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Innovation & Capability Voucher Scheme (ICV)

1. What is the Innovation & Capability Voucher Scheme (ICV)?

The Innovation & Capability Voucher (ICV) is a $5,000 voucher for SMEs to take the ir first step towards capability upgrading in four areas:

  • Innovation
  • Productivity
  • Human Resources
  • Financial Management

2. How different is ICV from other SPRING programmes?

SMEs are encouraged to take the first step towards capability upgrading bytapping the Innovation and Capability Voucher (IC V) scheme.SMEs which wish to further upgrade their capabilities after fully redeeming theICV vouchers may tap other programmes under SPRING.

3. Who can apply?

All SMEs which meet the criteria below are welcome to apply:

  • Located and registered in Singapore
  • At least 30% local shareholding
  • Group annual sales of not more than S$100 million, or group employment size of not more than 200 employees

Participating service providers are not allowed to apply for ICV.

4. How does ICV work?

The $5,000 ICV voucher can be used at the participating service providers for a range of supported services. Each voucher can be used to redeem for one supported service only.

Each project must be completed before a new application will be considered.

The duration for each project should not exceed six months.

Project fees which exceed the $5,000 value of the voucher will have to be borne by the applicant. Similarly, there will be no refund should the fees be less than $5,000.

GST is not covered under the ICV.

5. Can I request for an extension if I cannot complete the project within six months?

The voucher has a validity period of six months from the date of approval and

the project must be completed within that period. SMEs with valid reasons may

request for a one-time extension.

6. Can I get more than one ICV voucher at the same time?

No. Each ICV project has to be completed before a new application will be considered.

7. Where can I find more information?

Please visit www.spring.gov.sg/icv