The age of brick and mortar shops is slowly fading. If you’re not present on the internet and if you’re not constantly promoting and marketing your business in the online space then you might as well not exist. Most medium and large businesses build a website by default – it’s the cornerstone of all their operations.
However, small businesses are also following suit. According to research conducted by Clutch.com, over 54 % of small businesses own and operate a website and they note that they’ve seen significant ROI on it. It stands to reason – they are able to market their products to a wider base of customers, regardless of the fact that they might be operating in a small local area.
The 46 % of businesses which do not own a website cite the following reasons for that:
Website not relevant to the industry
High cost of developing and maintaining a website
Both reasons are completely invalid, especially in 2016. Every industry can benefit from having a website, either through increased visibility, content marketing, or online sales. There is a potential of turning your business into a small online e-commerce success simply by offering your goods and services through your website.
And that’s something you can’t really do if you don’t own a website!
The cost angle simply doesn’t hold water anymore and here is why. Building a website is no longer as difficult as it used to be. If you are technically savvy you can do it yourself to various degrees of success. Even if you have to hire a development company to do it for you the benefits far outweigh the cost! This is especially true now when the Inland Revenue Authority of Singapore (IRAS) is handing out Productivity and Innovation Credit grants (PIC grants) to businesses. Guess what – you can use a PIC grant for website development!
How to Qualify for a PIC Grant for Website Development
IRAS is making sure that businesses that are pushing the envelope, innovating, and making great strides in advancing are getting rewarded for their efforts. This is either by submitting for a cash rebate which can amount to a maximum of $400,000 during one year or by taking advantage of huge tax deductions that go up to 400% (totaling at maximum if $1.6 million per year). PIC grant for website development has to be for designs approved by the design Singapore council.
Cash payout conditions for the PIC grant for website development are the following:
Currently running and active business in Singapore
Qualifying expenses that fall under the PIC grant and approved by the design council
Minimum of 3 local employees – either Singapore citizens or permanent residents with CPF
Minimum expenditure is $400
Converting qualifying expenditure into cash is irreversible
Of course, you won’t be getting that amount of money for website development. Do you know why? Because the cost of designing, maintaining, and operating a website is usually much lower! The above objection of how websites are expensive is ridiculous!
Here’s the breakdown:
Building your web site by yourself - $ 200 to $ 1000
Custom built by a development company - $ 2000 – $10,000+
It’s all going to depend on what you’re after so here is a comprehensive list of expenses
you can expect when building a website. . This grant by IRAS is the boost that you’ve been waiting for in order to get online and start selling your products to a wider audience! Of course, it’s always advisable to hire a professional development company because you definitely want your web site to look immaculate. Plus, it’s easier to get approved for the grant if you are working with reputed designers.
is a web development company with over 10 years of experience in building websites and e-commerce shops. Contact us
for more information on PIC grant for website development and we’ll be happy to answer all your questions!