What is PIC Scheme?

Productivity and Innovation Credit (PIC) Scheme is a welfare measure introduced by Singapore Government. The Scheme commenced from 2010 by allocation of funds in budget. The objective is to encourage commercial businesses including manufacturing industries, to achieve innovation, increased productivity and thereby reduced cost to compete in business arena, through highest quality of products and services. All Singapore businesses employing at least 3 employees of Singapore nationality or Permanent Residents are eligible to avail PIC Scheme Benefits. 400% of Qualifying Expenditure up to $400,000 till the year 2015 and up to $600,000 from 2016 to 2018 can be claimed as Tax Reduction; or 60% of Qualifying Expenditure up to $60,000 in a financial year can be claimed as Cash Payout; under PIC Bonus Scheme in Singapore another PIC Bonus of up to $15000 (taxable) is automatically credited for the years 2013 to 2015. The Government has stipulated rules, regulations and norms for claiming PIC Scheme Benefits and PIC Bonus Scheme benefits. Sole Proprietorship (including Self-employed); Partnership; Corporations; Enterprises and corporate entities (owned by foreign nationals and establishing a branch or unit inside Singapore and operating) can stake PIC Scheme Applications through Consultants like PIC Singapore, and enjoy PIC Scheme Benefits in full.

How I Can Apply For PIC Bonus Scheme?

Singapore Government has empowered Government Agencies like Inland Revenue Authority of Singapore (IRAS) to streamline PIC Scheme Claim Applications. IRAS on receipt of individual applications from Singapore businesses scrutinizes and approves the same, for sanctioning the respective PIC Scheme Benefit. The Qualifying Expenditure for introducing Innovation for increased productivity and quality of service has been classified under six important heads namely – training staff towards innovation; PIC Automation and IT Equipment to be installed and expenses incurred for lease or procurement; IT related equipments and technology software expenses either leased or procured outright; organization’s Intellectual Property Acquisition, Registration and Licensing expenses; Research and Development expenses towards modernization and technology upgrade; and expenses in respect of Design Related Programs and getting approval from Design Singapore Council. Singapore business can submit PIC Scheme Claim Applications directly or through Consultants like PIC Singapore to IRAS for scrutiny and approval. The Claim Applications should be in the format prescribed and supported by appropriate documents in respect of incurring Qualifying Expenses in each financial year separately. Tax Deduction claims; Cash Payout claims and other allowances and tax-remission claims as admitted by IRAS should be filled in with care, avoiding possible common errors and attached with relevant documents to hasten the approval by IRAS and sanctioning the maximized PIC Scheme Benefits, including crediting of PIC Bonus automatically every year.

At PIC Bonus, we offer assistance in obtaining government grants.

Reputable companies offer professional and comprehensive information regarding the application process while considering your unique needs. PIC Bonus Singapore is a leading consultancy company; at PIC Bonus we keep our customers abreast of the latest information on these grants. Established companies know what it takes to apply for a grant successfully. They also value their clients and seek to assist businesses, particularly SMEs which exploit the Productivity and Innovation Credit scheme (PIC). Applying for a government grant may at times prove tedious and frustrating particularly due to overwhelming competition. Therefore, it is reassuring when you entrust this task to a professional and reputable organization like PIC Bonus. Engaging the services of a highly experienced and dedicated team, PIC Bonus Singapore will facilitate the application process while simultaneously alleviating you of unnecessary stress. You should engage the services of a reputable company like PIC Bonus in Singapore so that you can enhance the success rate of your grant. Additionally, your chosen company should aim to develop sustainable and cost-effective strategies that fulfill your business goals.

Application Services

It is important to engage experts who will guide you throughout the entire application process ranging from eligibility to competitiveness evaluation.

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Business Consultancy

Consultancy companies help start-ups and established SMEs achieve their goals. Their diverse and experienced team also provides specialized services at competitive costs.

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Tax Advisory

The ultimate objective for all business owners is to produce profits in the best way. Recognized firms provide lawful tax planning services that help businesses save their tax liabilities.

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PIC Bonus Scheme

Applying for a government grant may at times prove tedious and frustrating particularly due to overwhelming competition. Therefore, it is reassuring when you entrust this task to a professional and reputable organization. Engaging the services of a highly experienced and dedicated team will facilitate the application process while simultaneously alleviating you of unnecessary stress.

You should engage the services of a company that focuses on enhancing the success rate of your grant. Additionally, your chosen company should aim to develop sustainable and cost-effective strategies that fulfill your business goals.

