Leverage SPRING Singapore ICV Grant For Your Business!
In A Nutshell: ICV Voucher
SPRING Singapore ICV or the Innovation and Capability Voucher (ICV) is a simple to access, convenient and straightforward grant and each is valued at S$5,000 per voucher.
SMEs can use ICV grant in upgrading and strengthening their basic business processes in core areas such as Integrated Solutions, which, in turn, can be providers of Customer Relations Management System (CRM).
ICV Singapore: Who Are Eligible?
Technically, all local SMEs in Singapore can apply for an ICV grant if those SMEs meet the criteria set by SPRING Singapore ICV:
- Those SMEs applying should be registered and currently operating in Singapore;
- The minimum local shareholding of those SMEs is 30%;
- The annual turnover of the SME does not exceed $100 million OR has an employment size not exceeding 200 employees
How Can You Start Your ICV Claim For Integrated Solutions?
Every qualified SMEs under the ICV grant are allowed to use up to eight (8) ICV vouchers. SMEs availing of the ICV Singapore grant for projects under Integrated Solutions can avail of a maximum of two (2) vouchers. However, those qualified under each ICV-approved project must make sure that the project has been completed before applying for additional ICV voucher. Each project under the ICV grant should not exceed six (6) months.
Moreover, only projects undertaken by pre-qualified Integrated Solutions Provider (ISP) under the SPRING Singapore ICV can claim of the ICV voucher.
Here some 2 basic steps SMEs should do to avail of the ICV Voucher:
Step 1: SMEs availing of the ICV grant needs to apply online at the ICV Online Portal.
SMEs applying for an ICV grant are required to submit the following documents during the application process:
- The SME’s ACRA Business Profile accomplished within six (6) months before the ICV application;
- Quotation for the solution to be availed containing the following details:
- Name of the pre-qualified Service Provider;
- Quantity of the product to be availed
- Cost of the Item / product
- Functional specifications of the solution or system features to be availed
Step 2: Once the SME’s application has been approved by the SPRING Singapore ICV, an email notification will be sent stating your approval.
Those availing of the voucher under the supportable categories as specified in the SPRING ICV are required to express on their online application how the solution(s) selected will help them achieve any of the following:
- increase in sales through innovation, and
- improvement of productivity.
All online applications for an ICV grant will be processed by SPRING Singapore in six (6) to eight (8) weeks upon submission of all required documentations.
For any questions regarding the SPRING Singapore ICV Voucher you can contact us at RapidCloud Singapore.
2 Leng Kee Road #05-09 Thye Hong Centre Singapore 159086
(5 Mins Walk from Redhill MRT)
Tel: +65 31 000 111
Fax: +65 6475 0557