The favourable provisions for digital adoption set out in the 2020 Budget denotes the government is actively encouraging more local businesses to move rapidly into the technology sphere.
The Government will provide a 50% matching grant of up to RM5,000 per company for the subscription of the above services. The matching grant will be worth RM500 million over 5 years, limited to the first 100,000 SMEs applying to upgrade their systems
• Remember to check that whether you are eligible for the grant
• 5 criterias as mentioned above
2.1 Appointing Non-TSP
• Refer to approved TSP list
• Check the list before appointing a TSP
2.2 Picking 3 Solutions
• Only pick 3 solutions
• Example: The TSP has 5 products that eligible under this grant, you can only choose 3 of them for the grant
• You still can pick all 5 solutions, but the 2 can’t be part of the grant you have to pay amount for the TSP
2.3 3rd Party Invoice
• Make sure the invoice provided by your selected TSP matches the company name on the TSP list
2.4 Shop Around
• Find a solution that best fit your need
• Don’t afraid to ask multiple different TSPs that offer the same solution and really know what you getting yourself into
2.5 Be Reasonable
• Just because you get the matching grant, doesn’t mean that you should get the most expensive plan with the TSP. As you might not need all these features from the TSP
• Do note that the invoices submitted can be up to 2 years worth of the service and the max grand amount you can receive is RM5000
3.1 Incomplete application
• One of the section in application requires information from the TSP. That includes the TSP bank account number
• So even you are not paying the TSP yet because you are waiting for the grant money.
• Make sure that you get this right, so that BSB can transfer the money to TSP when your grant approved.
3.2 Incomplete documentation
• Make sure everything on the list is provided, so that you don’t delay your application process
• You may not be rejected immediately if your documentation is not complete. but then you don’t want to spend time delaying the process going back and forth to the bank in order to get your documentation right.
• We will also provide a check list to tick off all documents that requires for the application. So make sure you leave your name and email.
3.3 Signed by non authorised person
• Make sure application documents are signed by same person registered in your company registration document.
4.1 Non-authorised submission
• When you heading to BSN branch for physical submission, make sure submission is done by authorised person only not anyone from the company. Because u may be turn away if you are not the authorised person from your company