InvoiceNow Grant
InvoiceNow is one of the e-invoicing method that facilitates the direct transmission of invoices in a structured digital format across accounting software. Operating on the open standard Peppol network, this new standard of invoicing will help both SMEs and Large Enterprise enjoy smoother Invoicing, faster digital payments, and greener environment.
To accelerate registrations and transaction thru InvoiceNow network, IMDA has introduced new grants for companies to apply.
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InvoiceNow Transaction Bonus (ITB)
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LEAD Connect Grant
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LEAD Transact Grant
Invoice Transaction Bonus (ITB)
Grant Amount: $200
Eligibility:
Applicable to all businesses on the InvoiceNow Network who have valid and active business UENs.
Criteria:
1. Business who send a total of 10 e-invoices on the network within 12 months from the 1st e-invoice will receive a bonus payout of $200.
- Send 1st e-invoice: receive $50
- Send remaining 9 e-invoices: receive another $150
2. Receive your bonus via PayNow Corporate, no claim is required.
LEAD Connect Grant
Grant Amount: $30,000
Eligibility:
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Applicable to all businesses on the InvoiceNow Network who have valid and active business UENs.
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Entity has own ERP/accounting solution which requires to connect to the InvoiceNow network.
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Entity has a minimum of 200 business counterparties (aggregate of suppliers and customers).
Criteria:
1. Entity interested in this grant is strongly encouraged to register your interest at www.go.gov.sg/register-leadgrant to receive help from IMDA in planning and meeting of the criteria.
2. Submit supporting document such as contract/agreement between the entity and your vendor(s) showing the work started after 1 Nov 2022, supplementary artefacts showing activities (e.g. data mapping, data transformation, system integration and testing), and list of business partner UENs.
3. IMDA may contact the entity to arrange for verification and demonstration of the system.
4. 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.
5. The start of work should be after 1st November 2022
6. Entity must have a valid PayNow Corporate.
LEAD Transact Grant
Grant Amount: $40,000
Eligibility:
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Applicable to all businesses on the InvoiceNow Network who have valid and active business UENs.
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Enntity who are able to meet the minimum transaction tier, (i.e. transacting with 25 UENs as buyer and/or 250 UENs as biller).
Criteria:
1. Entity interested in this grant is strongly encouraged to register your interest at www.go.gov.sg/register-leadgrant to receive help from IMDA in planning and meeting of the criteria.
2. Billers receiving LEAD Transact Grant will not be eligible for InvoiceNow Transaction Bonus. If the entity has received claim payout for InvoiceNow Transaction Bonus (ITB), the payout amount for LEAD Transact will be offset by the ITB amount.
3. Entity can receive incentives as both Buyer and Biller.
4. Funding period is 12 months starting from the first claim submission by the entity. The starting dates for the enterprise as Buyer and Biller can be different. The last claim must be made no later than 31st Oct 2024
5. Entity must have a valid PayNow Corporate.
Contact Us
If you are interested to learn more on the available grants and if your company is entitled to, you may reach out to us at +65 9720 6813 or email us at sales@apscomsolutions.com to find out more.