ICV Voucher (Innovation & Capability Voucher)
With effect from 1 December 2014, the scope of supportable productivity solutions under the Innovation & Capability Voucher (ICV) will be refined to help SME adopt solutions that bring out holistic and significant productivity improvements to their operations.
The ICV Voucher is for Singapore SMEs only. Each SME can claim a maximum of two (2) ICV vouchers, each voucher valued at S$5,000 for implementing productivity solutions to improve business operations.
Once approved, the SME can proceed to purchase the solutions/items indicated in the approved application. Reimbursement will be made directly to the SMEs after Spring has validated the purchase documents.
Below listed are the supportable cost categories that can be used with ICV Voucher:
- Equipment & Hardware
- Technical solutions & Training
- Design & Renovation
- Payroll & HR System (Biometric Fingerprint, Face Recognition etc.)
- CRM System
For more information, please visit SPRING Singapore website:
Productivity and Innovation Credit (PIC)
The Inland Revenue Authority of Singapore (IRAS) provides local companies a generous subsidy for the purchase of qualifying equipment and software that can help improve business productivity and enhance innovation. Companies can choose between three types of subsidy (shown below):
- 40% Cash Payout Option
- 400% Tax Deduction/Allowances
- Tax Deferral Option
Most small local companies will find the Cash Payout option attractive, since the subsidy is in the form of cash rebate. However, for the larger companies, the 400% tax deduction option or the tax deferral option may be more attractive.
Full details of the PIC grant is available from IRAS website:
iSPRINT (Packaged Solutions)
Note: This scheme is valid for SAGE 300 ERP 2018.
- OpenSoft Time Control Module v8.5 – time and attendance system (scheme ended)
- SAGE 300 ERP 2018 – full accounting and inventory application (scheme extended)
The iSPRINT (Packaged Solutions) grant applies to a list of pre-approved solutions, both Off-the-Shelf and Pay-Per-Use. For example, OpenSoft Time Control Module v8.5 (a time attendance system) and SAGE 300 ERP are both pre-approved solutions under the iSprint (Packaged Solutions) grant scheme.
Qualified SMEs can claim up to 70% of the qualifying costs for the purchase of the first packaged solution listed under each solution category.
Please visit iSPRINT grant website for details: