SMEs in Singapore now can apply for ICV grants from Spring Singapore for the implementation of simple productivity solutions. Each SME can apply up to a maximum of two vouchers valued at $5,000 each.
Furthermore, there are no requirements for 3 CPF contributions, unlike the IRAS’ PIC Cash Payout scheme. To make it even sweeter, the grant is not taxable!
SMEs may apply directly with SPRING to support the productivity solutions, on a reimbursement basis. The reimbursement will be made directly to the SME. All purchases MUST be made only after the indicated solutions/ items have been approved in the application.
One important thing that needs to take noted now is that due to the overwhelming response, the processing time can be up to 3 weeks upon submission of all documentation. So, SMEs are well advised to plan early if they want to utilize this grant.
The supportable cost categories include :
1) Equipment & Hardware
2) Technical solutions & training
3) Design & Renovation
Get in touch with a professional business consultant in Singapore to know more about PIC and other grants in Singapore.
