Technology Voucher Program Audit

The ‘Technology Voucher’ (TVP) was launched in November 2016, aiming to support local enterprises/organizations in using technological services and solutions to enhance productivity or upgrade and transform business processes. After several months, once the funding is approved, a contract needs to be signed (for details, please see: Technology Voucher Signing Process). Upon completion of the project, an audit according to government requirements is needed to obtain the funding disbursement. As project audit differs from the usual annual financial audit, many accountants are unclear about the process. With a thorough understanding of the audit requirements for various government subsidies, HKTechMatch’s senior technology voucher consultants can assist you in communicating with accountants to complete an audit report that meets government requirements, thereby smoothly securing the funding.

1. What projects require an audit?

Starting from April 1, 2020, the government further optimized the Technology Voucher, increasing the funding ratio of each approved project from two-thirds to three-quarters, raising the maximum funding limit for each applicant from 400,000 Hong Kong dollars to 600,000 Hong Kong dollars, and increasing the maximum number of approved projects from four to six.

If the approved funding amount for the application project exceeds 50,000 Hong Kong dollars, the applying company must submit the final project report and the audited project expenditure statement prepared by an independent auditor to the Innovation and Technology Commission within two months after the completion of the project.

2.Documents Required for Audit

  • – Valid Business Registration Certificate (BR) ;
  • – Latest Annual Return Form (NAR1);
  • – Hong Kong Company Registration Certificate (CI) ;
  • – Copies of Identity Cards of Company Shareholders and Directors;
  • – Funding Agreement Signed with the Government and the Approved Financial Budget for the Project;
  • -Final Project Report;
  • – Funding Agreement Signed with the Government and the Approved Financial Budget for the Project;
  • – Proof documents for all individual transactions (all invoices and payment dates must be after the signing of the funding agreement), for example:
    • Invoices and Receipts
    • Payment Records (For cash transactions, the total value of cash transactions for the entire project must not exceed 5,000 Hong Kong dollars, and must be expenditures within the approved project)
    • Bank Monthly Statements (Must clearly show the payment records for expenditures within the approved project)
    • Approved Project Budget and Supplier Quotations

3. Technology Voucher Audit Expenses and Time

    • – 3,000 Hong Kong dollars
    • – translates to “If the applying company provides all the documents, the audit report will be issued within 10 working days after receiving the payment.

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