TVP is the abbreviation of the Technology Voucher Programme provides cumulatively HK$ 600,000 for 75% of IT project costs (i.e. enterprises pay only 25% finally).
The Innovation and Technology Commission launched the Technology Voucher Programme in 2016 on a pilot basis and changed it to a regular basis in February 2019. The maximum funding for each eligible enterprise is HK$600,000.
- Eligible Hong Kong companies can use the fund to enhance productivity and competitiveness through the technology solution. To get the TVP fund, one should read the TVP application guideline and prepare all documents including the procurement quotations.
- Each enterprise can apply for the TVP 6 times, and you can commence the TVP project just after application submission. Nevertheless, it is wiser to hire a TVP consultant to help with the application. It is because you can save time and money, and reduce the failure risk with an experienced TVP consultant.
- Make sure your business is an officially incorporated HK company and it has been proactively doing business in the past one year or even a few years.
When Can You Apply for the Technology Voucher Programme (TVP)?
Usually, the TVP is open for application throughout the whole year.
Why choose us?
Want to get the fund but be scared by the clumsy procedures? Leave the hardest jobs to us!!! We do it day in day out and know how to make it organized and efficiently
The advantages of our TVP consultation service:
>> Free consultation. 15 minutes to qualify
>> Reasonable fee. No redundant tasks
>> Fixed fee. No carve-up of grant
>> Transparent. All tasks are in the workflow
It is not a must to hire a consultant to apply for the TVP. However, a consultant can help the enterprise to save manpower, time and money, and reduce the risk. Lion Rock Digital government fund consultant publishes “Insights blog” on the website. Welcome, all to read.
Our TVP service flow includes:
Innovation and Technology Commission Vetting Method
Innovation and Technology Commission (ITC) will conduct a preliminary screening process and check the eligibility of the proposed project (i.e. the application).
The TVP applicant may be required to provide further clarification or supplementary information.
Eligible applications will be considered by the Technology Voucher Programme Committee. The proposed projects (i.e. applications) that are supported by the TVP Committee will be submitted to the Commissioner for Innovation and Technology (CIT) for approval of funding.
Ineligible applications are returned to the applicants.
Technology Voucher Programme Vetting Criteria
Each application that is eligible for TVP is assessed based on individual merits and is considered on a case-by-case basis. TVP has four main assessment criteria including relevance, the reasonableness of budget, the reasonableness of implementation details, and adverse record of consultants.
Relevance of the proposed project to the business of the applicant company: The project must show good potential to enhance the business including productivity improvement, business development and expansion, cost reduction or efficiency enhancement, upgrading/improving/ transforming business processes, or more.
Reasonableness of the budget: The assessment of the budget will be based on the market prices of the technologies that are to be used in the proposed project. Each individual item (that incurs expenditure) must be directly related to the project implementation.
Reasonableness of the implementation details: Concrete and quantifiable project deliverables and outcomes (i.e. goals) must be set. The implementation details must be as realistic as possible. Other factors that must be considered include the complexity of the technology and the project duration.
Adverse record of consultants and/or service provider(s): The adverse record as known to the TVP Committee and ITC if available contributes towards one of the four vetting criteria.
FAQ about the TVP (Technology Voucher Scheme)
Can a new company apply for science and technology papers?
Earlier, the one-year operation requirement was cancelled. In theory, it is possible. However, to prove that the company has an operating record, it is generally recommended to have at least 3 months of normal business operation before submitting an application.
Can the technology voucher subsidy be used for rent payment, salary payment or marketing?
No, such daily expenses are not within the scope of the technology voucher subsidy. In addition, marketing and brand promotion are not the scope of funding for technology vouchers. Most of the projects supported by technology vouchers are related to productivity enhancement and services. They are used to subsidize companies to purchase technology software solutions, such as web pages, APPs, appointment arrangements and roster management systems, enterprise resource planning solutions, and so on. These systems can enable companies to provide productivity, improve operations, and thereby increase competitiveness.
What are the restrictions on funded projects?
Each qualified company can be approved for a maximum of four projects. The company cannot carry out more than one technology voucher program project at the same time. The authorities also recommend that each project should generally be completed within 12 months.
Can I apply for TVP for phased technology projects?
It is generally recommended that the application should cover the entire project and avoid splitting the project
If some equipment is necessary for upgrading and transformation, is there a technology voucher subsidy?”
As long as it can be proved that the relevant equipment is critical and can increase production capacity or transformation, plus sufficient justifications, the funding can be obtained. Only the Innovation and Technology Commission has the final approval power. For example, guests who open restaurants need to add POS and other systems. Technology coupons include software for catering POS, queuing systems, and food ordering machines.
Can all companies apply for the Technology Voucher Program on their own? Why do they seek help from a consulting company?
All company laws can apply for the technology voucher program on their own. The technology voucher consultant company can provide advice on the technology voucher plan, and help you organize the information you need to fill out from start to finish, so as to shorten the application time.
What are the approval standards of the Innovation and Technology Commission?
After receiving the application form, the Innovation and Technology Commission will check the qualifications of the applicant company and make a preliminary assessment. Eligible applications will be considered by the Technology Voucher Program Committee. The evaluation criteria include: whether the proposed project is related to the business of the applicant company, whether the budget is reasonable, whether the implementation details are reasonable, and whether the relevant consultant or service provider has a bad record.
Want to chat about TVP (Technology Voucher Scheme)?
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