PIC GRANTS

A website and an e-commerce store allows for increased levels of business efficiency and helps raise
productivity levels. By providing training in helping you learn how to run your own website and online store,
your business and company are able to expand on innovation and grow your knowledge.

The PIC grant encourages small to medium enterprises to invest in innovation and improve productivity levels.

From YA 2011 to YA 2018, companies are entitled to 60% cash payout per year on investments in software and hardware, including employee training and coaching programmes.

By tapping into this PIC grant scheme, businesses in Singapore are able to claim up to $100, 000 of their total expenditure into a non-taxable cash payout amounting to 60% of the incurred expenses. This allows and helps the business to grow as an organisation and make their services and products more affordable to their customers, while increasing efficiency and productivity levels.

WHAT IS IT FOR

6 Qualifying Activities under PIC

Acquisition & Leasing of PIC IT and Automation Equipment

Training of
Employees

Acquisition and In-licensing of Intellectual Property Rights

Research &
Development

Design projects approved by Design Singapore Council

Registration of Patents, Trademarks, Designs and Plant varieties

For more information on the 6 qualifying activities,
please visit http://www.iras.gov.sg/irasHome/page04.aspx?id=13838.

HOW CAN I CLAIM PIC?

Eligibility

First of all, to qualify and be eligible for the PIC Grant, the company must be registered in Singapore and have in their employment, three staff who have an approved CPF contribution.

Submission

An application form should then be submitted to IRAS, which will then be assessed on a case-by-case basis.

Process

Approval may take up to six weeks, and once the process is complete, a PIC Bonus Notice will be sent to the company.

Approval

Once approval has been stamped on your application, the company is then eligible to apply for the cash payout and deductions or allowances on their income tax return.

When is the application period?

The application form may be submitted to IRAS any time after accounting year-end, but no later than two months before the deadline of the company’s income tax return filing for that year.

Who is eligible?

For more information on the conditions and requirements regarding the PIC Grant cash payout, please visit :
http://www.iras.gov.sg/irasHome/page04.aspx?id=10572#Cash_Payout_Option.

Investments

The company must have incurred the qualified expenditure for the qualifying YA. These expenses may include investments in employee training, development, research and design projects.

Active

The company must be an active, registered company in Singapore.

Local Stuff

Employ at least 3 local staff that have an approved CPF contribution. This excludes sole-proprietors, partners under service contracts and shareholders who are directors.

HOW CAN WE HELP?

THE PROCESS

We handle the full process from preparation of all relevant documents through to submission of your application.

FULL SUPPORT

At any stage of the application or tender preparation process, we provide full support in assisting to complete the more challenging and difficult sections.

DOCUMENTS

We also aid in collating all necessary supporting documents, such as business plans, position descriptions, resumes, support letters, policies and procedures for the application.