ISCA established the ISCA Support Fund to position the accountancy profession for success in the post-Covid-19 environment. ISCA recognised that Covid-19 is re-shaping the business landscape and there are long-term structural changes to the economic environment. The accountancy profession needs to adapt to these changes so that it is ready when recovery takes place. The ISCA Support Fund was hence introduced to meet this urgent need, so that the accountancy profession can be prepared to meet the challenges ahead and be well-positioned for the future.

The ISCA Support Fund is worth $8 million, of which $7 million is from ISCA and $1 million is from Enterprise Singapore (ESG)’s SG Together Enhancing Enterprise Resilience (STEER) programme.

Through the STEER programme, ESG matches $1 for every $2 contributed by ISCA to help strengthen and transform businesses.

The ISCA Support Fund is a unique and holistic set of initiatives, catering to the differing needs of the small and medium-sized practices (SMPs) and accountancy professionals.

SMPs

Eligible SMPs can receive funding support for business growth activities and to upgrade their capabilities. Additional support will also be given to eligible SMPs whose businesses are affected by the Covid-19 pandemic.

ISCA Members

The ISCA Support Fund will also support ISCA members who are facing financial difficulties due to loss of job or income as a result of the Covid-19 pandemic. Eligible members can apply for waiver of 2021 membership fees and receive complimentary training, enabling them to acquire new skills to enhance employability. The fund will also support all ISCA members in their upskilling and reskilling efforts. A $100 CPE voucher is given to all members which could be used to offset the cost of CPE trainings. For details on the support for ISCA members, find out more here.

The ISCA Support Fund for SMPs goes towards accelerating the digital transformation and upskilling efforts of SMPs, as well as provide working capital to SMPs affected by the pandemic. The Support Fund will support SMPs in the three pillars of business sustenance, business growth and capability upgrading.

1. Pillar 1: Business Sustenance - Working Capital Grant

   The ISCA Support Fund will provide working capital grant to eligible SMPs whose businesses are affected by the COVID-19 pandemic.

2. Pillar 2: Business Growth - Tap New Opportunities
   

   To support SMPs in diversifying their service offerings, ISCA has identified potential high-growth areas which SMPs can enter into. To address the skills gap in the SMP sector, the Institute is working with trainers to curate relevant programmes and rolling out certification courses in these high-growth areas. SMPs can tap these new business opportunities and generate new revenue streams to ensure sustainability. Eligible SMPs can receive funding to upskill and reskill their staff in these high-growth areas.

3. Pillar 3: Capability Upgrading - Accelerate Digital Transformation
   
   Complementing existing government schemes to accelerate digitalisation, the ISCA Support Fund will support SMPs in building their digital capabilities by offsetting the cost of digital solutions specially curated for SMPs. These solutions, such as the digital signing and telecommuting tools, will enable SMPs to grow their operations without increasing their office premises and corresponding rental costs, which form the bulk of the SMPs’ operating costs. They also enable SMPs to work remotely and boost productivity. In addition, tools such as digital analytics software enable SMPs to offer new value-add services in the form of data analysis and data-driven business recommendations.

*Funding is at 70% of qualifying expenses. Please refer to C5 for more information.

To qualify for support under the ISCA Support Fund, the applicant company (applicant) will need to meet the following criteria:

• The company must be a locally registered company and operating in Singapore.
• The company must have a minimum of 30% local shareholding.
• The company must have a Group Annual Sales Turnover of not more than S$100 million or Group Employment Size of not more than 200 workers.
• The company’s Singapore Standard Industrial Classification (SSIC) code must commence with “692”.
• At least one owner of the company must have a valid ISCA membership at the time of the point of application and disbursement of fund.

Applicants must satisfy all eligibility criteria listed above before proceeding to apply for the ISCA Support Fund.

The representative applying on behalf of the applicant must be an ISCA member and is the / an owner of the applicant. The representative is required to provide his / her ISCA membership number in the E-Application Form.

