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.
All local SMEs can apply for ICV if they meet the following criteria:
- 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
For consultancy projects, each voucher 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.
Consultancy - Financial Management
- Planning & Budgeting
- Cash-flow & Working Capital Management
- Financial Assessment and Planning for Growth
List of Financial Management Service Providers (, 41KB, updated on 09 May 2016)
Project Scopes - Financial Management (, 41KB, updated on 1 Apr 2016)
Consultancy - Human Resources
- Recruitment & Selection
- Compensation & Benefits
- Performance Management
- Learning & Development
List of Human Resources Service Providers (, 43KB, updated on 09 May 2016)
Project Scopes - Human Resources (, 45KB, updated on 1 Apr 2016)
Consultancy - Innovation
- Technical Feasibility Study
- IP Business Diagnostic
- IP Legal Diagnostic
- Customer Insights
List of Innovation Service Providers (, 46KB, updated on 09 May 2016)
Project Scopes - Innovation (, 47KB, updated on 1 Apr 2016)
Consultancy - Productivity
- Quality Management - ISO 9001 : 2015
- Environmental Management - ISO 14001 : 2015
- Occupational Health & Safety Management - OHSAS 18001
- Business Diagnosis
- Service Improvement
List of Productivity Service Providers (, 48KB, updated on 09 May 2016)
Project Scopes - Productivity (, 56KB, updated on 1 Apr 2016)
How to apply?
Step 1: Review the list of supportable project scopes above.
Step 2: Once you have selected a service, contact one of the participating service providers to discuss the project. The service provider must agree to undertake the project before you can submit your application online.
Step 3: 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.
Step 4: Upon project completion, both the SME applicant and service provider must endorse the project report before submission to SPRING.
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.
Download the list of Integrated Solutions. (, 178KB, updated on 1 Apr 2016)
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. (, 66KB, updated on 1 Apr 2016)
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?
Apply online via the ICV Online Portal (Best viewed with Microsoft Internet Explorer 7.x, 8.x and 9.x).
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
- Item Cost
- Functional specifications on the features of the solution / system
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.
Note: As each solution/ item submitted in the list is subject to approval, please login to the ICV Online Portal to view the list of approved solution(s)/ item(s) prior to purchase.
How to claim?
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:
For first-time claim under Integrated Solutions :
After the online claim submission is completed, the SME is required to mail the original hardcopy GIRO form to SPRING, which is duly signed by the authorised personnel from the SME and endorsed by the bank. Reimbursement will only be made to a corporate bank account under the applicant company’s name.
Download the GIRO form (, 201KB).
To find out what is your corresponding bank and branch code, please refer to the ACH Bank & Branch Code Guide (, 281KB)..
Please mail the original hardcopy of the GIRO form to the address below :
SPRING Singapore, Financing & Incentive Schemes Mailbox,
Level 14, 1 Fusionopolis Walk,
South Tower, Solaris, Singapore 138628
Attn : Registry – ICV Claims Giro Form <ICV Application ID>
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.