You may heard of ICV and would surely wonder about it. In this blog, you will come across your solution and get to know ICV (Innovation and Capability Voucher).
ICV (Innovation and Capability Voucher) is a $5000 voucher which is given to small and medium size companies (SMEs) in Singapore to support them and to establish their organisation. The voucher offers the sufficient funds and resources to the enterprise to upgrade their business efficiency. Through ICV, the companies upgrade their production, human resources and financial management matters.
The companies may use the ICV to upgrade their core business operations through consultancy. Moreover, the ICV also supports SMEs to adopt and implement the solutions to improve the efficiency and productivity of the business.
It is beneficial for small and medium sized companies that can take up the benefits by applying through ICV portals, which takes 48 hours to complete the process.
But to apply for the ICV, the local SMEs need to meet the criteria:
- To register themselves in Singapore and operate the business in the location
- Must have a minimum of 30% shareholding
- Group annual turnover must not exceed $100 million OR the group employment size must not be more than 200 employees
The SMEs can apply for two vouchers for grabbing the benefits related to the four sectors:
Innovation
This covers technological development and technological assistance, upgrading the company’s product and services.
Human Resource
The particular segment features planning of manpower, recruitment, career management and learning and development assistance regarding employees.
Productivity
This includes implementation and attainment of ISO 9001 and HACCP software, assistance in productivity management etc.
Financial Management
This covers the services for financial planning such as budgets and capital management.