Applicants must first satisfy the basic eligibility criteria listed in B1 before applying to Pillar 1: Working Capital Grant.

Eligibility Criteria:

Applicants who would like to apply for Pillar 1: Working Capital Grant of $5,000 must provide information and supporting evidence to prove that their business was financially affected by the COVID-19 pandemic. The key indicators that are taken into consideration for eligibility are:

• Companies which reported loss for the latest financial year;
• Companies which reported significant reduction in revenue as compared to the preceding year;
• Companies which faced cashflow issues; and
• Companies which lost clients that have had a major impact on the businesses.

Applicants can provide additional indicators and information to demonstrate that the business was affected by the COVID-19 pandemic. ISCA will consider the additional information if they are relevant and substantial. Applications are subject to the review and approval of ISCA.

All companies which satisfy the basic criteria listed in B1 can apply to Pillar 2 and Pillar 3.

Pillar 2

• To enjoy the funding support under the ISCA Support Fund, the participants of the curated programmes under Pillar 2: Business Growth must be:

-          The representative applying for the ISCA Support Fund on behalf of the applicant. This representative must be an ISCA member and is the / an owner of the applicant.  Please refer to B2; or

-          Staff of the applicant (including co-business owner) who is a Singapore Citizen or a Permanent Resident. The staff need not be an ISCA member.

Pillar 3

• The company must be a first-time adopter of the selected digital solution in order to qualify for the funding.

Under the ISCA Support Fund, the qualifying activities are the curated programmes and curated digital solutions to participate or adopt respectively.

There are 4 curated CPD Programmes under the ISCA Support Fund.

1. ISCA Programmes:
   
   
   • Information System Risk Management
   • Financial Forensic Accounting Qualification

   Tax Academy Singapore Programmes:

2. • International Tax (Level I, Level II, Level III)
   • Goods and Services Tax (Level I, Level II, Level III)

Programmes details can be found on the respective websites.

There are 13 curated digital solutions under the ISCA Support Fund.

Please click here to view the list of curated digital solutions.

Yes, qualifying activities can be supported by other funding schemes, provided the combined amount of monetary support does not exceed the cost of the qualifying activity.

The ISCA Support Fund will support 70% of the cost of the qualifying activity. The remaining 30% shall be borne by the applicant.

If the applicant has applied / claimed for support under other government schemes or other STEER funds, the ISCA Support Fund will only fund 70% of the remaining unsupported portion of the cost of the qualifying activity. Companies are required to declare during claims submission that the amount supported under the ISCA Support Fund has not already been supported under any other government schemes or other STEER funds.

No, there are no additional steps. The company can register for the curated programmes by following the usual registration process (note that the registration should be under the company’s name and not the participating individuals’ names). For digital solutions, the company can purchase them directly from the vendor. If the application for the ISCA Support Fund is successful, claims can be submitted to ISCA with the relevant supporting documents during the claim submission period. Please refer to Section E for more details on claim submission and disbursement.

The application period is from 15 April 2021 to 4 June 2021.

Applications must be submitted using the ISCA Support Fund E-Application Form that is found on the ISCA website.

Please upload and submit the following documents together with the E-Application Form:

• Latest ACRA BizFile of Applicant Company (Not more than 6 months ago)
• Latest Financial Statements of Applicant Company (Not more than 1 year ago)
• Latest Consolidated Financial Statements of applicant company’s ultimate corporate parent (if applicable) (Not more than 1 year ago)
• For applicants applying for Pillar 1: Working Capital Grant, please refer to B3 and D4.

Please refer to B3 for the information required when applying for support under Pillar 1. Applicants would need to provide supporting documents to substantiate the information provided. For example, financial statements and letters or e-mail correspondences to show termination of firm-client relationship.

1. Only one (1) application per company may be submitted for the ISCA Support Fund.
2. The representative applying on behalf of the applicant must be an ISCA member and is the / an owner of the applicant. This representative will also be the contact person.
3. The submitted ISCA Support Fund E-Application Form should be signed by the representative.
4. There is no limit to the number of qualifying activities that an applicant can apply.
5. Applications will only be processed if all required information and supporting documents have been provided.

