SME may choose to implement either consultancy projects or simple solutions.
- 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
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 solutions under the supportable cost categories of
For consultancy projects, each voucher worth $5,000 may be redeemed for services from the participating service providers. An SME may apply for a maximum of two vouchers per capability area for supported services. SMEs which wish to further upgrade their capabilities in any of the areas may tap on the Capability Development Grant.
For implementation of simple solutions, each SME can apply up to a maximum of two vouchers to implement solutions out of the available eight vouchers for each SME. For this, SMEs may apply directly with SPRING to support the solutions, on a reimbursement basis. The reimbursement will be made directly to the SME.
The supportable cost categories include:
- Equipment & Hardware
- Technical & Hardware
- Professional Services
- Design & Renovation
A. Application Process
- Apply the ICV online by submitting our quotation and your company business profile via the ICV Online Portal. SME must include a primary email address and only the SME can submit and make the declaration in the application form.
- It will take 1-3 weeks to get the approval. Upon approval, you will receive an email notification through the primary email contact and inform us in order to proceed the MYOB.
B. Claim Submission
- Upon completion, SME mails the original, signed hardcopy of GIRO form to SPRING Singapore.
- Login to your ICV account to submit the invoice and receipt after complete installation.
This scheme is administered by SPRING Singapore and please click here for more information.
Brian Ng / Kenny Ng / Soon Chye / Johnny Kwok
361 Degree Consultancy Pte Ltd
Tel: 6515 7906 Fax: 6515 7908
Email : enquiry@sgvip4.noc401.com
Core Capabilities
Projects under Core Capabilities help businesses to prepare for growth and transformation by strengthening their business foundations. These go beyond basic functions such as sales and accounting.
Innovation and Productivity
Projects under Innovation and Productivity support companies that are exploring new areas of growth, or looking for ways to enhance efficiency. These include reviewing and redesigning of workflow and processes. Companies can also tap into automation and technology to enhance the efficiency of routine tasks.
Market Access
Projects under Market Access support businesses that are exploring to venture overseas. The EDG can help to defray some of the cost incurred when expanding into overseas markets.
*Note: As of 1 April 2020, all applications for EDG should include commitment to worker outcomes as part of the qualifying requirements. This will include wage increment, job creation, job redesigns or training for existing staff.
Qualifying project cost that is related to software and equipment, third party consultancy and internal manpower can be supported. As announced during the Supplementary Budget 2020, for the period 1 April 2020 to 31 December 2020, the maximum level of support will be enhanced to 80%. For businesses that have been very badly affected by the COVID-19 pandemic, the maximum level of support may even be raised to 90%, depending on a case-by-case review.
To qualify for EDG, companies must fulfil the following conditions: -Be registered and operating in Singapore -Have a minimum 30% local shareholding with Company’s Group annual sales turnover less than S$100 million, OR less than 200 employees -Be in a financially viable position to start and complete a project Should you require more information on the application process for the Enterprise Development Grant, please contact Woon at 9824 1643 or email woon@361dc.com.
