Singapore’s government agency for digitalisation, the Infocomm Media Development Authority (IMDA), has once again launched a set of grants that encourage Singapore businesses to transition to digital processes.
IMDA’s first set of grants started in 2019 as a way to encourage businesses to obtain an InvoiceNow ID (Singapore’s brand for the Peppol ID and Peppol network). The grants were a huge success. Many businesses took notice, obtained their own Peppol ID and received a business grant in the process.
IMDA is now on track with their next set of grants, all focused on electronic invoicing.
Singapore’s grants in detail
IMDA introduced two grants on the 1st of November 2022; the InvoiceNow Transaction Bonus (ITB) for SMEs and the LEAD Connect & Transact for large businesses.
1. InvoiceNow Transaction Bonus (ITB) for SMEs
IMDA will provide SMEs with a $200 grant to transition to electronic invoicing. IMDA is encouraging electronic invoicing processes in order to help increase overall business efficiency.
What do SMEs have to do to receive their grant? IMDA’s scheme is simple and achievable.
SMEs must first be on the InvoiceNow network. After they have sent their first e-invoice via InvoiceNow, they will receive $50. Once they have sent a further 9 e-invoices in their first 12 months of network use, they will receive the remaining $150.
2. LEAD Connect & Transact grant for large businesses
IMDA’s second grant is the LEAD Connect & Transact grant of up to $70,000. This grant is for large businesses that connect and transact on InvoiceNow.
What is the purpose of this large grant? The Singapore government is promoting the benefits of electronic invoicing processes. Automated, digitalised invoicing processes improve business efficiency and help streamline financial ways of working. IMDA has provided detailed information about who can qualify for the grants and how they obtain the full $70,000. Explore the details on IMDA’s website.
Receive your grant with Unifiedpost Group
Singapore businesses can receive their grant using Banqup's e-invoicing solution. Banqup is the one digital tool for businesses to manage their e-invoicing, e-reporting and e-payments in one place. With Banqup, easily create, send and receive electronic invoices all on the InvoiceNow network. Take a look at getting started with our e-invoicing solution, and discover not only compliance, but the many benefits our e-invoicing service provides.
Or if you have questions about the grants and Singapore's e-invoicing processes, contact our Singapore team who will be on hand to help.
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