Innovation & Capability Voucher (ICV) – $10K for Solutions!
Compared to the PIC, the ICV is a simple to apply, easy-to-use voucher valued at $5,000, to encourage SMEs to take their first step towards capability development. SMEs can use this voucher to upgrade and strengthen their core business operations through consultancy projects in the capability areas of innovation, productivity, human resources, and financial management.
SMEs can apply for ICV if they meet these criteria:
- Registered and operating in Singapore
- Have a minimum of 30% local shareholding
- Have annual group turnover of not more than $100 million OR group employment size of not more than 200 employees
Each SME is eligible to apply a total of 8 vouchers. For consultancy projects, an SME may apply for two vouchers per capability area and for productivity solutions, you can apply for two vouchers.
Each of the ICV vouchers must be utilized before the submission of the next application, and the duration of a project should not exceed six months.
PIC, which stands for Productivity and Innovation Credit scheme was introduced by the government in 2014. The scheme aims to assist firms make more substantial investments in transforming their business. Under the PIC scheme, businesses can enjoy 400% tax deduction/allowances, and/or 40% cash payout for investments made in any of the following six qualifying activities, within Years of Assessment (YAs) 2013 to 2018.
CDG stands for Capability Development Grant and is a grant to – as the name indicates – develop capabilities in an SME.
The grant can be used to develop a wide range of capabilities from Financial Management, Service Excellence, Business Excellence to Technology Innovation. Full information can be found here CDG. SME Software Solutions has built up valuable experience over the last couple of years working with SMEs on projects (partly) funded by a CDGrant. So on one hand we will support you with building your efficiency, effectiveness and productivity while at the same time we have the expertise to support your grant application and get the project funded with a CDGrant.