6 methods by PIC Scheme Grant to grow your salon business

Beauty and hair salon is a perfect business that gives opportunities in Singapore. There’re some clients that can spend their time by visiting their favorite salons. It’s not hard to expand your business in Singapore. There’s an interesting plan that is fashioned by the Govt. This scheme is known as PIC Scheme (Productivity and Innovation Credit). This scheme allows us to get cash payout and tax deduction for some business activities.  

You must know that PIC scheme grant from Inland Revenue Authority of Singapore can help us to grow the salon efficiently.     

This scheme can cover many areas to provide the incentives. While system is also incredible for such shops, so that customer can get benefits. The beginning of such grant promotes constant improvement of shops meaning that client gets the best available services. However this grant may revolutionize areas and industries such as development and research, intellectual property, IT and external trading. If you’re finding any perfect and innovative way then this is proper way. This business also plays an important role in economy. It is like a meeting point between traditional sector and customers. It’s also vital for Govt. to reform what businesses must strive uphold as main part so the PIC scheme grant is clever option to manage it.  

Find below some important tips and guidelines to improve your business. 

1.   Get suitable trademark for salon 

This is the main that you may choose by getting the IRAS PIC Scheme for salon business. Trademark is also vital that you must have for your business growth. It may prevent some other competitors to utilize this new trademark for business purpose. When you’ll create this trademark for business, you’re able to maintain for PIC Scheme. This action is also managed under the IRAS system. It is suggested that you should hire lawyers to help you complete all procedures properly.     

2.  Buy some good quality hair care goods  

Mostly salon owners want to buy some good quality hair products for their clients. Finding the best option is not hard thing to manage it. But you’ve to do some development and research tasks to create the good items for your customers. You must not worry about the pricing of this task as you may choose PIC scheme for this business tasks.  

3.  Register some important hair care behaviors to get property rights   

Many salons have some specific hair treatments products. These treatments must be registered to get the good property rights.  A purchase of property rights are managed under this PIC scheme.Your shop/salon may get benefits with this activity. This is another main reason why you want to apply for PIC-Scheme in your salon. You must know the special treatments which you’ve for your special clients. It’s also very important to avoid such competitors to use these treatment

4.  Use latest and high quality technology to deal with the appointment system

Some salons need proper technology to handle an appointment system. It’s also considered as the important thing to create the perfect salon. Most customers book their appointment before they arrive to their shop. You must maximize the PIC scheme benefits by creating perfect information system for salon. It’s also suggested to create a proper website. You may promote it by using social media websites properly.  

5.  Also appoint skilled and talented staff 

You may choose the talented local workers easily. When you need to get the PIC scheme grant, you must have 3 employees. You must maximize the knowledge and skills from these workers. It’s also suggested that you provide them special training sessions so they can get better knowledge. These courses will improve their skills. All programs can be managed by PIC scheme by IRAS. Once they’ll get these skills they would serve people properly. The use of quality design approach and CSS across devices can create unique look and feel. That will give positive impact.  The good design can be improved by enabling rank of website on different search engines. You should upload salon related real contents on the web. The contents should be updated on regular basis. Don’t upload false information.     

6. Decrease your costs

Mostly CEO and owners of business can reduce their rates effectively. If you need to grow this business, you’ll manage the financial condition properly. When you need this PIC scheme, you’ll get all benefits like tax deductions. It means that you may reduce taxes prices annually. You will also get cash pay-out option with help of this PIC scheme. This can be used to purchase some other things to successfully improve the performance of salon. 

When you’ll read this article, you’ll understand and know the benefits from this PIC scheme. This scheme is very useful and effective for every businessman. Nowadays, Singapore’s Govt. is planning to promote owners to adopt this to improve their business. When you want to grow your business quickly, then it would be useful. 

Thus, Pic Bonus Singapore has increased the growth of private companies to become multi-national companies. Understanding this lack of capital is main obstacle to begin new business. This country has also offered tax incentives, loans, grants, non-financial assistance and equity financing to assist existing and new entrepreneurs. Some SME has used this program to create new item, improve process, venture abroad and protection of intellectual property etc.

In 2011, this scheme was further improved in Singapore to provide tax reimbursement for investments by some business men with broad range of actions. These benefits will be effective from 2011-2015. Now, every business owner can get allowances and deduction of 400% (expenses) instead of 150% allowances and tax deduction with tax rules.   

PIC Scheme grants are also applicable on all types of business. This funding scheme has some rules including disbursement ways and qualifying criteria. Normally, this grant is designed to handle the proportion of investment policies. Now management will have wait for other capitals.  

You can also check the website www.pic-scheme.com for more details about this scheme.

 

Social Transformation Budget in PIC Scheme

The over-riding subject of Singapore budget is making a real difference to shared spending. However, it’s about striking the accurate balance amount. 

