A voucher is a form of check indicating a credit against future purchases or expenditure. The support the Singaporean government has for all business owners led to the innovation of the ICV voucher and the need for individuals to set up businesses in the country. The Innovation and Capability Voucher is a simple to apply, easy-to-use voucher to encourage SME (small and medium enterprise) valued at $5000 to develop their business capabilities. There are many benefits attached to using the ICV voucher amongst which is the opportunity to meet professional consultants who have knowledge of business management. To redeem this voucher easily, there are some recommended tips the applicants need to meet.
- Have some knowledge about the requirements needed for application
Having knowledge about the requirements for application is a prerequisite before redeeming the voucher. There is some information one must be familiar with before the voucher can be claimed from the government. The small and medium enterprises are entitled to meet some requirements, which include; all applicants business/company should be registered in Singapore. Local shareholding inside the business by the applicant should be at least 30%. The Annual sales made by business should not exceed 100 million in the local currency.
- Make improvements is some important areas of your business.
Innovation and Capability Voucher (ICV) supports productivity, innovation, financial and management. Making improvements in these areas is another important thing the applicant should do. The process of redeeming or claiming an ICV voucher will be faster when the applicant is able to create the best system for these areas mentioned above. The government is in the best position to render assistance to businesses who have improved in these aforementioned areas. Your business performance can be improved if these areas are worked on.