Singapore News

Productivity Solutions Grant

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  • PSG will be enhanced to encourage enterprises to continue their digitalisation and productivity upgrading efforts
  • The maximum funding support level will be raised to 80% from 1 April 2020 to 31 December 2020
    • Online collaboration tools
    • Virtual meeting and telephony tools
    • Queue management systems
    • Temperature screening solutions
  • Who can apply?
    •  Business entities who meet the following criteria:
      • Registered and operating in Singapore
      • Purchase/lease/subscription of the IT solutions or equipment must be used in Singapore
      • (For selected solutions only) Have a minimum of 30% local shareholding
  • How to apply?
    • 3 steps:
      • Access the list of supportable solutions and identify relevant solutions that best suit your business needs.
      • For IT solutions: Get a quotation from the pre-approved vendor
      • For Equipment: Source for the equipment and get a quotation from the vendor
      • Submit an application on the Business Grants Portal (BGP)
      • * You will need to register for a CorpPass account to transact on the portal.
  • Pre-scoped IT Solutions
    • Please refer to https://govassist.gobusiness.gov.sg/productivity-solutions-grant/itsolution/others/
    • Solutions supported under the Productivity Solutions Grant are regularly reviewed. Do take note of the current support levels and grant caps
      •  Accounting Management and Human Resource Management System (HRMS)
      • Accounting Management and Sales Management System
      • Accounting Management, Customer Relationship Management (CRM) and Sales Management System
      • Accounting Management, Customer Relationship Management (CRM), Inventory Management and Sales Management System
      • Accounting Management, Inventory Management and Sales Management System
      • Customer Relationship Management (CRM)
      • Customer Relationship Management (CRM) and Sales Management System
      • Cyber Security - EndPoint Protection Platform
      • Cyber Security - Unified Threat Management
      • Document Management and Mobile Access System
      • EndPoint Protection Platform
      • Fleet Management System
      • Human Resource E-scheduling System
      • Human Resource Management System (HRMS)
      • Human Resource Shared Services (HRSS) Needs Analysis + HR Administrative Support & Payroll Processing via a HRMS
      • Human Resource Shared Services (HRSS) Recruitment/On-boarding
      • Inventory Management and Sales Management System
      • Inventory Management System
      • Managed Detection and Response
      • Remote Working - Online Collaboration Tools
      • Remote Working - Virtual Meeting Solution
      • Unified Threat Management
      • Video Analytics for Crowd Management
      • Visitor Management - Queue Management System
      • Visitor Management - Temperature Screening Solution

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Announced by our Prime Minister, Mr. Lee Hsien Loong on 03 April 2020 (Friday), as part of the Government’s stricter measures to “minimise physical contact” and keep the Covid-19 pandemic in check, our Singapore Office will be shut down temporarily from 07/04/2020 (Tuesday) to 04/05/2020 (Monday). 

We will try our best to have all correspondence via email & WhatsApp during this period and we sincerely apologies for any delay in replying.

Sorry for any inconvenience caused and thanks for your understanding.

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1 Deputy Prime Minister and Minister for Finance Heng Swee Keat delivered the Singapore Government’s Budget Statement for Financial Year 2020 in Parliament on Tue, 18 February 2020.

2 Budget 2020 is presented against a backdrop of the on-going COVID-19 outbreak, as well as broader uncertainties in the landscape.

3 There are also long-term structural shifts taking place around the world – a decline in support for globalisation, a shift in economic weight towards Asia, technological disruption, and an ageing population in many countries.

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Singapore National Day

On behalf of YCS, we wish Singapore Happy National Day.

Please be informed that our Singapore office will be closed on 10/08/2020 (Monday). Our business shall be resumed on 11/08/2020 (Tuesday).

