iSPRINT - Technology Improvement Assistance Scheme
iSPRINT (Increase SME Productivity with Infocomm Adoption & Transformation) is a project of the Infocomm Development Authority which encourages technological improvements in Singapore SMEs.
This is done through grants which subsidize the cost of first-time computerization of processes by SMEs. These may come in the form of packaged solutions (such as for accounting and payroll) or more complex customized solutions (for areas such as customer relationship management and supply chain management).
When a grant is approved by the IDA, it will reimburse the company for up to 70% of the qualifying cost. The grant may be for pre-packaged solutions with products and vendors already specified by the IDA under the following categories:
- Accounting & Payroll
- Customer Relationship Management
- Enterprise Resource PlanningEvents Management
- Fleet ManagementHealthcare Management
- Human Resources
- Integrated Point-of-Sales
- PayrollResource Management
- Standalone Point-of-Sales
Companies may also avail of customized solutions, which require approval by the IDA. For customized solutions, grant amount will be capped at S$20,000. In addition, integrated customized solutions (which need further development/re-engineering in the future) are not necessarily capped but will be subject to review and approval by IDA.
Who is eligible for iSPRINT?
All small and medium enterprises (SMEs) that are registered or incorporated in Singapore, and:
- At least 30% of your shareholding is local AND
- Your company’s group annual sales turnover is less than S$100 million OR Your company’s group employment size not more than 200 workers
- For customized solutions, the development must be for FIRST time automation of business functions, carried out in Singapore, and the project must not have started before the grant is approved.
What are the documents required to apply for a grant under the iSPRINT scheme?
- Latest ACRA business profile of Applicant Company
- Latest ACRA business profiles of corporate shareholders (applicable if corporate shareholders hold 20% or more of the total shareholding)
- Latest ACRA business profile of subsidiary company (applicable if Applicant Company holds 50% or more of the total shareholding)
- Audited financial statements of the Applicant Company for last two (2) years, or if audited financial statements are not available, management accounts of the Applicant Company for last two (2) years (certified true copy by a director of the Applicant Company).
- Audited financial statements of corporate shareholders and subsidiary companies for the last 2 years
- Completed iSPRINT Business Proposal/Project Plan
- Quotations from at least 3 different ICT (Information and Communication Technologies) Solution Providers
- Latest ACRA business profile of the appointed ICT Solution Provider