PIC Claim Process
There are 2 options for businesses in Singapore to claim PIC grants.
1) 400% Tax Deduction – Enjoy 400% tax deduction on up to $400,000 of your investment spending per year in PIC approved services, including websites, employee training and coaching.
2) 160% Cash Payout – Up to $15,000 investment is matched by the PIC bonus, plus 60% PIC cash payout up to $9,000 maximum ($15,000 + $9,000 = $24,000 total maximum grant):
PIC Claim Examples
Example 1: Invest $5,000 and get $8,000 back from IRAS (includes $3,000 PIC cash payout)
Example 2: Invest $10,000 and get $16,000 back from IRAS (includes $6,000 PIC cash payout)
Example 3: Invest $15,000 and get $24,000 back from IRAS (includes $9,000 PIC cash payout)
The 160% PIC cash payout is a great option for SMEs that employ at least 3 local employees (Singapore Citizens or Permanent Residents with CPF contributions – part time or full time).
This is a big risk that most businesses face when trying to file the PIC application themselves, because they do not have previous experience and mistakes are easily made. The last thing you want, is to be stuck having paid thousands of dollars for a service that you will now not be reimbursed for, when you were told the service was PIC eligible.
The safest option is to hire a PIC consultant to help you file your claim correctly, to avoid any mistakes and delays. The good news is if you invest in one of our PIC approved services, we’ll manage all the paperwork for you for free. No cost, no mistakes, no hassle. We don’t need to charge you any fees for this service, because our cost is covered by the service providers we represent.
Our PIC experts have managed hundreds of applications successfully, and we are so confident in our ability that all PIC approved services that you buy from us come with a 100% full refund policy.
In short, that means if for any reason your PIC grant is not approved by IRAS, we’ll refund you the entire service fee. No questions asked. We don’t get paid unless we get results, so there’s no risk on you.
No problem. Our PIC consultants will review your case, and recommend a service that meets your criteria within your budget. You can also choose one of our services that offers low monthly payments with 0% financing, to maximise your PIC investment.
PIC claims are typically processed within 3 months by IRAS. If you choose to engage our services, we’ll update you throughout the process, and handle any questions and queries from IRAS on your behalf, relating to the PIC claim.
So you don’t have to worry about anything, it’s a totally hassle free experience.