What is the Technology Voucher Programme (TVP)?
The Technology Voucher Programme (TVP) was introduced in a pilot form in November 2016. Its purpose is to provide funding for local small and medium-sized enterprises (referred to as “SMEs”) to use technology services and solutions to enhance productivity or facilitate upgrading and transformation.
- The Technology Voucher Programme (TVP) was regularized starting from February 27, 2019.
- Businesses with valid business registration or registered companies are eligible to apply.
- Each eligible enterprise can receive a maximum subsidy of up to 600,000 Hong Kong dollars.
- The funding ratio for technology projects is 3:1 (75%).
- The maximum number of approved projects is limited to six.
- Generally, each project should be completed within 12 months.
Technology Voucher Programme eligibility.
- (a)(i) Registered under the Business Registration Ordinance (Chapter 310) in Hong Kong;
- (a)(ii) Incorporated as a company under the Companies Ordinance (Chapter 622) in Hong Kong;
- (a)(iii) A statutory body established in Hong Kong under the relevant ordinances;
- (b) Not a government-funded organization* or a subsidiary of any government-funded organization*;
- (c) Have substantive business operations in Hong Kong at the time of application, and the business must be relevant to the proposed project.
*Government-funded organizations refer to entities that receive regular funding from the government. This funding is used to cover operational expenses incurred by these organizations in providing services to the public. Regular funding may constitute a significant portion of the organization’s income or may be a minor contribution/sponsorship, representing a small proportion of the organization’s total revenue.
Source: Innovation and Technology Commission – Innovation and Technology Fund
Documents required for Technology Voucher Programme application.
Tell me more about the technology voucher.
【Latest News】Starting from June 1, 2020, the technology voucher program has relaxed its implementation regulations. Companies can initiate technology voucher projects the day after submitting the application, and are required to submit a report to the Innovation and Technology Bureau within 5 working days after the project initiation.
Submit application
- Register as a user in the dedicated system of the Technology Voucher Scheme (no physical application forms available).
- Prepare the necessary documents, typically including but not limited to a copy of the business registration, proof of substantive business operations, expense quotations, and so on.
- Relevant information about technology consultants.
Technology Voucher Evaluation
- Relevance and appropriateness of the project to the business of the applying small and medium-sized enterprise (SME).
- The reasonableness of various budgets and execution details.
- The past records of technology consultants and technology voucher suppliers.
Implementation of the Technology Voucher Program
- 【New Measure】Projects can be initiated the day after submitting the application.
- Successful application and signing of funding agreement.
- Implement the approved project and complete it within 12 months.
Disbursement of funding
- Project completion report and performance verification.
- Technology Voucher Audit Report.
- Provide funding not exceeding three-quarters of the approved total project cost.
The purpose of the Technology Voucher funding
- Purchase, lease, or subscribe to necessary components, technology service solutions, software, or hardware within the project, but they must be 'customized' according to customer requirements.
- If there is a need to purchase, lease, or subscribe to necessary components, technology service solutions, software, or hardware within the project, but they are 'off-the-shelf,' then their cost should not exceed 50% of the project's total cost.
- If the approved project exceeds $50,000, the project audit fee for the Technology Voucher can also be subsidized by the Technology Voucher, with a maximum limit of $2,000.
- The funding provided by the Technology Voucher is granted based on specific projects, and daily operational expenses are not within the scope of Technology Voucher funding."
Technological systems eligible for the Technology Voucher.
