Trade Credit Insurance Scheme (TCIS)
The Trade Credit Insurance (TCI) is an important tool for companies to protect their cashflow against non-payment by their buyers, thus allowing them to acquire new customers with greater confidence.
Companies can also use TCI as additional comfort for their lenders in order to enhance their access to trade finance and working capital loan.
What is the assistance?
TCIS enables qualifying Singapore companies to receive premium support for TCI policies. International Enterprise (IE) Singapore will support up to 50% of the minimum premium for TCI policies held with Singapore-registered credit insurers. This is subject to a maximum amount of S$100,000 per qualifying Singapore-based company.
A typical TCI policy cover risks such as the insolvency and protracted default of end buyers.
Who can apply?
TCIS is a financial assistance programme under IE Singapore’s Global Company Partnership (GCP) programme.
GCP is for all Singapore-based companies with:
Clear internationalisation plan
Competitive product or service
Potential economic benefits to Singapore
To qualify for TCIS*, you would also need to fulfil the following criteria:
Global HQ^ is anchored in Singapore
Turnover of applicant company and subsidiaries not exceeding S$100million
Minimum paid-up capital of S$50,000
*Support under TCIS will be up to the qualifying Applicant Company’s portion of minimum premium for the TCI Policy
^ Global HQ refers to global management control and decision making functions are based in Singapore. Indicators include global CXOs being based in Singapore; board meetings being held in Singapore, etc.
How to Apply?
Approach any Singapore-registered TCI broker/insurer to structure and procure a TCI policy.
Should your company qualify for support under TCIS, the TCI broker/insurer will assist you in the submission of your application for TCIS premium support to IE Singapore.
To find out more
Call us at 1800-IESPORE (1800-437 7673) or +65 6337 6628, or
Email us here