Innovation and Capability Voucher (ICV)

• Registered and operating in Singapore
• Have a minimum of 30% local shareholding
• Have group annual turnover of not more than $100 million or group employment size of not more than 200 employees

The Innovation & Capability Voucher (ICV) is a simple to apply, easy-to-use voucher valued at $5,000, to encourage SMEs to take their first step towards capability development. SMEs can use the voucher to upgrade and strengthen their core business operations through consultancy in the areas of innovation, productivity, human resources and financial management. Apart from consultancy, ICV also supports SMEs in the adoption and implementation of simple solutions to improve business efficiency and productivity. SMEs can use the ICV to implement solutions under the supportable cost categories of

SME may choose to implement either consultancy projects or simple solutions.

For consultancy projects, each voucher worth $5,000 may be redeemed for services from the participating service providers. An SME may apply for a maximum of two vouchers per capability area for supported services. SMEs which wish to further upgrade their capabilities in any of the areas may tap on the Capability Development Grant.

For implementation of simple solutions, each SME can apply up to a maximum of two vouchers to implement solutions out of the available eight vouchers for each SME. For this, SMEs may apply directly with SPRING to support the solutions, on a reimbursement basis. The reimbursement will be made directly to the SME.

The supportable cost categories include:

1. Equipment & Hardware
2. Technical & Hardware
3. Professional Services
4. Design & Renovation

A. Application Process

1. Apply the ICV online by submitting our quotation and your company business profile via the ICV Online Portal. SME must include a primary email address and only the SME can submit and make the declaration in the application form.
2. It will take 1-3 weeks to get the approval. Upon approval, you will receive an email notification through the primary email contact and inform us in order to proceed the MYOB.

B. Claim Submission

1. Upon completion, SME mails the original, signed hardcopy of GIRO form to SPRING Singapore.
2. Login to your ICV account to submit the invoice and receipt after complete installation.

This scheme is administered by SPRING Singapore and please click here for more information.

Brian Ng / Kenny Ng / Soon Chye / Johnny Kwok

361 Degree Consultancy Pte Ltd