How to Apply for PSG Grant for Accounting Automation: Complete Step-by-Step Guide 2026

💡 TL;DR: Applying for PSG Grant for accounting automation involves 8 key steps over 4-6 months: (1) verify company eligibility (30% local shareholding, size limits), (2) select PSG pre-approved solution from Business Grants Portal, (3) get detailed vendor quotation, (4) submit application via CorpPass with ACRA Profile and quotation, (5) await approval (4-8 weeks), (6) purchase and implement solution, (7) submit claims with proof of payment, and (8) receive grant disbursement (4-6 weeks). Critical success factors: choose pre-approved vendors like Peakflo (95%+ approval rate), prepare complete documentation upfront, never purchase before approval, and submit claims promptly after implementation. With proper preparation, PSG application is straightforward—experienced vendors guide you through each step, maximizing approval probability.

📅 PSG Terms Last Verified: May 2026. Support levels, eligibility criteria, and approved vendor lists are subject to change by Enterprise Singapore. Always verify current PSG terms at gobusiness.gov.sg before applying.

Why Understanding the PSG Application Process Matters

For Singapore SMEs seeking accounting automation funding, the PSG Grant application process can seem complex and bureaucratic. However, understanding the exact steps, documentation requirements, and timeline is crucial for several reasons:

Avoid costly mistakes: Purchasing software before PSG approval disqualifies you from funding—understanding proper sequencing prevents this S$30,000-60,000 error

Maximize approval probability: Complete, well-prepared applications have 95%+ approval rates vs. 72% for incomplete submissions (Enterprise Singapore 2025)

Manage cash flow: Knowing you’ll pay full cost upfront and receive grant disbursement 3-5 months later allows proper cash flow planning

Optimize timing: Understanding 4-6 month total timeline helps you schedule implementation around business cycles and budget periods

According to IMDA’s 2025 SME Digitalization Survey, 43% of Singapore SMEs who explored PSG Grant abandoned applications due to perceived complexity—yet 92% of those who completed applications were satisfied with the process and would apply again.

This step-by-step guide demystifies the PSG application process, providing clear instructions, practical tips, and common pitfalls to avoid so you can secure up to 50% government support for your accounting automation project.

Step 1: Verify Company Eligibility for PSG Grant

Before investing time in vendor selection and quotations, confirm your company meets all PSG eligibility criteria.

Eligibility Checklist

✅ Company Registration: Registered with ACRA and operating in Singapore ✅ Local Shareholding: ≥30% held by Singapore Citizens or Permanent Residents ✅ Company Size: Group sales <S$100M OR employees ≤200 ✅ Financial Standing: Good financial health, no liquidation proceedings ✅ Sector Eligibility: Not in excluded sectors (bars, gambling, tobacco)

How to Verify Each Criterion

1. Company Registration (5 minutes)

Visit BizFile+ and log in with CorpPass
Download your ACRA Business Profile
Verify “Status” field shows “Live” (not “Struck Off” or “In Liquidation”)
Confirm business registration date and registration number

2. Local Shareholding (10-15 minutes)

Review “Shareholders/Partners” section of ACRA Business Profile
Calculate total ownership percentage held by Singapore Citizens and PRs
Ensure total ≥30%

Common scenarios:

Ownership Structure	Local %	Eligible?
100% Singapore Citizen	100%	✅ Yes
60% SC, 40% foreign investor	60%	✅ Yes
30% SC, 70% foreign corporation	30%	✅ Yes (exactly meets threshold)
25% SC, 25% PR, 50% foreign	50%	✅ Yes (SC + PR counts)
25% SC, 75% foreign	25%	❌ No (below 30%)

Important: Only direct shareholding counts. If a foreign company owns shares (even if that foreign company is owned by Singapore citizens), it doesn’t count toward the 30% local threshold.

3. Company Size Limits (15-20 minutes)

You must meet at least ONE of these criteria (on group basis):

Group annual sales turnover <S$100 million, OR
Group employment size ≤200 workers

To verify sales turnover:

Review latest audited financial statements
Sum revenue across all related entities (parent, subsidiaries, affiliates)
Confirm total <S$100M

To verify employment size:

Count all employees across entire group (full-time, part-time, contract)
Include seasonal workers
Refer to CPF submission summaries for documentation

Critical: Assessment is on group basis—you must include all related companies, not just the applying entity.

