InvoiceNow Grants

InvoiceNow is an e-invoicing method that streamlines the direct transmission of invoices in a structured digital format across systems in Singapore. This new standard for invoicing, which runs on the open-standard Peppol network, will benefit both Small and Medium-Sized Enterprises (SMEs) and Large Enterprises (LEs) by enabling smoother invoicing, quicker payments, and a better method of environmental conservation.

To boost registrations and encourage transactions of businesses through the InvoiceNow network, IMDA has offered 3 new grants for companies to apply.

Grants Available

1. InvoiceNow Transaction Bonus (ITB)

Grant Amount: $200 per business
To qualify, the organisation needs to send a total of 10 e-invoices on the InvoiceNow network.

How to Apply?
No application is required. You will receive the bonus automatically based on monthly transaction reports submitted by Access Point providers.

Send first e-invoice: receive $50
Send remaining 9 e-invoices: receive another $150

Who can Apply?
Applicable to all businesses on the InvoiceNow network who have a valid and active business Unique Entity Number (UEN).

Criteria

Has to be completed within 12 months from the 1st e-invoice to receive the $200 bonus via PayNow Corporate.
UENs eligible for the grant include UENs of businesses and local companies registered with ACRA and entity-type UENs; exclude foreign military units, Government and Government-Aided schools, high commissions, consulates, international organizations registered with MFA, PA Services, Grassroot Units, Government agencies and bodies performing public duties.

2. LEAD Connect Grant

Grant Amount: $30,000 per enterprise
To qualify, the enterprise has to connect its own ERP/finance solution to the InvoiceNow network.

How to Apply?
No application is required. To receive payout, enterprises will be required to submit:

Contract/agreement between the enterprise and its vendor(s) including Access Point Providers showing the work started after 1 Nov 2022.
Supplementary artefacts showing activities in the checklist (e.g. data mapping, data transformation, system integration and testing).
List of active business partner UENs.

Who can Apply?
The grant is applicable to organisations who have a valid and active business Unique Entity Number (UEN).

Enterprise has a minimum of 200 business counterparties (aggregate of B2B customers and suppliers).

Criteria

Enterprises interested in this grant are strongly encouraged to register their interest at https://go.gov.sg/register-leadgrant to receive help from IMDA in planning and meeting of eligibility criteria.
IMDA may contact the enterprise to arrange for verification of claim and demonstration of the system.
Enterprises who complete integration of their own finance/ERP solution to the InvoiceNow network within 12 months from the start of the work, and before 31 Oct 2024.
The commencement of the implementation effort needs to be on or after 1 Nov 2022.
Enterprises which had received the LEAF Chain Leader grant claims will not be eligible.
Enterprise must have PayNow Corporate Account.
UENs eligible for the grant include UENs of businesses and local companies registered with ACRA and entity-type UENs. This excludes foreign military units; Government and Government-Aided schools; high commissions, consulates, international organizations registered with MFA; PA Services, Grassroot Units; Government agencies and bodies performing public duties.

3. LEAD Transact Grant

Grant Amount: up to $40,000 per enterprise
To qualify, the enterprise must make the following transactions with its customers/suppliers, based on the Transact Grant Disbursement Threshold as shown below:

Payout	Unique Business Counterparties Transacted
Payout	Buyer	Biller
$5,000	25	250
$10,000	50	500
$15,000	75	750
$20,000	100	1,000

How to Apply?
No application is required. To receive payout, enterprises will be required to submit:

• List of unique transacting counter parties.
• Transaction reports based on IMDA template.

Payment will be made based on actual transactions the enterprise made with its customers/suppliers.

Who can Apply?
The grant is applicable to organisations who have a valid and active business Unique Entity Number (UEN).

• Enterprise who is able to meet the minimum transaction tier, i.e. transacting with 25 business UENs as buyer or 250 business UENs as biller.

Criteria

However, enterprises interested in this grant are strongly encouraged to register their interest at https://go.gov.sg/register-leadgrant to receive help from IMDA in planning and meeting of the eligibility criteria.
Billers receiving LEAD Transact Grant will not be eligible for InvoiceNow Transaction Bonus (ITB).
Funding period is 12 months starting from the first claim submission by the enterprise. The last claim must be made no later than 31 Oct 2024. If the enterprise has received claim payout for InvoiceNow Transaction Bonus (ITB), the payout amount for LEAD Transact for biller will be offset by the ITB amount. Payment will be made based on actual transactions the enterprise made with its customers/suppliers, meeting the Transact Grant Disbursement Threshold as shown.
UENs eligible for the grant include UENs of businesses and local companies registered with ACRA and entity-type UENs. This excludes foreign military units, Government and Government-Aided schools; high commissions, consulates, international organizations registered with MFA; PA Services, Grassroot Units, Government agencies and bodies performing public duties.
Billers receiving LEAD Transact Grant will not be eligible for InvoiceNow Transaction Bonus (ITB).
Enterprise can receive incentives as buyer and/or biller.
Enterprises which have received LEAF Chain Leader grant will not be eligible.
Enterprise must have PayNow Corporate Account.

Contact Us

If you wish to find out which grant(s) that your company is entitled to, simply contact us at 6515 7906 or email us at enquiry@361dc.com for more information.

Core Capabilities

Projects under Core Capabilities help businesses to prepare for growth and transformation by strengthening their business foundations. These go beyond basic functions such as sales and accounting.

Innovation and Productivity

Projects under Innovation and Productivity support companies that are exploring new areas of growth, or looking for ways to enhance efficiency. These include reviewing and redesigning of workflow and processes. Companies can also tap into automation and technology to enhance the efficiency of routine tasks.

Market Access

Projects under Market Access support businesses that are exploring to venture overseas. The EDG can help to defray some of the cost incurred when expanding into overseas markets.

*Note: As of 1 April 2020, all applications for EDG should include commitment to worker outcomes as part of the qualifying requirements. This will include wage increment, job creation, job redesigns or training for existing staff.

WHAT CAN BE SUPPORTED?

Qualifying project cost that is related to software and equipment, third party consultancy and internal manpower can be supported. As announced during the Supplementary Budget 2020, for the period 1 April 2020 to 31 December 2020, the maximum level of support will be enhanced to 80%. For businesses that have been very badly affected by the COVID-19 pandemic, the maximum level of support may even be raised to 90%, depending on a case-by-case review.

WHO IS ELIGIBLE?

To qualify for EDG, companies must fulfil the following conditions: -Be registered and operating in Singapore -Have a minimum 30% local shareholding with Company’s Group annual sales turnover less than S$100 million, OR less than 200 employees -Be in a financially viable position to start and complete a project Should you require more information on the application process for the Enterprise Development Grant, please contact Woon at 9824 1643 or email woon@361dc.com.

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InvoiceNow Grants