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Innovation Credit Voucher (ICV)

Funding Agency

Spring Singapore


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

What It Offers

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

How To Apply

First, apply for CorpPass Online. Watch video
Next, log in to ICV Online Portal

Productivity and Innovation Credit (PIC)

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

Funding Agency

Inland Revenue Authority of Singapore


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

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 40% of the expenditure incurred.

What It Offers

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.


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