4. Financial Standing (5 minutes)

Review ACRA Business Profile for any winding up notices
Confirm no outstanding tax payments to IRAS
Verify no outstanding CPF contributions
Check for any court judgments or liens

5. Sector Eligibility (2 minutes)

Check your SSIC (Singapore Standard Industrial Classification) code on ACRA Profile

Excluded sectors:

❌ Bars, night clubs, karaoke lounges, massage parlors
❌ Gambling and betting
❌ Tobacco manufacturing and distribution
❌ Pure property holding (no active business operations)

Eligibility Verification Outcome

Status	Next Steps
✅ Meets all criteria	Proceed to Step 2 (vendor selection)
⚠️ Close to thresholds (e.g., 32% local shareholding, 195 employees)	Gather detailed documentation to prove eligibility; may need additional explanation in application
❌ Does not meet criteria	Consider: (1) restructuring shareholding (if feasible), (2) alternative funding options, or (3) self-funding automation

Pro tip: If you’re close to thresholds or have complex ownership structures, consult with PSG-approved vendors like Peakflo who can advise on borderline cases before formal application.

Step 2: Select PSG Pre-Approved Accounting Automation Solution

Once eligibility is confirmed, choose your automation solution from PSG’s pre-approved vendor list.

How to Browse PSG-Approved Solutions

Method 1: Business Grants Portal (Official)

Visit Business Grants Portal
Navigate to “Browse Solutions” > “Productivity Solutions Grant”
Filter by category: “Accounting & Bookkeeping” or “Finance Management”
Review solution descriptions, features, and indicative pricing

Method 2: GoBusiness PSG Directory (More User-Friendly)

Visit GoBusiness PSG Directory
Use search bar to find “accounting automation” or “AP automation”
Filter results by solution type, industry, or price range
Compare multiple vendors side-by-side

Evaluation Criteria for Selecting the Right Solution

Criterion	Why It Matters	Questions to Ask
Feature Fit	Solution must address your specific pain points	Does it automate invoice capture? Approval workflows? Payment processing? Collections?
Integration Capability	Must connect with existing systems (ERP, banking, CRM)	Does it integrate with Xero/QuickBooks/NetSuite/SAP? Native API or third-party connector?
Singapore Localization	Essential for compliance and payment rails	Supports GST compliance? GIRO/PayNow integration? Singapore bank feeds?
Pricing and PSG Funding	Total cost vs. PSG support vs. net investment	What’s the total project cost? How much PSG support? What’s my net investment?
Implementation Timeline	Must align with business cycles and PSG validity period	How long from contract to go-live? Training duration?
Vendor Support	Critical for successful adoption	Local Singapore support team? Implementation assistance? Ongoing customer success?
Scalability	Solution should support business growth	Can it handle 2-5× invoice volume growth? Pricing model for scaling?

Getting Quotations from Vendors

Once you’ve shortlisted 2-3 solutions:

Contact vendors directly: Use contact forms on PSG Directory or vendor websites
Schedule demos: See the platform in action (30-45 minute demo typical)
Request detailed quotations including:
- Software subscription costs (12-24 month period)
- Implementation and setup fees
- Training and change management
- Integration development (if needed)
- Ongoing support terms
Clarify PSG support estimate: Ask vendor to calculate expected PSG grant amount and your net investment

Important: Work with multiple vendors initially, but finalize quotation with only ONE vendor before application submission (you can only apply for one solution per category).

Our Recommendation: Choose Vendors with Strong PSG Track Records

Vendors experienced with PSG applications provide significant advantages:

✅ Higher approval rates: Familiar with documentation requirements and Enterprise Singapore expectations (95%+ approval for Peakflo’s PSG applications)

✅ Faster processing: Know how to structure quotations and justifications for quick review

✅ Application support: Guide you through each step, review documents before submission

✅ Claims assistance: Help prepare claims documentation for faster disbursement

Peakflo advantage: As a PSG pre-approved vendor with 100+ successful Singapore SME implementations, Peakflo provides end-to-end support from quotation preparation through claims submission, ensuring smooth PSG experience.

Step 3: Prepare Required Documentation

Before submitting your PSG application, gather all necessary documents.