E-commerce system
The e-commerce system includes online store content management system (CMS), customer and management Apps, online payment, online marketing system, inventory management and automatic data collection system to facilitate customer consumption and improve customer loyalty
Point of Sale Management System POS
Handle various store sales situations, including cross-store management, member consumption records and management, online and offline links (O2O), and other retail business needs to improve operational efficiency
CRM
Customer Relation Management (CRM) enables the company to centrally process the detailed information of all customers, understand the needs of existing and potential customers, and provide data for market promotion for analysis and increase sales
Electronic appointment system
Regardless of venue management, equipment rental, business centers, clinics, etc., the reservation system can help users make arrangements in one stop, and provide reports for analysis to improve overall operations
Big data and cloud analysis solutions
Putting traditional systems on cloud systems such as Amazon Web Services (AWS) will help the overall sustainability of the IT system, reduce costs and risks, and conduct real-time big data collection and analysis
Information Sharing Platform
Through the information sharing platform, customers and users can exchange information, reduce information and communication costs, and promote transactions and transaction volume
Technology Voucher Audit
After a successful application, companies need to pay attention to all expenses, including checks, receipts, etc., and the payee must have the same name as the applying company. If the project amount exceeds HKD 50,000, the accounts will be audited by a registered independent auditor, i.e., an Audit Report. Additionally, applying companies also need to submit a final execution report for the project, clearly outlining the achievements of the project.
Why hire a Technology Voucher consulting company?
Each small and medium-sized enterprise planning to apply for Technology Voucher funding is welcome to contact Business Aid Consulting Services. We are a professional Technology Voucher consulting firm that can conduct a preliminary analysis for your company, assess the chances of success in Technology Voucher applications, and provide suitable recommendations. This will enable your company to quickly secure funding, strengthen competitiveness, and enhance operational efficiency.
How to choose a high-quality technology voucher consulting company?
- Experienced: Choose a company with extensive experience that can provide professional advice and suggestions to assist you in successfully applying for technology vouchers.
- Professional Team: Having a professional team can provide comprehensive services, including technical solution design, application document preparation, project management, and more.
- Service Scope: Ensure that the company can provide the services you need, such as planning and management of the application project, preparation and review of application documents, project reporting, and project auditing, etc.
- Cost and Quotation: Understand the company's fees and quotations to ensure reasonable charging standards, and clearly understand all charge items and payment methods.
- Service Attitude: Choose a company with a good service attitude, capable of providing timely responses and effective communication to solve any problems and concerns you encounter during the application process.
How to choose a high-quality and reliable technology voucher system supplier?
- Professional Skills: Ensure that the supplier has professional skills and capabilities to provide high-quality products and services. For example, they should have comprehensive system design, development, and testing processes to ensure the system operates smoothly.
- After-sales Service: Choose a supplier that can provide comprehensive service support, such as system maintenance, technical support, troubleshooting, etc. This ensures that the system remains in good working condition and timely support is available when needed.
- Reasonable Charges: Choose a cost-effective supplier to ensure that the cost of purchasing the technology voucher system meets expectations. However, consider not only the price but also the value and quality provided by the supplier.
- Data Security: Ensure that the supplier can provide a secure system and protective mechanisms to safeguard sensitive data and information of the enterprise.
- Reference Evaluations: Check the supplier's ratings and customer feedback to understand their performance and reputation. This can help enterprises make more informed decisions.
- Service Attitude: Choose a company with a good service attitude, capable of providing timely responses and effective communication to solve any problems and concerns you encounter during the application process.
The Technology Voucher: Three Tips to Guide You on How to Apply Quickly.
Submit Technology Voucher Application.
Prepare all necessary documents, including ID, employee proof, business registration copy, evidence of substantive business operations, expense quotations, etc. It is advisable to seek advice from experienced consultants in Technology Voucher applications to avoid unnecessary complications.
Clearly specify the details of project implementation.
The project must have high relevance to the business of the applying enterprise. The specifications of the project must be clear, the budget reasonable, and the execution time must be less than 12 months. The past records of technology consultants and suppliers for the technology voucher project must be good.
Clearly explain how the Technology Voucher provides funding assistance.
Submit documents within two months after project completion: final project report, original or duplicate payment receipts for each expenditure item. If the approved funding amount is HKD 50,000 or below, the applying company must also submit the final expenditure statement and declaration.
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