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PIC

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bananapunks
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PIC

Postby bananapunks » Fri, 27 Jun 2014 10:18 am

Hey guys,
I'm sure most are aware of the PIC, which is a nice grant but comes with strings attached and requirements. I'm looking to buy 3d printers for my design company.
There's a lot of misinformation online as well. Would anyone be able to shed some light on the following issues? :

-there's a requirement to hire 3 local full time/ part time employees . Does part time count as full head count, or half? Would this depend on amount of hours worked?

-the minimum requirement is to be paying CPF contributions for the last month of the quarter for which you apply for PIC. However, just fulfilling the minimum is probably asking for grant rejection or audit, what's the realistic minimum employment period?

-Another requirement states the company must be actively doing business in Singapore. Since my company is brand new, do i need to show I've done some projects in Singapore already? How would IRAS determine it, by looking at my tax report perhaps?

-And lastly, is there a requirement of how much I need to pay the employees in order to qualify?

thanks in advance for any help

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Re: PIC

Postby taxico » Sat, 28 Jun 2014 1:15 am

bananapunks wrote:...-there's a requirement to hire 3 local full time/ part time employees . Does part time count as full head count, or half? Would this depend on amount of hours worked?


for MOM/quota purposes... 2 part timers = 1 full timer.

is your "3 local full/part-time employees" an IRAS requirement? (as spelled out in the document) your answer might be already in there.
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bananapunks
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Postby bananapunks » Sun, 29 Jun 2014 8:27 pm

I've done some research and called their hotline. The requirement is by IRAS, they do count part timer as 1 person in the headcount, however, only if they determine it's a 'legitimate employee'. In other words, you have to specify decent hours for their work and pay them over 200-300$ CPF.

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Postby taxico » Sun, 29 Jun 2014 9:21 pm

2-300 bucks in CPF is about 1.25-1.8k a month salary, i think...

at those rates, a low-wage employee can easily qualify as a full timer.

sorry, just rambling.
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Postby sundaymorningstaple » Sun, 29 Jun 2014 10:23 pm

Yeah, and a legitimate employee would be one who was probably working before the month before the PIC claim and continued to work after the pic claim was filed and received as a cash refund three months later. This would stop those who were trying to con the IRAS out of money and rightly so. The government doesn't like those who like to try to scam the system.

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Which 3d printer supplier

Postby kangks » Wed, 22 Oct 2014 7:46 pm

Hi,

Is your 3D printer supplier has a Singapore office? Mind share his/her contact?

Thank you
Richard

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jasonchongg
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Re: PIC

Postby jasonchongg » Tue, 19 May 2015 10:15 pm

Yes, I have experience with PIC before so here goes:
It would depend on your CPF payment (because the govt does not track your salary payments).

It's best if you have employed them for at least 1-3 months before even making the purchase + claim PIC. The government wants you to apply for PIC in spite of hiring your employees, and not you hiring employees just to claim PIC.

I would say if you pay your employees at least $1000 to $2000 and more, the relevant CPF for them should be suitable.

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Re: PIC

Postby sundaymorningstaple » Tue, 19 May 2015 11:07 pm

I can tell you from first hand experience, a startup company with no capital and only 2 full time and one part time employee can receive both PIC claims and the special cash disbursement for new startups as well. My wife started a cleaning company after her company had to stop paying her ad hoc. So she was given the contract and worked it for around 6 months with 2.5 staff and then went out and bought 17k worth of motorized cleaning equipment and received the payments a couple of weeks ago. No problem. Of course she still has her cleaning company and didn't buy the items for resale like some are trying to do.

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Re: PIC

Postby tammyeoyeo » Sat, 20 Jun 2015 5:27 pm

Don't bother trying unless: you can prove:

- the FULL cash transaction of the purchase with bank statements backing it up
- CPF payments for 3 employees (at least pay for 2-3 months before even making the purchase and claiming)
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sundaymorningstaple
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Re: PIC

Postby sundaymorningstaple » Sat, 20 Jun 2015 10:05 pm

Please go read the requirement for PIC. it's a minimum of 2.5 employees. Not three.

tic...toc...tic...toc...

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Re: PIC

Postby JimmyOng » Thu, 25 Jun 2015 12:58 pm

sundaymorningstaple wrote:Please go read the requirement for PIC. it's a minimum of 2.5 employees. Not three.

tic...toc...tic...toc...

o.0 is 2.5? But anyway at OP/TS, don't try it unless you've employed these ppl for some time already and can afford to pay whatever you want to buy in cash only and pay it first THEN claim. Don't try to pay in installments and expect PIC to go through or try stunts.
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jo555
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Re: PIC

Postby jo555 » Mon, 29 Jun 2015 10:11 am

:)

I've claimed mine :) :) you may PM me if you are still keen to claim PIC.

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Re: PIC

Postby Strong Eagle » Mon, 29 Jun 2015 10:32 am

jo555 wrote::)

I've claimed mine :) :) you may PM me if you are still keen to claim PIC.


Share your experiences in the forum so that all can benefit... otherwise, we might think you are trying to solicit business via PM's... and if that is the case, it's BUH BYE for you.

jo555
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Re: PIC

Postby jo555 » Mon, 29 Jun 2015 2:04 pm

I really don't give a damn if you or anyone here BUY BYE...it's your lost.

Really...this is no CIA or FBI top secret Trade Secret how to go about claiming PIC. I got a trustworthy agent and I do have a running bz with 3 employees. What's the big deal ...unless...u are trying to do the illegal way. I don't want to know.

I've already indent my CRM prog and will claim back to govt also.

think you can do the PIC yourself and make $ out of it...suggest don't ... Singapore is this small only.

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Re: PIC

Postby the lynx » Mon, 29 Jun 2015 2:12 pm

jo555 wrote:I really don't give a damn if you or anyone here BUY BYE...it's your lost.

Really...this is no CIA or FBI top secret Trade Secret how to go about claiming PIC. I got a trustworthy agent and I do have a running bz with 3 employees. What's the big deal ...unless...u are trying to do the illegal way. I don't want to know.

I've already indent my CRM prog and will claim back to govt also.

think you can do the PIC yourself and make $ out of it...suggest don't ... Singapore is this small only.


Err.. I think Strong Eagle meant that no advertising or soliciting, but in a long-winded way.


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