Standard Documents Required (All Applications)

Document	How to Obtain	Validity	Purpose
ACRA Business Profile	Download from BizFile+ portal	Must be current (within 14 days of submission)	Verify company registration, shareholding, size
Vendor Quotation	Obtain from PSG-approved vendor	Valid for 60-90 days typical	Detail costs, scope, timeline
CorpPass Access	Register at CorpPass if not already done	Ongoing	Required for login to Business Grants Portal

Additional Documents (May Be Requested)

Document	When Required	How to Prepare
Latest Financial Statements	If company is >3 years old or revenue approaching S$100M limit	Audited financial statements for last 2 years; or management accounts if audit not required
Shareholder Register	If shareholding structure is complex or close to 30% threshold	Official shareholder register with names, nationalities, shareholding %
Group Structure Chart	If part of corporate group	Visual chart showing parent, subsidiaries, affiliates with ownership %
Business Justification	For high-value projects (>S$100,000) or non-standard requirements	1-2 page document explaining business need, expected benefits, alignment with productivity objectives

PSG Application Document Checklist

Before submission, verify you have:

✅ Current ACRA Business Profile (downloaded within last 14 days) ✅ Detailed vendor quotation with clear cost breakdown ✅ CorpPass credentials with Admin access ✅ Financial statements (if applicable) ✅ Shareholder documentation (if complex ownership) ✅ Group structure chart (if part of corporate group)

Pro tip: Take 5 minutes to review your ACRA Profile and quotation for any inconsistencies (e.g., company name spelling, UEN number) that could trigger clarification requests and delay approval.

Step 4: Submit Application via Business Grants Portal

With documents prepared, you’re ready to submit your PSG application online.

Step-by-Step Application Submission Process

Step 4.1: Access Business Grants Portal

Visit https://www.businessgrants.gov.sg/
Click “Login” button in top right
Select “CorpPass” login method
Enter your company’s UEN and CorpPass credentials
Select user with Admin or Grantee permissions

Step 4.2: Start New PSG Application

From dashboard, click “Get New Grant”
Select “Productivity Solutions Grant (PSG)”
Click “Proceed” to start application

Step 4.3: Complete Company Information Section

This section auto-populates from your CorpPass profile and ACRA data:

Company name, UEN, registration date
Business address
Company profile (industry, employee count, annual revenue)

Action required:

Verify all auto-populated information is accurate
Update employee count and revenue if changed since last filing
Confirm primary contact details (email, phone number)

Step 4.4: Enter Solution Details

Select your pre-approved solution: Search PSG vendor list and select your chosen solution
Specify solution package: Choose the tier/package from vendor’s pre-approved options
Enter quotation details: Input costs from vendor quotation
- Software subscription cost
- Implementation cost
- Training cost
- Integration cost (if applicable)
- Total project cost
Upload vendor quotation: Attach PDF quotation from vendor

Step 4.5: Provide Business Justification (if required)

For accounting automation, you may be asked:

Current pain points: Describe manual processes, inefficiencies, error rates
Expected benefits: Quantify expected time savings, cost reduction, productivity gains
Alignment with business goals: Explain how automation supports growth, scaling, or transformation

Example business justification:

“Our company currently processes 220 supplier invoices and 180 customer invoices monthly using manual data entry and email-based approval workflows. This requires 2 full-time staff (140 hours/month) and results in 7-day average approval cycles, frequent late payment penalties (S$18,000/year), and 12% payment error rate. Implementing Peakflo’s PSG-approved AP/AR automation will automate invoice capture (reducing manual entry by 90%), streamline approvals (target: 4-hour cycle), eliminate late penalties, and enable our finance team to focus on strategic analysis rather than data processing. This aligns with our business goal to scale from S$4.8M to S$12M revenue over 3 years without proportional finance headcount growth.”

