Innovative & Capability Voucher (ICV)

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 productivity solutions under the supportable cost categories of:
  • Equipment & Hardware
  • Technical Solutions & Training
  • Design & Renovation
Each ICV project must be completed before the submission of a new application. The duration for each project should not exceed six months.
Each SME is entitled to a maximum of eight (8) vouchers.

 

Eligibility

All local SMEs can apply for ICV if they meet the following criteria:
  • 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
Note:
  1. With effect from 12 September 2014, you may make payment for the solution(s) after you have submitted the application while it is still pending approval. However, the applicant will have to bear thefull costs if the application is rejected. This applies to both new applications and claims. Incurred expenses before an application will not be supported as this is considered a retrospective application.
  2. Operating costs such as salary, rental & utilities cost, raw materials costs, mandatory government licensing, permit cost, accounting, audit and legal fees are not supportable.
  3. Please note that set-up costs relating to setting up of basic business operations are not supported. The SME should have its basic business operations running before applying for the ICV.
icv

 

Facts about ICV

The Innovation & Capability Voucher (ICV) is a voucher worth $5,000 to improve business efficiency and productivity through consultancy projects or simple productivity solutions to bring about increase sales or increase productivity.

ICV is introduced to encourage SMEs to take the first step towards capability development.

SMEs can strength their businesses’ core operations through 3rd party consultancy projects in the areas of innovation, productivity, human resource, or financial management.

SMEs can also implement simple productivity solutions in the areas of equipment & hardware, technical solutions & training or design & renovation.

Each SME can apply for up to 8 vouchers worth $5,000 each to pay for consultancy projects or productivity solutions to increase sales and/or increase productivity for the businesses.

If the cost is more than $5,000, the SME is required to top up the additional amount. No refund will be given if the cost is lower than $5,000.

Each SME may be awarded up to 2 vouchers per capability area under Consultancy Projects and up to 2 vouchers for Productivity Solutions. However, the project must be completed within 6 months and only then the SME is also able to apply for the next voucher.

The SME is also required to describe in their application how they are able to achieve at least the increase sales through innovation or increase productivity through innovation.

For productivity solutions, SPRING Singapore will reimburse funds of up to $5,000 directly to the SME’s company bank account via GIRO. For consultancy projects, SPRING Singapore will make the payment of up to $5,000 to the selected service provider.

Colony can be claimed against PIC grants and ICV vouchers

Innovation and Capability Voucher for Small Medium Enterprises or the ICV Grants for SMEs

The Innovation and Capability Voucher ICV was created by the Singapore government and handled by Spring Singapore for Small Medium Enterprise or business owners or small businesses to grow their business.

As the name implies its about innovation and capability building. Many Small Medium Enterprises have already tapped on the Innovation and Capability Vouchers ICV to grow their businesses. There is an increasing trend in e-commerce in this region

Should companies use the Spring Singapore Innovation and Capability Voucher (ICV) or should they ignore the ICV grants given by the government?

You should never ignore these ICV grants or ICV vouchers. The Innovation and Capability Vouchers have helped so many Small Medium Enterprises to grow in these difficult times

What else?

Well other than the Innovation and Capability Vouchers ICV there are also the Enhanced Innovation and Capability Voucher schemes and this took effect from 2014. Again the aim of the Enhanced Innovation and Capability Voucher ICV is to help Small Medium Enterprises (SMEs)

These ICV vouchers are easy to use and take up. The Small Medium Enterprises (SMEs) are also encouraged to use the Integrated Solutions that will help their productivity.

The Spring Singapore Innovation and Capability Vouchers ICV , the Enhanced Innovation and Capability Vouchers and the ICV Integrated Productivity solutions are only the tip of the iceberg of helping Small Medium Enterprises grow their businesses

The Spring Singapore ICV Application process is also very straight forward. (You can even call up Spring Singapore about the ICV Vouchers and they will direct you from there)

The Innovation and Capability Voucher ICV grant program is to help SMEs boost their innovation and productivity with government grants

The scheme is run and managed by Spring Singapore and gives all SMEs in Singapore that meet the SME requirements a chance to boost and raise their productivity and grow their capabilities by providing grants to SMEs to engage consultants or implement solutions

SMEs can apply for up to 8 Eight $5000 vouchers to engage consultants in innovation, productivity, HR development, Finance Management or buy equipment, renovate their premises to install technical solutions

Of course there have been claims of fraudulent use of the Innovation and Capabilities Voucher ICV and now the system is tightened to prevent misuse of the ICV grants. There was also misuse of the Productivity & Innovation Scheme.

SMEs can still apply for the PIC and ICV grants if

  • 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

Do note that ICV claims, ICV Grants, ICV vouchers are to help SMEs. The ICV Innovation Capability Voucher scheme is to assist and not to be misused. If you are not clear about the ICV claims, do check with Spring Singapore on the ICV process and the ICV portals.

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