Common Questions about Technology Vouchers
When a company wants to apply for a Technology Voucher Programme (TVP), they may have many questions about the application process, eligibility, usage methods, and precautions.
This article, by addressing common questions about technology vouchers, can provide readers with more relevant information, allowing them to have a deeper understanding of technology vouchers and to apply and use them more smoothly.
Additionally, addressing common questions about technology vouchers can prevent some common issues and errors, enabling readers to have a clearer understanding of the application and usage of technology vouchers. This can save the applicants’ time and money, more effectively utilize the benefits of technology vouchers, and maximize their impact.
The approval time for technology vouchers can vary depending on factors such as the complexity of the application project, the completeness of the documents, and the workload of the government departments. Typically, the application and approval process for technology vouchers takes about 4-8 months. However, if the application documents are incomplete or more information is needed, it may take longer. Additionally, applicants can check the progress of their application at any time through an online system and can inquire about the status of their application with the relevant government departments. To save time, applicants should ensure that their application documents are complete and meet the requirements and provide clear and detailed information during the application process.
Technology voucher consultants can assist businesses in preparing and submitting application materials and ensure that the application process progresses smoothly and efficiently. Here are some ways technology voucher consultants can help:
- Provide Accurate Information: Technology voucher consultants should ensure that application forms are filled out correctly and all information is complete. Any missing or incorrect information can delay the approval process.
- Timely Update Application Status: Technology voucher consultants can follow up on the status of the application to ensure that all required materials are submitted within the appropriate timeframe. This can prevent the application from being returned or requiring a longer time for approval.
- Prepare Complete Documents: Technology voucher consultants can help businesses prepare all necessary documents, ensuring that they are complete and meet requirements. This can prevent the need for additional documents from reviewers, thereby saving approval time.
- Offer Professional Advice: Technology voucher consultants can provide professional advice and guidance to ensure that businesses choose the most suitable technology solutions. This can prevent applications from being returned or requiring a longer time for approval.
In summary, technology voucher consultants can help businesses prepare all necessary materials and provide professional advice during the application process, thereby ensuring a smooth procedure and saving approval time.
Hiring a technology voucher consultant can provide professional advice and assistance for businesses applying for technology voucher programs, but businesses need to pay attention to the following when hiring a technology voucher consultant:
- Experience and Professional Capabilities: It is important to choose a technology voucher consultant with rich experience and professional capabilities, to ensure comprehensive assistance and professional advice and opinions.
- Policies and Regulations: The technology voucher program involves relevant government policies and regulations, so the consultant needs to be familiar with related laws, regulations, and policies to ensure smooth progress of the application.
- Service Fees: Businesses need to understand the service fees and charging methods of the technology voucher consultant to ensure budget and cost control.
- Professional Knowledge and Skills: Technology voucher consultants need to have a wealth of professional knowledge and skills, as well as the ability to solve problems, to ensure that the application is properly handled and assisted.
- Service Quality: Businesses need to understand the service quality and customer satisfaction of the technology voucher consultant to ensure they receive quality service and assistance.
- Cooperation Methods and Agreements: Businesses need to discuss and sign detailed cooperation methods and agreements with the technology voucher consultant to ensure that the rights and responsibilities of both parties are fully protected.
Exploiting technology vouchers to cash out is illegal and involves the following risks:
- Being Blacklisted Upon Discovery: Once discovered exploiting technology vouchers for cash, both the applicant and the related consultancy company will be blacklisted, prohibited from applying or providing consultancy services in future technology voucher programs.
- Facing Legal Consequences: Exploiting technology vouchers for cash is a violation of the law. Once discovered, individuals may face legal consequences, such as fines or imprisonment.
- Impacting Corporate Reputation: If an applicant or a related consultancy company is exposed for exploiting technology vouchers for cash, it will cause serious damage to the corporate reputation, potentially affecting the business’s development and operations.
Therefore, it is advised that applicants and related consultancy companies adhere to the regulations and legal norms of the technology voucher program to ensure the legality of the application process and the validity of the application results.
Absolutely not. According to the terms of the ‘Technology Voucher’ program funded by the Hong Kong Special Administrative Region Government, technology vouchers can only be used for purchasing, leasing, or customizing products or services in innovative technology to promote the introduction and application of technology in Hong Kong enterprises. Therefore, exploiting technology vouchers for cash is a violation and may be considered fraudulent, posing legal and credit risks for both individuals and companies.
In the government procurement process, the principle of ‘lowest price wins’ is applied. Therefore, applying businesses need to prioritize choosing the supplier with the lowest price. Otherwise, the applicant must explain the reasons to the government. These reasons include: clearly explaining the uniqueness of the services provided by the technology solution supplier. The rationale must be sufficient and reasonable for the government to consider adoption. However, this may slightly extend the application time.
To avoid supplier collusion in bidding, applicants need to request quotations from suppliers and must ‘shop around’. For projects with a total amount of less than HK$50,000, the applying company must obtain written quotations from at least two suppliers; for projects over HK$50,000 but less than HK$300,000, three suppliers’ written quotations are required; for projects over HK$300,000, written quotations from at least five suppliers are needed. When inviting suppliers to provide quotations, they must also sign an ‘Integrity Clause’ and an ‘Anti-Collusion Agreement’.
It’s understandable that when you ask service providers for quotations and they don’t feel your sincerity, they may realize that they are just ‘also-rans’ and are unlikely to get the business, so they are often unwilling to provide quotations. Applicants need to spend more time and sincerity communicating with suppliers or meeting with several suppliers.
General operating costs are not covered by technology vouchers, such as:
- Employee salaries, allowances, general training, and development;
- General office equipment/hardware, software, and technology services or solutions required for daily operations;
- Fees for professional services not related to technology;
- Marketing and brand promotion expenses;
- Transportation and accommodation costs;
- Financing expenses and administrative fees.
- Purchase, maintenance, warranty, and insurance of existing equipment
- Expenses incurred before the project is approved or outside the project period.
After receiving the application, the Innovation and Technology Commission will check the eligibility of the applying company and conduct a preliminary assessment. Eligible applications will be considered by the Technology Voucher Programme Committee, with evaluation criteria including: relevance of the proposed project to the business of the applicant, reasonableness of the budget, feasibility of the implementation details, and whether the consultants or service providers have any adverse records.
Theoretically, it is possible, but the company would need to explain to the Innovation and Technology Bureau how the business operates on a daily basis and how it ensures the execution of the project, among other issues.
Applicants can apply for the Technology Voucher Programme on their own. However, as most applicants lack experience and the application process for technology vouchers can be complicated, this can lead to long application times or even failure. Technology voucher intermediary consultancy companies usually have extensive experience or successful cases. These consultancy companies can help with organizing documents and filling out application forms from start to finish. As these intermediary consultancy firms are very familiar with the application process for the technology voucher programme, they can significantly shorten the application time. HKTechmatch has long-term cooperation with several reputable technology voucher consultancy companies, please register to become our client immediately.
After the project is completed, the applicant must submit the following documents within two months to receive the funded amount:
| • | The final report of the project |
| • | Proof of project outcomes |
| • | Original or copy of payment receipts for each expenditure item |
| I.If the approved funding amount exceeds HK$50,000, submit an audited statement of project expenditure prepared by an independent auditor II. If the approved funding amount is HK$50,000 or less, the applying company must submit the final statement of expenditure and a declaration. | |