Step 4.6: Upload Supporting Documents

ACRA Business Profile (PDF)
Vendor quotation (PDF)
Financial statements (if requested)
Other supporting documents as applicable

Step 4.7: Review and Submit

Review all entered information for accuracy
Verify quotation costs match entered amounts
Confirm all required documents are uploaded
Tick declaration checkboxes:
- ✅ Information provided is true and accurate
- ✅ Company meets PSG eligibility criteria
- ✅ Understand that purchases made before approval are not eligible
- ✅ Agree to PSG terms and conditions
Click “Submit Application”
Save confirmation email and application reference number

Post-Submission Actions

Immediate (within 24 hours):

✅ Confirm receipt of auto-generated acknowledgment email
✅ Save application reference number
✅ Inform your PSG vendor that application has been submitted

Within first week:

✅ Monitor email daily for any clarification requests from Enterprise Singapore
✅ Respond to clarification requests within 3-5 business days (faster response = faster approval)

Common Application Mistakes to Avoid

❌ Purchasing before approval: Most common disqualification—never sign contracts or make payments before receiving official PSG approval letter

❌ Incomplete quotations: Ensure vendor quotation includes clear breakdown of all costs, implementation timeline, and scope

❌ Outdated ACRA Profile: Must be current within 14 days—download fresh copy right before submission

❌ Mismatched information: Company name, UEN, address must exactly match between ACRA Profile, quotation, and application form

❌ Unclear business justification: Vague benefits like “improve efficiency” without quantification—provide specific metrics (hours saved, cost reduction, error rates)

❌ Wrong solution category: Ensure selected solution matches your actual needs (don’t apply for basic accounting software when you need AP automation)

Step 5: Await Approval from Enterprise Singapore

After submission, Enterprise Singapore reviews your application.

PSG Review Timeline

Stage	Duration	Your Action
Acknowledgment	1-2 business days	Confirm receipt of auto-generated acknowledgment email
Initial Review	1-2 weeks	Monitor email for clarification requests
Detailed Assessment	2-6 weeks	Respond promptly to any Enterprise Singapore queries
Approval Decision	4-8 weeks total	Receive approval or rejection notification

Typical timeline: Most applications receive decision within 6 weeks of submission.

Fast-track scenarios (3-4 weeks):

Pre-approved vendors with established track record
Standard solution packages (no customization)
Complete documentation on first submission
Clear business justification

Slower scenarios (8-12 weeks):

Borderline eligibility (e.g., shareholding close to 30% threshold)
High-value projects (>S$100,000) requiring additional scrutiny
Incomplete initial submission requiring multiple clarifications
Custom solution configurations not in standard PSG pre-approval

What Happens During Enterprise Singapore Review?

Enterprise Singapore assesses:

Eligibility verification: Confirms company meets all PSG criteria
Solution suitability: Validates that chosen solution addresses stated business needs
Cost reasonableness: Checks that pricing is within expected ranges for solution category
Business justification: Evaluates alignment with productivity enhancement objectives
Documentation completeness: Ensures all required documents are submitted and valid

Responding to Clarification Requests

If Enterprise Singapore requests additional information:

Respond within 3-5 business days:

Check email daily during review period
Treat clarification requests as priority (delay extends approval timeline)

Common clarification requests:

Updated financial statements (if previous ones are outdated)
Detailed shareholding breakdown (if structure is complex)
Additional business justification (if initial justification was too brief)
Quotation clarification (if cost items are ambiguous)

Response best practices:

Answer ALL questions in single response (don’t create back-and-forth)
Provide supporting documents proactively
Use clear, professional language
CC your PSG vendor on responses (they can advise)

Approval Notification

If approved, you receive:

✅ Approval Letter via email containing:

Approved grant amount ($ value)
PSG support percentage (typically 50%)
Approved solution details
Validity period for purchase and implementation (typically 6 months)
Conditions and requirements
Claims submission guidelines

Save this letter—you’ll need it for vendor contract and claims submission.

If rejected, notification includes:

Reason for rejection
Option to address issues and reapply (if applicable)

Common rejection reasons:

Company doesn’t meet eligibility criteria (typically shareholding or size)
Solution not suitable for business needs
Costs incurred before approval (disqualifying factor)
Incomplete or inaccurate information

Step 6: Purchase and Implement the Solution

Upon receiving PSG approval, you can proceed with purchase and implementation.

