According to the latest data, more than 16,000 companies received funding support from the government agency, SPRING Singapore (now Enterprise Singapore1), last year. The island’s enterprise development agency also gave out money for 16,700 projects.
This shows that local small and medium enterprises (SMEs) have access to a great opportunity to boost productivity and increase their competitiveness.
One scheme through which the government supports local businesses is the Innovation and Capability Voucher (ICV) programme.
Run by SPRING Singapore (now Enterprise Singapore1), it was recently streamlined to help SMEs grow their capabilities by providing better grants to engage consultants or implement solutions.
You can use the voucher, worth S$5,000, to strengthen your core business operations through consultancy in the areas of innovation, productivity, human resources and financial management.
Apart from consultancy, you can also get support with productivity solutions such as buying equipment or installing technical solutions to make your business more efficient.
Each company can apply for a maximum of eight vouchers. But you have to complete one ICV project first before submitting a new voucher application. Keep in mind that the duration for your project should not exceed six months.
To get an ICV voucher, you need to meet the following criteria:
- Your company has to be registered and operate in Singapore
- Your company has to have a minimum of 30% local shareholding
- Your company needs to have a group annual turnover of not more than S$100 million or group employment size of not more than 200 employees
Once accepted you can choose from the list of approved consultancy and integrated solution providers to help you with your business project. The supported categories are:
- Equipment and Hardware
- Technical solutions and Training
- Design and Renovation
- Payroll and HR Systems
- CRM Systems
These consultancy projects may be in the areas of Human Resources, Financial Management, Productivity, while integrated solution providers may include systems for
- Asset / Personnel Tracking and Identification
- Customer Relationship Management
- Enhanced Point-of-Sales (POS)
Read more here
1SPRING Singapore merged with IE Singapore to form Enterprise Singapore on 1 April 2018.