CriteriaAll 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

Supportable CategoriesRefer to the table below for more details on the supportable cost categories to support your SME’s

capability developmental needs :

 Supportable Cost

Categories

Supportable Items

Equipment & Hardware

E.g. automated machinery, barcode scanner and etc.

Technical Solutions

E.g. software such as manpower scheduling system, simulation and etc.

Professional Services

3rd-party training arising from ICV consultancy project that SME has completed* e.g. training of employees to implement financial processes or policies

Design & Renovation

Renovation works: e.g. designing of floor plan/layout and renovation works to maximise use of space

* Excludes consultancy services

Note : 1) All purchases must be made only after the indicated solutions/ items have been approved in the application. 2) Operating costs such as salary, rental, utilities cost, raw materials costs, mandatory government licensing, permit cost, accounting, audit and legal fees are not supportable.3) Please note that set-up costs relating to setting up of basic business operations are not supported. The SME should have its basic business operations running before applying for the ICV.

How to apply?Step 1

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 it is able to achieve at least one of the following

outcomes of increase in sales, improvement of efficiency and reduction of waste.

In your application, please provide the following information on how the listed productivity solutions

are able to help achieve the stated expected outcomes :

1. What are the current problems faced by your company and how are the current

processes being carried out?

2. How will the listed productivity solution(s) help solve the problem or improve current

processes and achieve the stated expected outcomes?

All applications will be processed within 3 weeks upon submission of all required documentations.

Documents Required for Productivity Solutions Applications 

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

Training Schedule(s), Name of Trainer(s) and Name of Trainee(s) (For Professional

Services training-related solutions)

Photograph of pre-renovation premises (For Design & Renovation solutions)

Successful applicants will be notified via email.

Step 2

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. 

Step 3

For submission of claims on the purchased item(s)/ solution(s), please submit online via the ICV

Online Portal.

For first-time claim under Productivity Solutions :

After the online claim submission is completed, the SME is required to mail theoriginal 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. 

The GIRO form can be downloaded here.

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> 

Step 4

The evaluation of claims and disbursement will be processed in 2 – 4 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.

Note : 

1. Claims must reach SPRING within 6 months from the date of the approval of application, strictly no

extension.

2. All claims must be accompanied with a copy of receipt and/or other supporting documents to verify

payment of equipment/service. Tax invoice is not sufficient as proof of payment.

How many vouchers can you apply?

7. Is there a restriction on the number of Innovation & Capability Voucher (ICV)

vouchers that I can apply for?

Each SME is entitled to a maximum of eight ICV vouchers.

For consultancy projects, each SME can only apply for a maximum of two vouchers

per capability area. There are four capability areas in total – Innovation,

Productivity, Human Resources and Financial Management.

For productivity solutions, each SME can apply up to a maximum of two vouchers

under the supportable cost categories.

8. Can I utilise more than one voucher at any given time?

Each ICV voucher must be utilised and completed before a new application will be

considered.