Implementation Timeline and Milestones

Phase	Duration	Key Activities
Contract Execution	Week 1-2	Sign vendor agreement, make payment
Project Kickoff	Week 2-3	Project kickoff meeting, requirements review
Setup & Configuration	Week 3-6	System deployment, workflow configuration, integration setup
Data Migration	Week 5-7	Extract, clean, and migrate vendor/customer data
User Training	Week 6-8	End-user training, admin training, documentation
Testing & UAT	Week 7-9	User acceptance testing, issue resolution
Go-Live	Week 9-10	Production launch, hypercare support
Post-Launch Support	Week 10-14	Ongoing support, optimization, adoption monitoring

Total typical implementation: 10-14 weeks for comprehensive AP/AR automation

Critical Requirements During Implementation

✅ Complete within validity period: PSG approval letter specifies validity (typically 6 months)—all purchase, implementation, and go-live must occur within this period

✅ Pay full amount upfront: You must pay the full project cost (before PSG reimbursement)—plan cash flow accordingly

✅ Maintain documentation: Keep detailed records for claims submission:

Vendor invoice
Proof of payment (bank transfer confirmation, check copy)
Implementation completion report
Training attendance records
Go-live confirmation
Solution screenshots showing deployment

✅ Stay in compliance: Don’t modify solution scope or costs significantly from approved application (material changes require re-approval)

Payment Approach

You have two typical payment structures:

Option A: Full Upfront Payment

Pay total project cost at contract execution
Receive single lump-sum PSG reimbursement after claims approval
Advantage: Simpler documentation for claims
Disadvantage: Higher short-term cash flow impact

Option B: Milestone-Based Payments

Pay in tranches: deposit, midpoint, completion
Claim PSG reimbursement after final payment
Advantage: Spreads cash flow impact
Disadvantage: Claims submission delayed until all payments complete

Recommendation: Choose based on your cash flow situation. Most SMEs prefer milestone payments to manage working capital.

Step 7: Submit Claims for Grant Disbursement

After successful implementation, submit claims to receive PSG support.

Claims Submission Timeline

Deadline: Submit claims within 6 months of project completion (go-live date)

Processing time: 4-6 weeks from claims submission to grant disbursement

Best practice: Submit claims immediately after go-live to accelerate funding receipt

Required Claims Documents

Document	Description	How to Obtain
Vendor Invoice	Official invoice for full project scope	Request from vendor after final milestone
Proof of Payment	Bank transfer confirmation or check copy	Download from online banking or request from bank
Implementation Completion Report	Confirmation that solution is deployed and operational	Vendor provides as part of project closeout
Training Records	Attendance lists, training completion certificates	Vendor provides after training sessions
Solution Evidence	Screenshots showing system deployment, configurations, user access	Capture from live system
Go-Live Confirmation	Signed acceptance or go-live approval	You sign as customer after successful UAT

Step-by-Step Claims Submission Process

Step 7.1: Log in to Business Grants Portal

Use same CorpPass credentials as original application

Step 7.2: Navigate to Your Approved PSG Project

From dashboard, find your approved PSG application
Click “Submit Claims”

Step 7.3: Enter Claims Details

Confirm project completion date (go-live)
Verify total project cost matches approval
Upload all required claims documents (PDFs)

Step 7.4: Review and Submit Claims

Review all information for accuracy
Tick declaration:
- ✅ Project completed as approved
- ✅ All documents are accurate and authentic
- ✅ No material changes from approved scope
Submit claims

Step 7.5: Await Claims Approval

Enterprise Singapore reviews claims (4-6 weeks)
May request additional documentation or clarification
Approval triggers GIRO disbursement to company bank account

Claims Review Process

Enterprise Singapore verifies:

✅ Solution implemented matches approved application
✅ Costs paid match approved quotation
✅ Payment made to approved vendor
✅ Implementation completed within validity period
✅ Documentation authentic and complete

If claims are approved: Grant disbursement via GIRO to company bank account (within 2 weeks of approval)

If clarifications needed: Respond promptly with additional evidence

Common Claims Issues and How to Avoid Them

❌ Late claims submission: Missing 6-month deadline disqualifies reimbursement

Solution: Submit claims immediately after go-live, don’t wait

❌ Incomplete payment evidence: Bank statements not showing vendor payment clearly

Solution: Use bank transfer (easier to document) vs. checks; request payment confirmation from bank

❌ Mismatch between quotation and invoice: Final invoice costs differ from approved quotation

Solution: Ensure vendor invoices exactly match approved quotation amounts; get approval for any changes before proceeding

❌ Insufficient implementation evidence: Generic screenshots not proving solution deployment

