Productivity and Innovation Credit

Grants

There are a number of Singapore Government supported grants for SMEs that are available to SMEs. These various grants are administered by different agencies include the Spring Singapore, IRAS, IDA, WDA, and IE Singapore. These grants support various growth areas and various growth stages of the SMEs in Singapore. At Water Weaver Solutions, we focus on delivering quality products in a very cost-effective manner that would benefit any SME in their areas of productivity and innovation.

Our premier product, So EZ To Order, which is a e-Procurement platform, is a pre-approved solutions, under Spring Singapore’s Innovation Credit Voucher (ICV) programme. This would mean that eligible local companies would be able to utilise the voucher valued at S$5,000 to implement the our e-procurement solution in their organisations. For the full details of ICV and the eligibility criteria, pls refer to Spring Singapore’s website.

Eligible Singapore SMEs could also utilise the IRAS Productivity and Innovation Credit (PIC) funding for some of the IT solutions. For the full details of PIC and the eligibility criteria, pls refer to IRAS website.

Innovation & Capability Voucher

Funding Agency

Spring Singapore

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

Description

Integrated Solutions are tried-and-tested, plug-and-play tools that help SMEs overcome common business challenges and achieve overall productivity gains.

Funding Support

  • Apply online via the ICV Online Portal
  • Once the application is approved, an email notification will be sent to the primary contact email address. The SME may proceed to purchase the approved item(s)/solution(s) as indicated in the application outcome.

The evaluation of claims and disbursement will be processed in 6 weeks upon submission of all required documentations, including a valid GIRO form. The funds will be reimbursed to your company via GIRO to your designated corporate bank account.

Productivity and Innovation Credit

Eligible company can apply for PIC funding. Please visit PIC website for details.

Funding Agency

Inland Revenue Authority of Singapore

Eligibility

All businesses, including sole proprietorships, partnerships, companies, registered branches and subsidiaries of a foreign parent or holding company, are eligible for PIC.

Description

Some of the eligible PIC programs include:

  • Information technology software including office system software and software used in connection with provision of any office automation service, enterprise resource planning, customer relationship management such as reservations, registration, queue management, ordering, billings and collections, inventory management, record management, knowledge management, human resource and payroll management, financial information and business management such as accounting and assets management, and personnel business travel request, information and management.
  • External training for employees to use recently purchased software.

Funding Support

  • PIC Scheme: 400% Tax Deductions on up to $400,000 of expenditure per year.
  • PIC Scheme: 400% Tax Deductions for SMEs on up to $600,000 of expenditure per year from Year of Assessments (YAs) 2015 to 2018.
  • PIC Cash Payout: Cash payout on up to $100,000 of expenditure per year at 60% of the expenditure incurred.

Disclaimer

For the latest ICV or PIC details and development please contact Spring ICV or IRAS PIC.

Capability Development Grant

Funding Agency

Spring Singapore

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

Description

The Capability Development Grant (CDG) is a financial assistance programme that aims to help SMEs defray up to 70% of qualifying costs*, relating to:

  • consultancy
  • manpower
  • training
  • certification
  • upgrading productivity
  • developing business capabilities for process improvement, product development and market access the supports a wide range of capability upgrading initiatives that fall under 10 supportable areas tailored to meet an SME’s current needs and stages of development. They range from raising service standards, adopting technology innovation, grooming business leaders to growing a global brand.

For more information please visit the CDG website

Disclaimer

For the latest ICV or PIC details and development please contact Spring ICV or IRAS PIC.

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