Innovation & Capability Voucher at a glance (ICV) Grant

Innovation & Capability Voucher (ICV) Grant

Grant Agency: SPRING Singapore

Commonly known as ICV Grant

Official Site: https://www.spring.gov.sg/Growing-Business/Voucher/Pages/innovation-capability-voucher.aspx


Grant Description

Aim(s):

  • To improve innovation, productivity, human resource and financial management for consultancy and integrated solutions projects by SMEs by supporting operating costs in the implementation and adoption of these projects.

The following operating costs are not supported:

  • Government licensing and permit costs
  • Accounting, audit or legal fees
  • Costs incurred from setting up new businesses
  • Essential business costs
  • Replacement costs due to damages, wear and tear

SMEs will receive $5000 vouchers where each SME is permitted to a maximum 8 vouchers.


Qualifying Criteria

Criteria for SMEs:

  • Singapore based company
  • Minimum 30% local shareholder
  • Turnover of less than $100 million
  • Employment size less than 200 employees

Criteria for projects: 

  • Each Project must be completed before submission of a new application
  • Each Project must be completed within 6 months

Application Guide

Step 1

Contact a participating service provider for approval of the project. The service provider should accept the project before online application

Step 2

Apply for your project online with the necessary documents required.

These are the documents required:

  • Updated ACRA business profile that is dated within 6 months from date of ICV application
  • Quotation of solution with a comprehensive breakdown of costs
  • Functional specifications on the features of solution/system

The application should take around 6 weeks to process. An email will be sent to you upon successful application

Step 3

When your project is completed, both the SME applicant and service provider needs to endorse the project before it can be submitted to SPRING

Claim guide

Step 1

Submit claim with following documents:

  • Invoice with invoice date and number
  • Official receipts/Copies of cheque and bank statement/Credit card statement

*For companies claiming for the first time, the SME needs to mail the completed and properly endorsed original hardcopy form to SPRING

Step 2

Funds will be reimbursed through GIRO to the corporate bank account. Claims need to be submitted within 6 months of approval. There should be proof of payment attached to the claims. However, tax invoices are not considered as proof of payment.


End Date of Grant

Tentatively none.