Solution: Capture detailed screenshots showing configured workflows, user access, integrations, live data

Pro Tips to Maximize PSG Approval Success

After guiding 100+ Singapore SMEs through PSG applications, here are proven tips to maximize approval probability:

Tip 1: Work with Experienced PSG Vendors

Vendors with strong PSG track records (like Peakflo) provide:

Pre-vetted quotation templates that meet Enterprise Singapore expectations
Application support and document review before submission
Established relationships with Enterprise Singapore (for faster processing)
Claims assistance for smooth reimbursement

Impact: 95%+ first-time approval rate vs. 87% average

Tip 2: Quantify Business Justification with Specific Metrics

Instead of vague benefits, provide concrete numbers:

❌ Weak justification: “Will improve efficiency and reduce manual work”

✅ Strong justification: “Will reduce invoice processing time from 135 hours/month to 13 hours/month (90% reduction), eliminate S$18,000 annual late payment penalties, and enable scaling from 250 to 750 monthly invoices without additional finance headcount”

Tip 3: Align Solution Scope to Business Size

Enterprise Singapore assesses whether solution scope matches company size:

Micro-SME (10 employees) applying for enterprise ERP: Likely rejected (overkill)
Mid-market company (150 employees) applying for basic cloud accounting: Likely questioned (insufficient for scale)
Small SME (40 employees, 200 monthly invoices) applying for Peakflo AP automation: ✅ Perfect fit

Ensure solution matches your actual business needs and scale

Tip 4: Never Purchase Before Approval

This is the #1 disqualifying mistake:

❌ Signing contract before approval ❌ Making deposit payment before approval ❌ Starting implementation before approval

✅ Wait for official approval letter ✅ Then execute contracts and payments

No exceptions—Enterprise Singapore strictly enforces this rule

Tip 5: Respond to Clarifications Immediately

Applications with fast clarification responses (1-3 days) get approved 35% faster than those with slow responses (7-14 days)

Check email daily during review period
Treat clarification requests as urgent priority
Provide complete responses (don’t create multiple back-and-forths)

Tip 6: Submit Claims Immediately After Go-Live

Don’t wait until the 6-month deadline:

Submit claims within 1-2 weeks of go-live
Accelerates funding receipt by 3-5 months
Reduces risk of missing deadline
Improves cash flow

Real Customer Success: NinjaVan Scales Operations with PSG-Funded Automation

NinjaVan, Southeast Asia’s leading logistics company, leveraged PSG Grant for comprehensive finance automation:

300% transaction growth handled without headcount increase: Scaled from 500 to 1,500+ monthly invoices
92% reduction in approval cycle time: From 5 days to 4 hours average
65% reduction in DSO: From 68 days to 24 days through automated collections
S$120,000 annual operational savings: Labor cost reduction plus error elimination
6-month payback: ROI achieved faster than projected

“PSG Grant’s 50% support made the business case straightforward. The automation has been transformational for our finance operations.” — CFO, NinjaVan

Our Verdict: Is the PSG Application Process Worth the Effort?

YES — Absolutely worth it for the S$25,000-60,000 funding you receive.

Why we recommend investing the time:

✅ Manageable complexity: With vendor support, application takes 3-5 hours total effort (spread over 1-2 weeks)

✅ High success rates: 87% average approval (95%+ with experienced vendors)

✅ Significant financial value: S$30,000-60,000 funding reduces implementation cost by 50%

✅ Streamlined process: Unified online portal eliminates paperwork and physical submissions

✅ Vendor support available: Experienced PSG vendors guide you through every step

Time investment breakdown:

Eligibility verification: 30 minutes
Vendor selection and quotations: 2-3 hours (spread over 1 week)
Document preparation: 1 hour
Application submission: 30 minutes
Responding to clarifications (if any): 30 minutes
Claims submission: 45 minutes
Total effort: 5-6 hours over 4-6 month period

ROI on time investment: S$30,000 grant funding ÷ 6 hours = S$5,000/hour value for your time spent on PSG application

Bottom line: The PSG application process is straightforward when you understand the steps and work with experienced vendors. The 5-6 hours of effort required delivers S$25,000-60,000 in government support—one of the highest-ROI administrative tasks any SME can undertake.

If your company meets PSG eligibility and needs accounting automation, applying for PSG Grant should be a top business priority.

