Leveraging PIC to Boost Your Business with Office Door Access System

The Singaporean economy is experiencing a surge of business innovation, with entrepreneurs and companies of all sizes contributing to its strength and competitiveness on the global stage. As businesses evolve to meet increasing demands for efficiency, security, and technological advancement, implementing automation solutions has become an essential part of their growth strategies. One such solution is the Office Door Access System, a modern security feature that ensures streamlined access control while enhancing workplace safety. Leveraging PIC to boost your business with an office door access system can provide significant financial benefits while improving operational efficiency.

Among the various grants available to support business innovation and efficiency, the Productivity and Innovation Credit (PIC) scheme stands out as one of the most well-known. The PIC aims to enhance business productivity by rewarding innovative approaches in conducting business operations. As businesses embrace new technologies and automation, they not only benefit from tax deductions but also play a vital role in positively impacting the community and the overall economy. Leveraging PIC to boost your business with an office door access system allows you to take advantage of government incentives while strengthening workplace security.

Understanding the Productivity and Innovation Credit (PIC) Scheme

Implemented in 2010 by the Inland Revenue Authority of Singapore (IRAS), the PIC program offers businesses the opportunity to receive cash payouts or tax deductions of up to 400% per year. Every business in Singapore is eligible for PIC tax deductions, provided they meet certain criteria and guidelines related to qualifying expenses. Leveraging PIC to boost your business with an office door access system can lead to significant cost savings and increased workplace efficiency.

Some of the qualifying expenditures under the PIC scheme include:

• Prescribed automation equipment
• Training for employees
• Research and development (R&D)
• Acquisition and registration of intellectual property
• Design and innovation expenditures

These incentives encourage businesses to invest in technology and automation, driving productivity gains while reducing operational costs. If your business is looking to enhance security and efficiency, an Office Door Access System can be a strategic investment—and, importantly, it qualifies for PIC benefits.

Can You Claim PIC for Your Office Door Access System?

A common question that many businesses have is: Can we claim PIC benefits for an office door access system?

The answer is yes! Leveraging PIC to boost your business with an office door access system means you can enjoy tax deductions or cash payouts while upgrading workplace security. Office door access systems fall under the category of prescribed automated systems, making them eligible for PIC benefits. Since these systems contribute to workplace automation and security, they align with PIC’s objective of promoting efficiency and technological advancements in business operations.

However, it is important to note that not all automation systems qualify for PIC. Some of the items that are explicitly excluded from the scheme include:

• Cars and motorcycles
• Refrigerators and furniture
• Renovation costs
• Uninterrupted power supply (UPS) systems
• CCTV and digital cameras
• Retail store-purchased air conditioning systems

PIC Eligibility Criteria for Your Office Door Access System

To successfully claim PIC benefits for your office door access system, your business must meet the following criteria:

1. The system must have been purchased and implemented within the relevant Year of Assessment (YA).
2. The business must have at least three local employees who are Singapore citizens or Permanent Residents (PRs).
3. The business must have incurred a minimum qualifying expenditure of S$55,000 within the assessment year.
4. The business must be actively operating in Singapore and registered with the Accounting and Corporate Regulatory Authority (ACRA).

If your business meets these requirements, you can file a PIC claim and enjoy substantial tax benefits or direct cash payouts, further maximizing the return on your investment. Leveraging PIC to boost your business with an office door access system ensures that you stay competitive while benefiting from government support.

Staying Compliant: Avoiding Fraudulent Claims

While the PIC scheme offers significant financial advantages, businesses must ensure that their claims are filed lawfully and accurately. The IRAS strictly enforces compliance and has taken serious action against false claims or misrepresentations. Businesses found guilty of making fraudulent claims may face severe penalties, fines, or even legal action.

To safeguard your business’s reputation and maintain compliance:

• Ensure that your claims are fully documented with invoices, receipts,