The Innovation and Capability Voucher (ICV) is a $5000 voucher that is awarded to small and medium enterprises (SMEs) to assist such enterprises and business in its operations and establishment. This voucher provides the sufficient amount of resources to specifically provide the enterprises the ability the afford upgrades that would substantially increase the business’s efficiency. Namely, the ICV enables the enterprises to be able to afford upgrading services in areas of Productivity, Human Resources and Financial Management. The ICV replaced the Innovation Voucher Scheme (IVS), but still retains the IVS benefits of technological efficiency that includes technological development services.
The vouchers can be applied for through various service providers that support the ICV scheme. Such service providers can be found on the SPRING website’s ICV section. Two vouchers can be applied for in each of these applications for each specific area of innovation and capability that is supported by the ICV. Additional assistance can be sought after from other programs that are available to SMEs. When the vouchers are used up, a project that covers the sectors that the ICV covers has to be completed before an enterprise can go about applying for another one.
SMEs can apply for the ICV through the ICV Online Portal, which will take two days to process. Successful applicants will receive an e-mail as a notification. However, it is imperative for SMEs to remember and to note that a report has to be submitted to the Standards, Productivity and Innovation Board (SPRING) after the completion of the project that was funded by the ICV.
Local enterprises have to meet 3 requirements before it is eligible to apply for the ICV. Firstly, they have to locally registered residents of Singapore. Secondly, they have to hold at least 30% of local shares. Lastly, the enterprise must be of a size that fits the characteristics of an SME. That is to say that annual sales must not amount to more than $100 million, or the enterprise must not have employed more than 200 employees.
The ICV supports specific areas of services and expertise to enable enterprises to be increasingly efficient and aid in their expansion and growth. Such specific areas include that of innovation, productivity, human resources and financial management. Each SME can apply for two vouchers for each of these four segments that are supported by the ICV scheme.
We offer Singapore company incorporation, consultancy services, auditing, taxation, immigration work visas & annual compliance services.
The innovation segment under the ICV covers technological development and technological assistance, including assistance in business design. This segment that the ICV covers includes the upgrading of the company’s products, goods and operations.
The Productivity segment includes the implementation and attainment of the ISO 9001 and HACCP software, assistance in productivity management and aid provided to help the enterprise towards service excellence.
3) Human Resources
The segment for Human Resources features services in the planning of manpower and recruitment, career management, and some learning and developmental assistance regarding employees. Basically, this segment focuses on the upgrading of the SME’s pool of human resources.
4) Financial Management
This financial segment that the ICV covers includes services for financial planning such as budgets, and capital management. It also features financial controls that can be implemented by the SMEs.
Innovation and Capability Voucher (ICV) FAQs
Which are the Steps to Claiming ICV?Tiwi2020-07-01T11:30:05+08:00
If you decide to apply for this type of voucher, then you should make sure to follow all the steps according to the official procedure. There are 3 main steps in claiming this voucher and although it may all seem a bit complicated at first, the truth is that the entire process is quite easy to follow (same as with everything business-related in Singapore, as a matter of fact).The first step you should take to claiming this voucher is to select a specific type of service out of the four main areas of development that have been previously mentioned. For example, if you want to improve your company’s human resource, you could use this voucher to pay for services that deal with performance management, with career development, with manpower planning, with compensation & benefits or with learning & development. Also, for all the other 3 main areas available, there will be multiple niches available from which you can choose. Make sure to check with the official list before you decide and to choose that niche that will benefit your company the most.The second step you should take to claiming this voucher is deciding on a particular service provider. Do bear in mind that you can use this voucher with a limited list of service providing companies that have accepted working with the Singaporean government in this program.
The last step of claiming the innovation voucher is consisted out of actually sending the online application. Most usually applicants receive a response between 2 and 5 days from the moment they apply for the voucher and the notification will be received by email only by those who are successful.Also, you should know that at the end of the project, both you and your service provider will have to submit an official project report that will show how the voucher was actually used and how the service offered helped your company grow stronger.
Which are the Main Eligibility Criteria for ICV?Tiwi2020-07-01T11:29:47+08:00
First of all, you should know that your company should be a small or medium enterprise in order to be eligible for this voucher. Also, you should know the fact that the voucher has to be used in one of the 4 areas of development established by the Singaporean government: innovation, financial management, productivity or human resources.
Also, you should know that you have to be physically present in Singapore and that your company should be registered there. Furthermore, you should have a minimum of 30% local shareholding and your group annual sales should not be of more than S$100,000 (or you should not have more than 200 employees)