The Basics behind the Innovation & Capability Voucher As with everything else business-related in Singapore, the Innovation & Capability Voucher is as straightforward and as easy to obtain as possible. Put shortly, this voucher will give you S$5,000 to use with one of the business services providers that work with the Singaporean government. There are four major areas in which you can use the voucher: Innovation, Productivity, Human Resources and Financial Management. For each of these areas, there is a list of specialists available and who will be willing to help you in exchange for this voucher. If you want to apply for this voucher, then you should know that you have to meet some basic criteria, such as:
- Being physically present in Singapore
- Having your company incorporated in Singapore
- Having at least 30% of your shareholding to belong to locals
- Not have an annual sales number larger than S$100 million or
- Not have more than 200 employees
Further on, you will have to discuss with your chosen specialist and you will have to have him/her accept to work on your project. Then, you will have to apply online for the voucher and the officials will let you know if you are successful within 5 days at most. Also, at the end of the project, you have to hand in a report to the SPRING (and so has to do the professional with whom you worked).
What you can do with the Voucher
There is an enormous list of things for which you can use this voucher. For instance, if your area if improvement is Financial Management, you could reap all the benefits of having a professional firm analyze your business. Thus, you will be able to find where the gaps are and which the areas are in which you can improve your business (from the point of view of the Financial Management system). Furthermore, the firm will be able to assist you with the development of these areas. If you want to improve the Human Resource Management part of your business, then you can consult yourself with a firm specialized in one of the areas of HR. For instance, if you want to improve the pay programs and the compensation of your employees, there will be a firm to help you with this. Or, if you want to establish a process for the job applicants that will assess their suitability, there will be another firm to take care of this for you as well. Basically, whatever the need of your business may be when it comes to consultancy in specific areas, there will be at least one specialist to accept the voucher from the Singaporean government. All you have to do is to inform yourself correctly and to make the first steps. With the precious advice received from these professionals, you will be able to grow your business stronger and steadier.