subscribe: Posts | Comments | Email

You are currently viewing: Eligibility

Eligibility

The qualifying criteria for the accounting software assistance scheme are as follows:

  1. All small and medium enterprises (SMEs) that are registered or incorporated in Singapore
  2. Your business qualifies as a SME if:
    • 30% – 100% of your shareholding is local
    • your group fixed assets are worth S$0 – S$15 million*
    • you have 0 – 200 employees (for enterprises in the non-manufacturing sector)*
  3. Your business is GST-registered and will remain GST-registered for 12 months or more after submission of the application for the subsidy, subject to the GST legislation.
  4. Your business currently does not use any accounting software or system.
  5. Your business has not applied for, obtained, or will be obtaining any other tax/ financial assistance (i.e. subsidy/grant) for accounting software or systems.
  6. The accounting software must be listed in the IRAS’ Accounting Software Register.
  7. The validity period for the accounting software assistance scheme is from July 1st, 2009 till March 31st, 2012.

*Computed on a group basis i.e. checking up to three levels for corporate shareholders holding 20% – 100% of the total shareholding in your company and one level down where your company owns 51% – 100% of shareholding in a subsidiary company.

What if my business does not meet any of the qualifying criteria or conditions above?

The objective of the Accounting Software Assistance Scheme is to help reduce the starting cost for SMEs who wish to computerize their accounting functions from their previous manual book-keeping. Hence, businesses will need to meet the qualifying criteria as highlighted to be eligible for the Accounting Software Assistance Scheme.

However, if you need further assistance, do feel free to contact us and we’ll assign our consultant to assist you.

Things to note

  • You can apply for the Accounting Software Assistance Scheme only once
  • Your application must reach us or our consultant before March 31st, 2012
  • You currently are not using any accounting software

Contact our consultant for more information and fuss-free applications.