the financial year.

YC Capital ‘s Financial Advisors also provide various services related to accounts and taxation, book keeping, compliance, goods & service and investment and financial planning to business owners.