The Innovation & Capability Voucher (ICV) is a simple to apply, easy-to-use voucher valued at $5,000, to encourage SMEs to develop their business capabilities.

SMEs can use the voucher to upgrade and strengthen their core business operations through consultancy in the areas of innovation, productivity, human resources and financial management. Apart from consultancy, ICV also supports SMEs in the adoption and implementation of pre-scoped Integrated Solutions to improve business efficiency and productivity.

Each SME is entitled to a maximum of eight vouchers. Each ICV project must be completed before the submission of a new application. The duration for each project should not exceed six months.

Eligibility

All 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