ISCA will review and evaluate all applications received and notify applicants of the outcome 3 months after the close of the application period. ISCA will contact applicants by e-mail based on the contact information that was provided in the e-application form to inform the outcome of the application.

For successful applicants, ISCA will issue the Letter of Award, detailing the support quantum and terms and conditions.

If the company wishes to change the initial pre-selected qualifying activities after submission of the application, please inform the ISCA Support Fund Team as soon as possible at supportfund@isca.org.sg.

A change in the choice may result in a delay in the approval process.

Claims submission is open from date of your Letter of Award till 30 June 2022. Late submissions will not be considered.

Claims should be submitted to supportfund@isca.org.sg, with the email subject title: [ISCA Support Fund Claims Submission – (UEN Number)].

The following documents should be included in one zipped file and attached in the email: 

1. Completed claims summary
2. Banking details and latest bank statement as proof of banking details
3. A signed Enterprise Singapore (ESG) Company declaration form (download here)*
4. Supporting documents for participated programmes
   • Final invoice (including GST component, if applicable) for each participated programme
   • Proof of payment (e.g. bank statement, bank advice)
   • Certificate of attendance
   • CPF Record of Payment (ROP) (month of participated programme) 
5. Supporting documents for digital solutions adopted
   • Final invoice (including GST component, if applicable) of adopted digital solution
   • Proof of payment (e.g. bank statement, bank advice)
     

*Information inputted inside the ESG Declaration Form must be consistent with the information inside the E-Application Form.

ISCA reserves the right to request for additional supporting documents.

Qualifying activities incurred during the qualifying period from 1 February 2021 to 30 June 2022 are eligible for claims submission under the ISCA Support Fund.

Yes, the qualifying activity is eligible for claims submission under the ISCA Support Fund, provided the cost is incurred during the qualifying period from 1 February 2021 to 30 June 2022. 

Claims disbursement is on a 70% reimbursement basis. Companies will have to make the full 100% payment for the respective qualifying activities to the respective vendors. Final invoices and proof of payment have to be provided in your claims submission to ISCA. For programmes, additional information such as the certificate of attendance is also required. Please refer to E2 for the claim submission documents required.

Yes, the invoices for the programmes and digital solutions must be attention to the company.

No, only the amount excluding GST is supported. All claim amounts must exclude GST.

Yes, qualifying activities can be supported by other government schemes, provided the combined amount of monetary support does not exceed the cost of the qualifying activity.

If you have applied / claimed for support for the qualifying activity under other government schemes or other STEER funds e.g. the Productivity Solutions Grant or SkillsFuture Study Awards, the ISCA Support Fund will only fund 70% of the remaining unsupported portion. Companies are required to declare during claims submission that the amount supported under the ISCA Support Fund has not already been supported under any other government schemes or other STEER funds.

Applicant should indicate the respective Government grant (if any) and provide supporting evidence of the allowable grant in the E-Application Form.

ISCA will process your claims submission in the order that it was received and as promptly as possible. If the information in your submission is complete and accurate, and all the necessary supporting information has been provided, it is estimated that your claims may take 1 – 2 months to process, depending on the volume of submission received. Claims submission will only be processed if all required information has been provided.

Funds will only be disbursed (on a 70% reimbursement basis) to the applicant company.  Funds will not be disbursed to employees of the applicant, vendors or to any other third party.

ISCA will inform you when disbursement of the approved amount to your company’s bank account can be expected. Such disbursement may take up to seven (7) working days to reach the bank account.

Only one claim submission is allowed.

If your claim submission is less than the quantum support awarded, you will not be able to make any further claims on the unused portion. Unused portion may not be transferred to another company, regardless of whether the company is a related entity, belongs to the same group of companies or has common shareholding.

For enquiries on the ISCA Support Fund for SMPs, submitted applications and claims, please contact the ISCA Support Fund Team at supportfund@isca.org.sg.