Frequently Asked Questions (FAQs)

How long does the PSG Grant application process take?

The complete PSG Grant process takes 4-6 months from application to receiving funds: application submission (2-5 days), Enterprise Singapore review (4-8 weeks), implementation (6-12 weeks), claims submission (1-2 weeks), and grant disbursement (4-6 weeks after claims approval).

What documents do I need for PSG Grant application?

Required documents include: ACRA Business Profile (current within 14 days), vendor quotation with detailed cost breakdown, and CorpPass access. Additional documents may be requested: financial statements, shareholder register, group structure chart, or business justification.

Can I apply for PSG Grant myself or do I need a consultant?

You can apply yourself—no consultant required. However, working with experienced PSG-approved vendors like Peakflo who guide you through documentation and application significantly increases approval probability (95%+ vs. 87% average).

What is the approval rate for PSG Grant applications?

PSG Grant has an 87% overall approval rate according to Enterprise Singapore 2025 data. Applications using pre-approved vendors with complete documentation achieve 95%+ first-time approval rates.

When do I receive the PSG Grant money?

You receive PSG Grant disbursement after project completion and claims approval. Timeline: complete implementation, submit claims with proof of payment and implementation evidence, wait 4-6 weeks for Enterprise Singapore review, receive funds via GIRO to company bank account. You must pay full project cost upfront and claim grant reimbursement later.

Can I start implementation before PSG approval?

No—this is the #1 disqualifying mistake. You must NOT sign contracts, make payments, or start implementation before receiving official PSG approval letter from Enterprise Singapore. Any costs incurred before approval are not eligible for funding.

What happens if my PSG application is rejected?

You receive notification with rejection reason. Common reasons: company doesn’t meet eligibility, solution not suitable, costs incurred before approval, or incomplete information. Depending on reason, you may be able to address issues and reapply.

How much PSG support will I receive?

PSG provides up to 50% of qualifying costs (70% for enhanced support cases). Maximum support caps: S$15,000-30,000 for basic cloud accounting, S$30,000-45,000 for AP automation, S$45,000-60,000 for comprehensive AP + AR automation. Your approval letter specifies exact grant amount.

Can I apply for PSG Grant for multiple solutions?

Yes, but not for competing solutions in the same category (e.g., cannot claim PSG for both Xero and QuickBooks). You can apply for complementary solutions (e.g., Xero for accounting + Peakflo for AP/AR automation) as they serve different purposes.

What if implementation takes longer than the 6-month validity period?

You must request an extension from Enterprise Singapore before the validity period expires. Valid reasons: vendor delays, integration complexities, unforeseen technical issues. Proactive communication increases extension approval probability.

How long after go-live should I submit claims?

Submit claims immediately after go-live (within 1-2 weeks). While you have up to 6 months, faster submission accelerates funding receipt and reduces risk of missing deadline. Most SMEs receive disbursement 5-7 weeks after go-live when claims are submitted promptly.

Can I modify the solution scope after PSG approval?

Minor changes are typically acceptable (e.g., adding users, slight configuration adjustments). Material changes to scope or costs require re-approval from Enterprise Singapore. Consult your vendor and Enterprise Singapore before making significant changes.

What if the vendor increases pricing after PSG approval?

PSG support is locked at approved quotation amount. If vendor increases pricing, you’re responsible for the difference. Recommendation: Work with established PSG vendors who honor quoted pricing.

Do I need to provide financial statements for PSG application?

Not always required. Enterprise Singapore may request financial statements if: (1) company is established (>3 years old), (2) revenue is approaching S$100M size limit, or (3) high-value project (>S$100,000). Prepare them proactively if you fit these profiles.

Can startups apply for PSG Grant?

Yes, startups are eligible if they meet criteria: registered in Singapore, ≥30% local shareholding, within size limits, and in good financial standing. Even newly incorporated companies can apply immediately after registration.

Ready to apply for PSG Grant for accounting automation?

Peakflo is a PSG pre-approved vendor with 95%+ application approval rate, providing end-to-end support:

✅ Free PSG eligibility assessment
✅ Detailed quotation preparation
✅ Application document review and guidance
✅ Fast implementation (10-12 weeks typical)
✅ Claims submission assistance

Get started with PSG Grant:

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