TVP Frequently Asked Questions
The Innovation and Technology Bureau reviews funding cases based on the following criteria:
- Whether the project is related to the applicant’s business;
- Whether the technology service provider has any adverse records. Additionally, relevant, reasonable, and sufficient justifications will also be considered on a case-by-case basis;
- Whether the budget and implementation details are reasonable.
- General office equipment/hardware, software, and technology services or solutions required for daily operations;
- Employee salaries, allowances, general training, and development;
- Professional service fees not related to technology;
- Marketing and brand promotion expenses;
- Transportation and accommodation costs;
- Financing expenditures and administrative fees.
- Procurement, maintenance, warranty, and insurance of existing equipment.
- Expenses incurred before the project approval or outside the project period.
- For projects below HKD 50,000, a minimum of 2 quotations is required.
- For projects over HKD 50,000 but less than HKD 300,000, at least 3 quotations are needed.
- For projects exceeding HKD 300,000 but below HKD 1,400,000, a public tendering process is required.
The approval time for the Technology Voucher varies depending on the application situation, but generally, it takes about 4 to 8 months. The government conducts a preliminary review after the application is submitted to ensure it meets the criteria and requirements. If the application is complete and meets the requirements, the applicant will be asked to respond in writing to some questions and submit further materials. After the responses and additional information are submitted, the government will further review the application to determine if it meets the funding conditions. If the application is successful, the applicant can then commence the project.
It should be noted that the processing time may vary depending on the type of project applied for and the information provided by the applicant. To ensure a successful application, applicants should prepare comprehensive application documents and supporting materials to ensure accuracy and completeness. Additionally, it is advisable for applicants to communicate and consult with technology voucher consultants or relevant institutions before applying to ensure the success rate and efficiency of the application.
If the project amount exceeds HKD 50,000, an audit is required for the enterprise. According to government requirements, all enterprises that receive funding from the Technology Voucher Programme must undergo a project audit to ensure that the submitted data and reports are true, accurate, and complete. The audit report must be conducted by a registered accountant or auditor and submitted to the government as one of the key documents for the funding application.
The main contents of the audit report include the verification of the project application, application forms, invoices, receipts, contracts, payment records, technical reports, and other documents to confirm the authenticity and reliability of all reported data. Enterprises need to retain all documents and information related to the project for future audits and inspections.
The Technology Voucher Programme in Hong Kong aims to encourage investment in technological applications by small and medium-sized enterprises (SMEs) to enhance their competitiveness and efficiency. The scope of funding under the programme mainly includes the following types of technology projects:
Automation or Improvement of Production Processes: Implementing automated machinery or improving existing production processes to enhance efficiency and quality.
Online Sales Platforms: Establishing or upgrading online sales platforms to increase sales volume and customer experience.
Website and Application Development: Developing websites, applications, or software to enhance the company’s online brand image and business processes.
Digital Marketing Strategies: Using digital marketing strategies like social media, search engine optimization, etc., to increase the company’s exposure and sales.
Data Analysis: Utilizing data analysis software or services to assist businesses in understanding customer needs and behavior, and formulating more effective business strategies.
Point of Sale and Inventory Management Systems: Improving inventory management and sales efficiency, and reducing costs through POS and inventory management systems.
Virtual Reality (VR) and Augmented Reality (AR) Technologies: Applying VR and AR technologies to enhance product presentations and customer experience.
Logistics Management: Enhancing logistics processes and efficiency, and reducing costs through logistics management systems.
Artificial Intelligence (AI) and Machine Learning: Implementing AI and machine learning technologies to improve efficiency and competitiveness.
Human Resources Management Systems (HRM): Enhancing HR management efficiency and accuracy through HR management systems.
Customer Relationship Management Systems: Improving customer relationship management through CRM systems.
These projects reflect the programme’s commitment to fostering technological advancement and operational efficiency in SMEs.
Generally, the Technology Voucher Programme is expected to adhere to the principle of selecting the supplier with the lowest bid. However, according to the regulations of the Hong Kong Innovation and Technology Bureau, the Technology Voucher Programme does not require the selection of the supplier with the lowest quotation. Instead, applicants are required to assess and choose the most advantageous supplier, ensuring that the selected supplier possesses the necessary professional knowledge, technical capabilities, and level of service. Additionally, applicants must provide detailed quotations for the products or services, including relevant costs and fee standards.