Rental Relief Framework for SMEs

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  • The rental relief framework provides mandated co-sharing of rental obligations between the Government, landlords and tenants
  • The new rental relief framework will also be applicable for eligible Non-Profit Organisations (NPOs) and tenants of government properties
  • These measures are intended to establish a baseline position for the handling of tenants’ rental obligations:
  • Rental relief provided by Government and Landlords
    • Eligible SMEs which are occupying tenants (including subtenants and licensees) can receive a total of 4 months’ waiver of base rental for qualifying commercial properties (e.g shops), and a total of 2 months’ waiver of base rental for industrial and office properties, provided by the Government and landlords
 

Duration of Rental Relief

Type of Relief

Qualifying Commercial Properties (e.g. Shops)

Industrial/ Office Properties

(A) Rental Relief for eligible SMEs (supported by Government Assistance)

Rental Waiver

2 months (for April – May 2020)

1 month (for April 2020)

(B) Additional Rental Relief for eligible SMEs (borne by landlord)

Rental Waiver

2 months (for June – July 2020)

1 month (for May 2020)

Total

4 months (for April – July 2020)

2 months (for April – May 2020)

      • Government  Assistance
        • Owners of qualifying commercial properties (e.g. shops)
          • Approximately 1.2 months of rent through the property tax rebate
          • Additional cash grants approximately equivalent to 0.8 month of rent
          • Landlords will be required to grant eligible smes 2 months’ waiver of their base rental
        • Owners of industrial/ office properties
          • Approximately 0.36 month through the property tax rebate
          • Approximately 0.64 month of rent
          • Landlords will be required to grant 1 month’s waiver of their base rental
        • Conditions:
          • With not more than $100 million in annual turnover reported in their tax returns filed for year of assessment 2019, and
          • (i) entered into before 25 march 2020 or
          • (ii) entered into before 25 march 2020 but expired and renewed automatically, or in exercise of a right of renewal in the contract
      • Landlord
        • The rental waivers may subject to conditions be offset by any previous direct monetary assistance provided by the landlord to the tenant (or subtenant/licensee) and/or any passing on of the Property Tax Rebate from property owners to their tenants
  • Eligibility Criteria for Additional Rental Relief to be provided by Landlords
    • Occupying tenants (including subtenants and licensees) will need to satisfy all criteria below to be eligible for the mandatory rental relief co-shared by landlords:
      • SME at the group level (≤$100 million turnover in 2019);
      • Substantial drop in average monthly revenue during COVID-19 (average monthly revenue from April to May 2020 on an outlet level reduced by 35% or more, compared to April to May 2019); and
      • The tenancy must be in force on 1 April 2020 and must have been: (i) entered into before 25 March 2020; or (ii) entered into before 25 March 2020 but expired and was renewed automatically, or in exercise of a right of renewal in the contract
  •  Landlord’s application for assessment
    • Landlords will have the opportunity to apply to have an Assessor determine whether the tenant satisfies the eligibility criteria. The case will be examined by an Assessor, who will ascertain the tenant’s (or subtenant’s/licensee’s) eligibility. The legislation will require that tenants provide the necessary information to determine eligibility to the landlord upon request
    • The landlord may also seek an assessment on the grounds of financial hardship if they are unable to provide the additional rental waiver. This will take into consideration the annual value of the landlord’s properties and the proportion of the landlord’s dependence on the rental income for his livelihood
    • If the landlord meets the grounds of financial hardship, the Assessor can halve the amount of additional rental relief that needs to be provided by the landlord, i.e. 1 month waiver of base rental for qualifying commercial properties, and half a month waiver of base rental for industrial and office properties
    • The Assessor’s determination will be binding on both the landlord and the tenant
  •  Repayment scheme for rental arrears
    • If the tenant fails to make a payment under the statutory repayment scheme within a prescribed period of time, or the tenant terminates the lease or licence, or the landlord terminates the lease agreement for any other default by the tenant, the statutory repayment scheme will be cancelled, and the landlord will be entitled to:
      • Immediate payment of all the arrears
      • Take steps under the contract for rentals not paid.
    • Landlords may also draw the existing security deposits to offset accumulated rental arrears during the repayment period. They may do so, until there is the equivalent of one month of rent remaining in the security deposit. At the end of the repayment period, the tenant will be obliged to reinstate the security deposit to the contractual amount
    • Tenants who have rescheduled the payment of arrears will have to provide specified documents and information to their landlords if: (a) the lease agreement is terminated or repudiated during the repayment period; and (b) there are 2 or more rescheduled repayment instalments outstanding
    • The documents and information to be provided will include filing a statutory declaration on their statement of accounts from April 2020 until the termination or repudiation of the lease. The tenant will also be required to set out how he proposes to repay the outstanding rental arrears