10 Things You Need to Know About Government Grants for Digital Marketing
Our SME clients often relay to us how hiring digital marketing services can put a strain on their budget. For this reason, we have identified 2 government grants (PIC Scheme and MRA Grant) that would relief digital marketing costs for SME owners!
Here’s all you need to know about both grants in 10 key points.
The PIC Scheme
1) The PIC Scheme covers claims for Web Development services.
Please note that online advertising spent is NOT claimable. Some companies disguise advertising spent for SEM as “Marketing Automation”. Don’t implicate yourself, this is illegal!!!
2) Your company is entitled to a 400% tax deduction or 60% cash payout; SMEs also qualify for the PIC+ Scheme which raises the cap amount from $400,000 to $600,000.
3) IRAS classifies SMEs as companies that earn less than $100 million in revenue per annum or hire less than 200 employees.
4) Only companies that meet the 2 specified criteria can qualify for a 60% cash payout:
i) Hired at least 3 local employees and contributed to their CPF
ii) Carry on business operations in Singapore
The MRA Grant
6) The MRA Grant is only applicable to SMEs expanding overseas.
7) MRA covers claims for online marketing/ advertising services, including SEO and/or SEM, social media marketing campaigns and listing and subscription services with global e-commerce platforms.
8) Your company is entitled to claim 70% of costs incurred. Application can be made twice in a single year (1 April – 31 March following year).
9) To qualify for the MRA grant, your company must have a Global HQ anchored in Singapore and an annual turnover of less than $100 million.
10) Fill in this application form to apply for the MRA Grant. Send it to firstname.lastname@example.org, along with a cost quotation from the third party professional you wish to hire. Processing period for the application is 15 working days and all claims must be submitted within 3 months of the project support period after approval.
With these government grants lined up for SMEs, it is now possible for your company to invest in a marketing solution at less than $2000 per month. Read this to find out how we can help you maximise cost-savings.