In this year, budget puts emphasis on transformation; however this time the full impact is planned to be as much communal as economic. Now, the Govt. is also introducing design to raise business innovation and productivity. This is budget that strengthens common Singaporeans with commendable attention on funding to increase collective spending. Some Singaporean organizations are just starting transformation to innovation-base growth and productivity driven growth.   

It’s good to see support events like the innovation PIC scheme extended and enhanced for 3 years until 2018. No doubt, benefit like the PIC Scheme is not a ‘silver bullet’ to drive behavior however it’s important   that they’re available for long term to get traction and support. These efforts are required to become more innovative and productive. 

Furthermore, bid to increase productivity, the Govt. has also announced the PIC scheme which has been planned for medium and small sized companies with large investments for revamping this business. It’s a simple indication that this budget is used for quality of business in terms of deeper abilities and innovations.      

While the extension of development(R/D) and research tax incentive for next10 years to show that Govt. has replied to calls by traders for long term help them with their innovative support and efforts.  

The comprehensive timeframe would profit in business to improve and build up their present services and products. It’s a sign that management appreciates such actions.   

Towards a good society:-

Increased social spending is a feature of past budget because Govt. tries to grow the income gap. This is not an exception with improved and increased subsidies for school going children, raised central funds contributions for employees. A generous USD 8 billion package of healthcare profits has been designed to the honor of 1st generation of Singaporeans who can build the main state. 

There is ‘close link’ to the Govt.’s productivity focused on economic strategies with the increased social spending planned to drive. Because, any new spending initiative gets inquiries about how they’ll be supported. 

However the Govt. have used tax revenue to fund this operating revenue, spending can’t be sufficient to manage this increase in future. The competitors of that area have planned to reduce the corporate tax rate (for instance, Malaysia). It can be detrimental to Singapore‘s competitiveness to raise the tax rate at the costs of fund collection.

In the meantime, increasing individual GST and taxes is also based on political costs the management has to calculate properly. Some can argue that management must, by rule, open all possible innovative methods to handle these issues thus to keep social spending all sustainable while considering other non-tax revenue basis to fund these social program.   

Mechanized to growth  

A hard message is also contained for some industries to measure the high level policies to press-on with policies to change these corporations to increase the productivity.  This evolution can’t have any important impact on SME- with these companies being forced to down-size, change business, all on the name of revitalizing the SME prospect. This message is simple; they’ve no option to rebuild and to adjust the new economic environment. 

Supporting improvement

At the same time, the extension and enhancement of the pic bonus Singapore raises some interesting questions about just how beneficial it has proved to be as a measure to drive innovations. Recent research has also shown that management should improve productivity for effective business in Singapore. But the results are weaker in the innovative area- led growth statistics because taking up of PIC-scheme is shown that less than 3% of PIC-scheme has claims involved into some RD activate.    

It can be relevant to think whether any cause to take up is the un-certain interpretation of RD tax incentive scheme. The query of type of innovation is planned to be incentivized under the pic-scheme.  First of all, it should be very clear about innovation and strategies. It’s also important for both associated taxpayers and tax authorities. 

 

Because of this non alignment, there’s confusion about the policies of encouraging pervasive creativity in Singapore. Especially for SME and other services areas and the methods of tax-incentives are administered. We’re entering into the next section of growing business. It’s suitable that we’ve more clarity about the tax purpose and innovations.   

Finally, when business can’t view that there’s focused application industry for this scheme that is reliable with policies. The incentive will increase with its objective.  This is very critical point; we have to review the procedure of increasing the revenue in Singapore companies. 

Growth of S-M-Es

Moreover, noticeable is that focus on budget is done by challenging resources to SME to address the particular challenges in this industry. The incentive schemes and slew of funding is varied from encouraging the acceptance of I-C-T investment to help rebuilding of construction industries.  

With the improvements to financial schemes and global program this budget will boost your company and it has ability to do trade in global markets as well. It’s important stage, given the economic integration facilitated by ASEAN-Economic community- 2015 plan.  

However, some will argue about this budget but they will be few in number.  Singapore has to face all challenges as well as growth targets.  Singapore Budget must recognize the social and economic improvements required to go hand-in-hand for important long term progress. This is only main and important step which is provided by the executed and effective communications. 

