Now you can afford the consultancy projects in the sphere of financial management, human resources and innovation and productivity as well as deploy simple solutions to increase productivity and enhance your company’s efficiency with an ICV grant.
The innovation and Capability Voucher (ICV) program, established in June 2012, helps SMEs to take their first baby steps in innovation and capability building. The S$5,000 bonus voucher can be utilized to engage consultancy services from prepared services in four core areas of business skills: Productivity, Innovation, Financial Management and Human Resources Development. Each SME ay request a maximum of two vouchers in each region, to at most eight vouchers for the plan period.
SMEs can utilize the voucher to update and reinforce their core business activities through consultation in the areas of productivity, innovation, financial management and human resources. In addition to consultancy, the ICV grant also aids SMEs in the acceptance and implementation of integrated pre-set solutions to improve business productivity and efficiency.
Each SME is allowed at most eight coupons. Every ICV project must be finished before submitting a new application. The length of each project should not go beyond six months.
Any local SMEs are qualified for the ICV grant if they fulfil the below requirements:
- You should have registered and be present in Singapore
- You should have a minimum of 30% of local shareholding
- You should also have an annual turnover not exceeding $100 million or employment group size not exceeding 200 employees.
In every consultancy project, each voucher can be exchanged for services involving the participation of service providers. An SME may request at most two coupons per capability area for the services that are supported. SMEs wishing to further improve their capabilities in all areas can benefit totally from the Capability development grant.