【HK TVP Funding】What To Know About Technology Voucher Programme (TVP) | With Application Documents, Procedures, Assessment & More

We have witnessed the dawn of digital transformation in the world during the pandemic. An array of enterprises in Hong Kong have adopted digital technologies to be more competitive. However, the establishment of digital systems is expensive, and it's a cumbersome burden for small and medium-sized enterprises. Therefore, to ease the burden, the Innovation and Technology Commission (ITC) of Hong Kong launched the Technology Voucher Programme (TVP fund) in November 2016. YOOV, one of the Service Providers Selected for Approved TVP Projects, can help to create a customized system effortlessly. Let's delve into the details of TVP and discover how TVP can support your business to improve productivity.

 

 

What is the objective of the TVP in Hong Kong?

The TVP aims to subsidize all local entities on the use of technological services and solutions to upgrade their IT infrastructure to transform business processes and enhance their long-term competitiveness. Under TVP funding, each enterprise or organization can receive a maximum subsidy of HK$600,000 for the use of technology services and solutions. 

 

 

Key Features of TVP

  • Max. 6 projects can be funded per enterprise/ organization. (Cumulative funding ceiling: $600,000)
  • Only 1 project can be funded at a time. Each project should normally be completed within 12 months.
  • Funding for each eligible entity will be provided on a 3:1 matching basis. The government's funding ratio is ≤75% the of total approved project cost, and enterprises have to pay for the remaining 25%.

 

 

Which companies/ enterprises are eligible to apply for the Technology Voucher Programme?

To apply for the programme, a business/ institution must meet the following qualifications:

 

AND

  • Not a listed company in Hong Kong and not a government subvented organization or subsidiary of it;
  • With substantive business operations in Hong Kong at the time of application which is related to the project under application. (An entity holding a "shell" business registration will not be regarded as having a substantive business operation in Hong Kong.)

 

Details:

Frequently Asked Questions of Technology Voucher Programme (TVP): Eligibility to Apply

 

 

Application Documents

Key stage 1: Upon the submission (https://tvp.itf.gov.hk/)

 

1. Completed Application Form (sample)

2. Copy of Business Registration Office Form 1(a)/ 1(c) or Companies Registry Annual Return (Form NAR1) (sample)

3. Copies of documents (sample) proving that the enterprise has substantive business operations in Hong Kong which is related to the project, such as receipts or business contracts for the last 3 months, the latest audited accounts, profits tax returns and tax assessment notices, etc.

4. Copy of valid Hong Kong identity card or passport of the person who signed the application form (sample)

5. Signed copy of all signed probity and non-collusive quotation/ tendering certificates (sample)

6. A copy of the quotation submitted by the bidder showing detailed contact information (sample)

 

Applicants are also required to attach the relevant documents under the following circumstances:

 

Details:

TVP - Checklist of Documents Required for Submission of Applications

 

Quotation is required to submit once applicant selects the technology services provider. Note that the number of quotations depends on the value of the goods and services being applied for:

 

Details:

Frequently Asked Questions of Technology Voucher Programme (TVP): Procurement

 

Key stage 2: Applicants who wish to start the project the day following the submission of application before ITCs approval (Optional)

 

*Note that applicants need to bear full costs if the application is not approved by ITC subsequently

 

Key stage 3: Within 2 months after completion of the TVP project

  • A final project report (sample) indicating completion of the project, a summary of project expenditures and project deliverables
  • Evidence of deliverables (e.g. consultancy report, delivery receipt, computer screen captures of software systems, photos of equipment/ hardware, record of training conducted such as photos and training material, etc.)
  • Original or copy of the invoice and corresponding receipt in relation to the payment for each expenditure item (name of the payer on the invoice and receipt must be the same as the name of the applicant)
  • If the approved funding:
    • < HK$50,000 - an audited statement of income and expenditure for the project from an independent auditor is required to be submitted to ITC
    • < HK$50,000 - prepare and submit a final statement of income and expenditure and declare that the final statement is accurate and all spending is made in compliance with the requirements as set out in the funding agreement

 

Details:

Frequently Asked Questions of Technology Voucher Programme (TVP): Disbursement of Funding

 

 

Disbursement of Funds

Based on the 3:1 fund matching basis, the government will fund no more than 75% of the actual cost of a project while the applicant will have to pay for the remaining 25% of the cost. If applicants wish to receive an initial payment, which is up to 25% of the approved funding, they must open a new bank account that meets the following requirements:

  1. Separate Hong Kong dollar bank account under the enterprise/ organization’s name
  2. Risk-free and interest-bearing
  3. With a licensed bank registered under the Banking Ordinance (Cap. 155)
  4. For the sole purpose of processing all receipts and payments of the project

 

The initial payment will only be deposited into the designated bank account after:

  1. The signing of the funding agreement
  2. The approved submission of evidence showing the funding contribution of the same percentage by the applicant on a matching basis is deposited

 

The flowchart below better explains the fund disbursement process:

 

The final payment will be disbursed upon:

  1. Project completion
  2. Acceptance of the final project report
  3. Submission of required documents within 2 months after completion of the TVP project (please refer to the section “Application Documents” below)

 

Details:

Frequently Asked Questions of Technology Voucher Programme (TVP): Disbursement of Funding

 

 

What projects can be funded under TVP programme?

The technology vouchers cover a wide range of industries, including but not limited to brick-and-mortar retail stores, wholesalers, e-commerce, travel agencies, hotels, entertainment venues, accounting firms, etc.

 

Enterprises can use the subsidy amount to pay for the following:

 

It should be noted that the above 4 items must be:

  • Submitted with detailed budget (attached with quotation)
  • Costs directly incurred for the project
  • Subscription cost for technological services/ solutions allowed within the project period
  • No funding support from other local public funding sources for expenditure items under the approved TVP project

 

Details:

Frequently Asked Questions of Technology Voucher Programme (TVP): Funding Coverage

 

 

Operating expenses not covered by TVP programme

The Technology Vouchers will NOT cover the following expenses of the enterprises:

 

 

Assessment Criteria

(a) Relevance of the proposed project to the applicant's business - the project should have good prospects for increasing competitiveness by improving productivity, cost reduction, efficiency or upgrading/ transforming business processes;

(b) Reasonableness of the budget - which includes a market price assessment of the technologies in question as known to the Committee. Expenditure must also be essential and directly related to the project;

(c) Reasonableness of the implementation details - which include realistic project deliverables and outcomes; and

(d) Adverse record of consultants and/ or service provider(s) as known to the Committee if available.

 

Details:

Frequently Asked Questions of Technology Voucher Programme (TVP): Assessment

 

 

YOOV provides one-stop system customization services including HR management, CRM, sales and purchases, restaurant POS systems, etc, and have been approved numerous times in TVP applications, assisting enterprises in making good use of government resources to carry out digital transformation at a low cost.

 

Contact us now for a one-on-one consultation to learn how YOOV's solutions can assist you in your digital transformation journey!

Enquiry Hotline/ WhatsApp: +852 2988 8883

Email: cs@yoov.com

 

 

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