Productivity & Innovation Credit (PIC) Scheme

• USD 400,000 of spending annually/ activity is combined across 2016-2018

• PIC payback is also allowed on training operating cost/individuals

PIC+ Scheme

• Applicable to an entity and SMEs (partnership, sole-proprietorship and company) succeed as an S-M-E when its yearly income is not more than USD 100 million. This industry will also evaluate it. From year 2015-2018
• Max USD 600,000 of spending annually/activity or combined costs of USD 1.2 million/ activity for 2013-2015.
• Similarly 6 qualifying activities like PIC-SCHEME

Mythologies on I.R.A.S PIC Scheme Bonus for your business growth

The PIC bonus helps commerce pay rising operating expenses like rentals and wages which encourages business to undertake developments in innovation and productivity. It’s determined by amount of expenditure business incur on methodologies and PIC Scheme qualifying activities.   Statistics declare that these companies in Singapore have been using government’s grants and subsidies. This is to increase the productivity that is good for every business.   But, Singapore-tax agencies are concerned of claims made by these companies on these methodologies or schemes. 

After assessment of 7 years that took place in 2013-2015, the businesses that can invest under some terms and qualify according to Innovation PIC Scheme and productivity.  The revenue authority in Singapore provides the acceptance of approaches that is based on rules to characterize the different payments of taxes.  These rules include software payment and instructions using the digitized goods.  It has many benefits. For example they also give the PIC bonus that gives 1 dollar per matching. It’s bonus for PYSs from 2013-15. It’s subject of total caps of USD 15000 if all of these are combined together. It is mentioned on top of current value that is consists on allowances and taxes (400%). This is an addition to expense of 60% that is under the PIC scheme.  In order to get benefits from this scheme it’s important to make claim on allowances and taxes or PIC-payout. It’s important to know that PIC is assessable. 

 

You must take benefits of PIC Bonus Singapore now, but there is some requirements for IRAS PIC-bonus that you want to know, as they’re considered to be legends. 

There’re some rules mentioned by government on how you must use this PIC Bonus Singapore. You’ve at liberty to use it in any way you like since no boundaries are mentioned.  

Some of these Rules:-

There’re no workers restrictions that’re not determined when finding the total number of workers who can get PIC bonus. This is not truth as both full and part time employee is considered.  However they’re permanent residents or citizens of Singapore. 

 Its requirements that you make C-P-F contribution to workers in your business on yearly basis. This is done after proper assessments. It’s only myth as these contributions don’t require to be made on back to back terms on consecutive months. If you will qualify for PIC-bonus, business should have CPF on payroll of min of 3 workers. 

You should claim the PIC-bonus at the same that you’re starting new business. In order to qualify for I.R.A.S PIC-bonus you should same business operations. However, it is important that you must be in this operation for its establishment.  

You may claim this bonus anytime when you’ve paid USD 5000 investment on innovation and productivity. You can follow claims for PIC bonus after performing all operations. Only businesses that are in process may get this bonus when it’s processed by IRAS.  

It’s good idea for us to claim this business when we’ve good business in Singapore. It’ll help us to defray the costs which are always on rise. It includes wages and rentals which discourages businesses from making changes in their productivity.  

However before making any claim you should get all relevant details. It’ll assist you separate the facts from mythologies. Thus, it’s defined for growth of our business. This is with realization that some small Singapore units can’t have the required amount to compete and expand fairly that Govt. has to step-in. For such companies making investment in investment is the possible way of increasing productivity. Just focus on how your company spends on research, innovations, automations, staff training and development.  Make sure, they’ve to pay taxes to Govt, innovation and productivity. PIC was announced in 2011. This is to encourage business in wide range with maximum activities.  

The productive industry is always changing. It’s important to think about this change, for wisely managed organization, it’s important to find out customer’s trend. This will provide you chance to develop services in any direction.   You can select any option that can look after your projects. This will convert your expenses to non-taxable costs. For instance, when your annual income is USD 12000 but you’ll spend USD 2000/year. You may apply for cash of USD 600. 

Automation is a technology that is also always changing. Do you want to buy any automation device or computers? Then the PIC scheme is the right choice for you. This will cover all needs and requirements (Consultation-fee, warranty-fee and other costs) of your scheme. We can get potential business and profit with the help of these schemes.  This can be obtained after proper training of employees. Your business needs new and unique features in market. It can vary from patents, designs, trademarks and plant.  When you’re planning about it then know that PIC scheme is like your rescue. 

Mostly companies want to purchase patents or copyrights for use of special designs of products. Now more companies can’t have the amount to facilitate, makes sense of I.R.A.S to enter with this methodology. Its good way to succeed in the business, but if your design is approval and accepted. 

Finally you’ll wonder about types of firms can be catered by this methodology.  It caters for sole proprietorships, partnerships and some companies. One important thing you should know that people can be excluded from this list due to low income generating. There must be no issue on it as PIC Scheme is good change. For those who wants to expand their company and increase productivity. This can be perfect change.  

With the IRAS PIC Grant some companies would continue to improve their ability of manufacturing. Thus, business is growing rapidly in Singapore. Their companies are offering many products. They’ve manufactured such product which they can also introduce in the international market. 

Hence, Increase your sales by increasing the sales team. This will make happier and productive work environment for everyone. This is time to automate your business.