(ICV) Innovation & Capability Voucher

SPRING Singapore ICV Grant

Taking the first steps towards capability development? You can now defray the cost of consultancy projects in the areas of human resources, financial management, innovation and productivity and also implement simple solutions to raise productivity and improve your business efficiency with the Innovation & Capability Voucher (ICV).

Innovation & Capability Voucher at a Glance

Innovation & Capability Voucher at a Glance


The Innovation & Capability Voucher (ICV) is a simple to apply, easy-to-use voucher valued at $5,000, to encourage SMEs to develop their business capabilities.

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 pre-scoped Integrated Solutions to improve business efficiency and productivity.

Each SME is entitled to a maximum of eight vouchers. Each ICV project must be completed before the submission of a new application. The duration for each project should not exceed six months.

Eligibility


SkillsFuture Mid-Career Enhanced Subsidy has been in effect since October 1, 2015. Singaporean Citizens aged 40 and above enjoy enhanced subsidies of up to 90% of course fees for WDA-supported certifiable courses.

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Innovation & Capability Voucher at a Glance

  • Integrated Solutions

  • Consultancy Projects

For Integrated Solutions projects, each voucher may be redeemed for an Integrated Solution from the participating Integrated Solution Providers (ISP). Each SME can apply up to a maximum of two vouchers to implement pre-scoped Integrated Solutions out of the available eight vouchers for each SME.

Created in collaboration with SMEs, industry partners and experts, Integrated Solutions are tried-and-tested, plug-and-play tools that help SMEs overcome common business challenges and achieve overall productivity gains. With Integrated Solutions, minimal effort is required from SMEs to design and test innovation and capability development solutions.

SMEs need to engage pre-qualified Integrated Solution Providers when applying for ICV support for any Integrated Solution. Download the list of Integrated Solutions Providers.

Operating costs, such as the following, will not be supported:

Government licensing and permit cost

Accounting/audit/legal fees

Set-up costs for new businesses e.g. Renovation for new outlets / purchase of operating items and etc.

Essential business costs i.e. Costs required to be incurred so that basic operations of the company can be carried out

Replacement cost due to damages, wear and tear and etc

How to apply?

Step 1:

Apply online via the ICV Online Portal

For each of the solutions or items to be purchased under the supportable cost categories, SMEs are required to describe in their online application how they are able to achieve at least one of the following outcomes :

  • increase in sales through innovation, and
  • improvement of productivity.

All applications will be processed within 6-8 weeks upon submission of all required documentations.

Documents Required for all Integrated Solutions Applications

The following information/documentation is required during application submission:

  • ACRA Business Profile dated within 6 months from the date of ICV application
  • Quotation of the listed solution(s) with detailed breakdown of each item and cost component :
    • Service Provider
    • Quantity
    • Item Cost
  • Functional specifications on the features of the solution / system

Step 2:

Once the application is approved, an email notification will be sent to the primary contact email address. The SME may proceed to purchase the approved item(s)/ solution(s) as indicated in the application outcome.

How to claim?

Step 1:

Submit claims online via the ICV Online Portal.

Documents/Information Required for all Integrated Solutions Claims
The following information/documentation is required during claim submission:

Once the application is approved, an email notification will be sent to the primary contact email address. The SME may proceed to purchase the approved item(s)/ solution(s) as indicated in the application outcome.

Once the application is approved, an email notification will be sent to the primary contact email address. The SME may proceed to purchase the approved item(s)/ solution(s) as indicated in the application outcome.

Required  Documents

  • Invoice with invoice date & invoice number :
    • Service Provider
    • Quantity
    • Item Cost
    • Mode of payment
  • Official receipt with receipt date, receipt number with service provider company chop/ Copy of cheque and bank statement (for cheque payment with no official receipt) / Credit card statement (for credit card payment with no official receipt)

The evaluation of claims and disbursement will be processed in 6-8 weeks upon submission of all required documentations, including a valid GIRO form. The funds will be reimbursed to your company via GIRO to your designated corporate bank account.



Claims must be submitted to SPRING via the ICV online portal within 6 months from the date of the approval of application, strictly no extension. All claims must be accompanied with a copy of payment receipt and/or other supporting documents to verify payment and delivery of equipment/service. Tax invoice is not sufficient as proof of payment.



Any incomplete claim submission and/or invalid GIRO form will result in a delay in the claim disbursement. Claims will only be processed upon submission of all required documents.

+65 6493 2150

Our friendly advisors will happy to help you.