Designed by IE Singapore in 2011, TCIS encourages Singapore companies to use Trade Credit Insurance as a financing and risk management tool to mitigate their customers' default risks. Under this scheme, 50% of the minimum premium of qualified Trade Credit Insurance policies incepted with Singapore registered credit insurers will be supported by IE Singapore.
The insured must be Singapore-based, registered with the Accounting and Corporate Regulatory Authority of Singapore (ACRA).
Have at least 3 strategic business functions# in Singapore.
The average turnover of the insured and its applicants should not exceed S$100million over the last 3 financial years.
The insured has a minimum paid-up capital of S$50,000.
The insured has a management team that consists of at least 3 managerial staff who are Singapore citizens or PRs.
The insured incurred at least S$250,000 of Total Business Spending for each of the last 3 years.
Policy start date of the insured Trade Credit Insurance policy should be from 1 February 2011 onwards.
# Strategic business functions refer to activities such as (i) banking & financial, (ii) marketing and business planning, (iii) procurement, logistics, (iv) training & personnel management, (v) investment planning/co-ordination, (vi) R&D and design, (vii) technical support, (viii) manufacturing, and (viii) other value-added (VA) activities.