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Yes – that is true. If you are a self-employed businessman, trader or service provider in Singapore, you too can enjoy the liberal tax deductions, Cash Incentives and even a Bonus every financial year. If you need help in this regard, you can readily seek the expert services of PIC Bonus Singapore, who are experts in assisting Singapore Businesses in availing the Productivity and Innovation Credit (PIC) Scheme benefits overall, including the latest PIC Bonus free money given away by Singapore Government.   The pragmatic approach of the Singapore Government is a shining example for other nations. Ever since the country attained Independence in 1965, Singapore has been progressing well and upwards in the graph of economic growth. Today even big countries like India, China and America raise their eye-brows over the tremendous growth, the country is able to achieve within a short-span of time.   This has become possible in Singapore, aside from the strict discipline in political circles and a clean Government, which attaches predominant importance to their people’s well being. The Singapore Government is practical in understanding the core-need of businesses and commercial enterprises that given the necessary fillip, by way of liberal cash assistance, any business can concentrate towards increased productivity, introduction of sophistication and modernization, implementation of technology upgrades etc.   In order to encourage Singapore businesses with this morale-boost, the Government of Singapore allocated funds in the budget of the year 2010 and introduced PIC Scheme Grants. Under the PIC Scheme, any qualifying business in Singapore can claim the expenses spent towards innovative methods, equipments, software and technology introduced in their day-to-day activities, aiming to increase productivity and quality of service.   The PIC Plus Scheme Claim Applications are processed by Inland Revenue Authority of Singapore (IRAS); and scrutinized whether the applicant business owners have complied with the rules, regulations, norms and stipulations, as specified for availing PIC Scheme benefits.   Under the term Qualifying Businesses, all businesses in Singapore, established as well as start-ups, Sole-proprietorships, Partnerships, Corporations, Companies and Enterprises are eligible for receiving PIC Scheme Grants.   Here a vital question arises, whether Self-employed persons are eligible for applying for PIC Scheme Benefits. Under the banner of PIC Scheme Benefits, the applicant businesses can claim 400% of the expenses incurred towards innovation for increased productivity; or 60% of these Qualifying Expenditure as Cash Payout; and over and above these benefits the PIC Bonus (free money) announced latest by Singapore Government effective 2013 and valid till 2015.   Under the PIC Bonus awards, all qualifying Singapore businesses are automatically credited with dollar-to-dollar matching of the Qualifying Expenditure, spread over the three years of 2013 to 2015, subject to a ceiling of $15000 (taxable).   For the important question whether Self-employed persons are also eligible to claim these PIC Scheme Grants including PIC Bonus, the IRAS provides valid answer that Self-employed persons are “Eligible” provided that their employment status is clear of all ambiguities. Towards clarifying the confusion from an “employee” of an organization and “self-employed” person, the IRAS authorities have published detailed illustrations and guidelines.   While reproducing all the guidelines here will be superfluous, suffice it to give a few examples. The factors differentiating a “self-employed person” from an “employee” are – the self-employed person is the owner and investor of a trade, profession or a business and is exposed to the risks involved namely profit or loss; whereas an “employee” has no such risks.   An employee receives a fixed payment of monthly, weekly or hourly, whereas a self-employed gets payment on completion of a job or service as contracted; the level of control of an employee is limited and subject to instructions received from the employer, whereas the self-employed has to manage, control and conduct the business on their own, and nobody is there to supervise or instruct them.   From the above factors given as examples, one can easily understand the difference. IRAS has given still more precise examples of persons as Self-employed professionals like lawyers, doctors, architect etc.; traders, hawkers and freelancers including Online services; real estate agent; insurance agent; private teacher; and taxi-driver etc.   The Singapore Government is very generous in allowing the above Self-employed persons to submit PIC Grant Applications to IRAS, justifying the expenses incurred by them in a financial year, towards increasing productivity or quality of service, which will ultimately culminate in the growth of their respective profession, trade or business. The objective is to increase productivity of Singapore businesses, and thereby contribute to the growth of Singapore’s economy.   Eventually Self-employed persons in Singapore need lots of guidance and assistance in preparation, submission of PIC Claim Applications, and enjoying PIC Grant benefits to the maximum. PIC Bonus Singapore professional experts can readily help these persons right from educating them on their eligibility criteria, explain the rules, regulations and norms, prepare their PIC Claim Applications, liaise with IRAS to make the Self-employed persons as happy recipients of all PIC Grant Benefits including PIC Bonus.   All that they need to do is click http://www.picbonus.com.sg/ .