If you are considering becoming a company owner in Singapore (or if you have already taken this step), then you probably know already the fact that Singapore is one of the best countries in the world for doing business. As a matter of fact, most of the people out there know the fact that this small island has become so powerful from an economic point of view precisely because it has managed to make itself attractive for investors and entrepreneurs from all over the world.
There are multiple benefits to incorporating a company in Singapore, even as a foreign entrepreneur. From the fact that you will pay very little taxes (especially if you compare them to those in the United States or in many other places around the world). Also, there is an entire set of laws that will protect your business and its privacy and that can be extremely important for a lot of you. Last, but certainly not least, there is a long list of funding opportunities you can take advantage of and one of the most commonly known ones (and one of the most advantageous ones as well is ICV).
What is ICV?
ICV is the abbreviation from “Innovation and Capability Voucher” and it is one of the many funding opportunities you can take advantage of in Singapore. Basically, what this voucher will do for you is offering you S$5,000 to invest in your company as long as this investment is made under certain circumstances.
Which are the Main Eligibility Criteria for ICV?
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).
Which are the Steps to Claiming ICV?
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.
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