Therefore, applicants can consider various factors such as quotations, quality, professional capabilities, and service levels of different suppliers based on their actual situation and needs to select the most suitable supplier. Applicants must ensure that the chosen supplier’s quotation is in line with market price levels to avoid wasting the technology voucher funding due to high quotations or compromising the quality and effectiveness of products or services due to low quotations.
If an applicant has a reasonable explanation, such as a higher-priced supplier providing more suitable services, they can explain this to the authorities on a case-by-case basis.
Yes, a private company limited by shares (無限公司) can apply for the Technology Voucher Programme in Hong Kong. The applicant must be a registered business or non-profit organization with at least three months of operational experience and a real operating and registered office in Hong Kong. If your private company limited by shares meets these criteria, you may consider applying for the Technology Voucher.
Both local and foreign companies are eligible to apply for the Technology Voucher Programme in Hong Kong. Applicants can select suitable local or overseas suppliers for the implementation of their technology projects.
No, according to the regulations of the Innovation and Technology Commission, an enterprise can only submit one application to the Technology Voucher Programme at a time. Applicants must complete the earlier approved project and submit the final project report before submitting a new application. This policy ensures the fair and efficient allocation of resources.
According to the guidelines on the Hong Kong Innovation and Technology website, technology consultants, service providers, and suppliers are not allowed to provide loans to applicants for initiating Technology Voucher Programme projects. Applicants must arrange funding on their own to cover the costs associated with the technology projects.
Upon completion of a Technology Voucher Programme project, the applicant needs to submit a project report, and upon its approval, the government disburses the funds to the applicant. The specific process to retrieve the approved amount includes the following steps:
Submission of the Project Report: The applicant must submit a detailed project report upon completion of the Technology Voucher project. This report should include information about the project’s implementation, outcomes, and costs.
Review of the Project Report: The government reviews the project report to confirm that the project meets the approved criteria and to verify the project expenses.
Disbursement of Funds: Once approved by the government, the funds will be disbursed to the applicant. The disbursement is typically made via direct transfer to a bank account designated by the applicant.
Following these steps, the applicant can retrieve the approved amount of funding.
If an applicant finds a better solution to complete the Technology Voucher Programme project, but the cost of the project will increase, can we apply for additional funding from the Technology Voucher Programme?
If an applicant encounters special circumstances requiring a change in project details or an increase in financial expenditure while completing a Technology Voucher Programme project, they must first obtain approval from the Innovation and Technology Commission. The applicant can submit an application via email to the Commission, providing detailed reasons and the amount of additional expenditure required. The Innovation and Technology Commission will review the application based on the specific circumstances and arrange subsequent procedures according to the approval results.
Applicants may commence a project before the approval of the Technology Voucher Programme, but it’s important to note that if the project is deemed non-compliant with the Programme’s criteria, the Innovation and Technology Commission may refuse funding. Therefore, the applicant must assume this risk. Additionally, applicants must ensure compliance with all relevant regulations and standards during the project’s implementation and maintain all related records and documents for future submissions.
Undertaking a project before the approval of the Technology Voucher carries certain risks, and it is advisable to consult with a Technology Voucher Programme (TVP) consultant for more details.
When preparing quotations for the Technology Voucher Programme, the following points should be considered:
Clarity and Detail in Quotations: Quotations must clearly and comprehensively list the products or services offered, along with their corresponding costs, to ensure the applicant’s clear understanding.
Validity Period of Quotations: Quotations should have a specified validity period, such as an expiration date, to prevent them from expiring during the review process.
Compliance of Quotations: Quotations must comply with relevant laws and regulations and should not violate any stipulated guidelines.
Completeness of Quotation Documents: Quotation documents should be complete, including the quote, company profile, technical proposals, sample contracts, etc., to avoid missing important information.
In summary, quotations for the Technology Voucher should adhere to principles of fairness, legal compliance, and must pay attention to the completeness and validity of the quotation documents.
Documents for TVP
- Business Registration Certificate (BR)
- Recent three months of MPF contribution records (signed and stamped)
- Annual Return Form (for natural person shareholders) (signed and stamped)
- Copies of documents proving substantial business operations in Hong Kong related to the application project (e.g., invoices/receipts or business contracts issued within the last three months)
- Copies of valid Hong Kong Identity Card or passport of the person signing the application form on behalf of the applying enterprise
- Copies of valid Hong Kong Identity Card or passport of individuals holding 30% or more ownership.