Technology Voucher Program (TVP)
From June 1, 2020, the technology voucher program will relax the qualifications for project development. Enterprises can start the project the day after submitting the technology voucher application, and submit their commitments and declarations to the Innovation and Technology Administration within 5 working days after the start. This new measure also applies to companies that have already submitted applications.
FAB is your best technology voucher consultant, immediately contact us.
The Technology Voucher Program (TVP) was established by the Hong Kong Government’s Innovation and Technology Fund with a grant of 500 million yuan. The main purpose of technology vouchers is to subsidize Hong Kong SMEs through the use of technology services and solutions to enhance their competitiveness and promote social development. The technology voucher pilot program was implemented for the first time for 3 years. The Technology Voucher Scheme began to accept applications in November 2016. From March 2019, the government has even incorporated the Technology Voucher Scheme into the Innovation and Technology Fund for regularization. The amount of subsidy increased from 200,000 to HK$400,000. From April 2020, the upper limit of applications will be raised to HK$600,000, and the funding ratio will be raised to 75%. So far, the Technology Voucher Program has approved more than 1,000 technology projects (data as of March 2019) with an amount of more than 100 million yuan. More than 50% of them are funding the “Enterprise Resource Planning Program” or related projects.
What is a technology voucher?
In February 2019, the Technology Voucher Program relaxed the application qualifications to include charities and non-profit organizations.
Enterprises and institutions (except listed companies) that meet the following conditions can apply:
(a)(i) registered in Hong Kong under the Business Registration Ordinance (Chapter 310); or
(a)(ii) A company incorporated in Hong Kong under the Company Ordinance (Chapter 622)incorporated in Hong Kong; or
(a)(iii) According to relevant regulations established in Hong Kong a statutory body; and
(b) is not a government-funded agency* or an affiliate of any government-funded agency*; And
(c ) has substantial business operations in Hong Kong when the application is submitted, and the business must be related to the application project.
Eligibility for Technology Voucher
Technology Vouchers will provide a maximum of HK$600,000 in subsidies to each eligible applicant in a 3:1 matching mode. Applicants must invest in cash not less than a quarter of the total cost of the approved project. The technology voucher will provide applicants with funding not more than three-quarters of the actual cost of the project in the form of reimbursement. Each eligible applicant can be approved for up to six projects, but the cumulative funding limit is HK$600,000. To ensure that they can focus on the implementation of the project, applicants must not conduct more than one technology voucher project at the same time. Expenses under approved technology voucher projects cannot accept funding from other local public funding sources
Technology Voucher Amount
Each eligible application will be assessed and considered on a case-by-case basis. The evaluation criteria include:
Is the proposed project relevant to the applicant’s business
Is the budget reasonable
Are the implementation details reasonable?
Whether the relevant consultants and/or service providers have bad records.
Technology Voucher Evaluation Criteria
The Innovation and Technology Commission has detailed the types of projects funded by technology vouchers. Common traditional projects, such as webpages/online shops, apps, enterprise resource planning solutions (ERP), big data and cloud analysis solutions (Cloud Big Data Analysis), electronic Inventory Management System (Inventory Management System), Customer Management System (CRM), Logistics Management System, Ticketing System, Learning Management System, etc.
Types of projects funded by technology voucher
If companies of all sizes want to apply for technology voucher, they may contact FAB. We are a professional technology voucher consulting company, providing preliminary consultation on technology voucher (TVP) and making specific suggestions. FAB Technology Voucher Consultant Team is familiar with various professional fields, including law, accounting, information technology, e-commerce, marketing and so on. The assistance of a professional technology voucher funding consultant will help you get twice the result with half the effort and get funding faster.
How to start applying for
Certified copy of the annual return (Form NAR1)
Copy of supporting documents of actual business operation
Certified copy of the quotation to be selected
A copy of the valid ID of the person signing the application form
The integrity clause and non-collusion clause in the quotation invitation letter/tender invitation letter
The completed technology voucher application form