Singapore Greatly Encourages PIC Government Grant to Businesses!

Undoubtedly, countries across the world encourage its business to grow by leaps and bounds. They offer some kinds of incentives to businesses in order to motivate them for taking risks with balanced experience and high innovation. Though, everyone is doing the same thing but Singapore has been considered as the leader in this group which has rocked the businesses by introducing Productivity and Innovation Credit (PIC) initiative. This introduction of singapore pic government grant has witnessed many positive impacts which really encouraged businesses to invest in it to their maximum extent in research and intellectual property rights and such more aspects of business to gain benefits.

Purpose!

This initiative was started way back in 2010 that received great support by Singapore government to motivate and promote businesses to ensure growth. Larger businesses took this opportunity and jumped into it while it set an example to new businesses to follow the footprints of established and successful business. It was also meant for singapore pic grant for website. This initiative offered good deduction in tax such as it offered up to 400 per cent discount on the standard corporate rate as well as cash payout which was about 60 percent of the invested sum by the firm 

Tax deduction: - It counts up to 400 percent of the standard corporate rate. It means if you have submitted the standard PIC tax deduction form, you will be liable to enjoy the rate up to $400,000 of income while the PIC+ form gives up to $600,000. The forms are easily available at the IRAS.
 

Cash Payout: - It has some different provisions than the former mentioned above. It is given only to those who are making the investment up to $100,000. In such case, one can expect the $60,000 back from the government as a cash payout as one has qualified for the initiative.

Additional Bonus: - Apart from tax deduction and cash payout, government has planned some more benefits for such businesses. It has certain qualifying criteria to determine whether the person is entitled to get additional bonus or not. Following is given the criteria for qualifying for the bonus:-

1. Different kinds of training given to the employees have been taken into consideration in almost every aspect.
2.  Another thing to emphasize is the acquisition of intellectual property rights according to which purchase of patents or any other expenditure has been taken into consideration.
3. How much the business has spent upon research and development also matters a lot such as on basic research or expenditure, or indulgence into the project that works to integrate the basic research in order to produce something new.
4. It also involves designing of projects which is usually approved by the Design Singapore Council.
5. Those who have taken care of registration of trademarks, patents, and such other intellectual property rights are also on advantage.
6. If the business has any acquisition over information technology and automation technology which includes computers, software, or such more which could prove the contribution towards increased productivity, then it could be an added advantage for them over others.

Best Use of Returned Cash!

The cash which has been returned by the government in order to encourage business could be used in several different ways. It could be used in the best way by paying wages in order to encourage and reward the valuable resources. Or the money can also be distributed in the educational firms and provide training or arrange workshops for the employees. The main motto behind is the best usage of money which could boost firm’s productivity. 

Until Now…

This step taken by Singapore government has been highly appreciated by people across the world. It has been taken as the best way for businesses to come into existence, run smoothly and establishes its leadership.