Innovation & Capability Voucher (ICV Grant)
The Innovation & Capability Voucher (ICV) is a simple-to-apply, easy-to-use voucher valued at $5,000, designed to encourage Small and Medium Enterprises (SMEs) to take the first step towards serious business 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.
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 for (i) equipment & hardware, (ii) technical solutions & training, and (iii) design & renovation. 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.
IT Works can help you make the most out of the ICV program and utilize all eight of your vouchers.
All local SMEs can apply for ICV if they meet the following criteria:
They’re registered and operating in Singapore
They have a minimum of 30% local shareholding
They have group annual turnover of not more than $100 million OR group employment size of not more than 200 employees
How to apply?
Review the full list of supported services and the project scope (pdf, 537KB).
Once you have selected a service, contact a participating service provider to discuss the project. The service provider must agree to undertake the project before you can submit your application online.
Apply via the ICV Online Portal (Best viewed with Microsoft Internet Explorer 7.x, 8.x and 9.x). All applications will be processed within 6 weeks upon submission of all required documentations and successful applicants will be notified via email.
Upon project completion, both the SME applicant and service provider must endorse the project report before submission to SPRING.
Customers can choose to submit the ICV claim themselves or they can choose to have
IT Works submit the claim for them. Once the application has been approved, we’ll start building your business!
Productivity and Innovation Credit (PIC)
Options for Business
Under the PIC Scheme, SMEs can claim 60% cash rebate or 400% tax deduction for eligible qualifying activities until YA 2018. Qualifying activities include website development and technical infrastructure
The PIC Bonus is a dollar-for-dollar matching cash bonus on top of the PIC Scheme benefits, but is schedule to expire in 2015! This is the year to take full advantage of government programs that can accelerate your business by developing a web presence and investing in IT solutions.
Details on the PIC Bonus and Scheme can be found here.
iSprint (We are Pre Approved by IDA!)
iSprint grants are available for businesses looking to automate a manual process. There are currently two options:
1. Packaged Solutions
• Types of Project: Finance, Accounting, Human Resources, Payroll etc.
• Support level: Up to 50% of qualifying cost, capped at S$1,500 per packaged solution
• Qualifying costs: Software, Consultancy Services, Training
2. Customised Solutions
• Types of Project: Customer Relationship Management, Enterprise Resource Planning
• Support level: Up to 50% of qualifying costs, capped at S$10,000 per SME
• Qualifying costs: Consultancy services
All qualifying projects should lead to increases in efficiency, productivity, revenue, and value-add
Who is eligible?
To be eligible, a company must be purchasing new software to automate a process that is currently manual. Automating, existing software or projects do not qualify and IDA will reject the submission.
Market Readiness Assistance (MRA) Grant