August 21, 2021 ・10 min read
Technology Voucher Programme, also known as TVP, provides up to $600,000 HKD funding for Hong Kong businesses to complete digital projects. This guide walks you through our experience and successful client projects.
Technology Voucher Programme, also known as TVP, was launched in November 2016 with the primary objective of providing financial support to local businesses and groups.
It underwent a pilot period of almost two years before becoming a regular programme under the Innovation and Technology Fund.
This funding scheme helps entitled organisations in enhancing efficiency and transforming their businesses through proper streamlining and modernisation of processes.
Local entities should tick off the following to ensure they can apply for funding through TVP:
However, businesses with substantive business operations in Hong Kong are also eligible.
Lastly, if your company isn’t listed in Hong Kong and is not given business grants neither by the government nor a subsidiary of a government-supported institution, you’re still entitled to apply for the funding.
Under the program, applicants can obtain funding for a maximum of 6 projects, but the total sum must not exceed HK$600,000 for every organisation.
Bear in mind that you can only have one active application at a time. However, you can readily submit a new request after successful project completion or the final project report submission.
Funding for projects follows 3:1 basis. Companies are only expected to shell out a quarter of the project, and the government shoulders the remainder.
Update (effective since 14 August 2020): The ITC has eased off restrictions regarding TVP’s related entities. Related entities refer to companies or organisations which are legally considered as individual entities but are linked to another company or organisation because they have similar shareholders owning 30% or more of both companies.
Before the update, these companies were considered as one and therefore were entitled to a single cumulative funding amount. Now, they can apply separately.
You can apply for TVP all throughout the year. The first step is registration through the TVP Funding Administrative System. Annexe C cites all the necessary documents which you should prepare ahead of time.
Should you come face to face with a problem or have some doubts regarding submissions, the Innovation and Technology Commission renders prompt assistance through the TVP website.
Once ITC receives your application, they will verify its eligibility. If you pass this first round, expect preliminary screening. On the other hand, ITC reserves the right to seek more information and clarifications from the applicant as they see fit.
The TVP Committee is responsible for the accepted applications. They send them to the Innovation and Technology Commissioner, which gives the green light for funding release.
Rejected ones are returned to the applicant.
For more detailed information, check out the guidelines provided on their page. Here’s also a checklist of necessary documents to keep tabs on.
TVP can support various projects so long as they have to do with specialised service and solutions and are geared towards efficiency and business transformation.
While there is a specific list of coverage, the applicant is more than welcome to put forward other solutions and services that share the same aims with the TVP objectives. Although, you can’t rely on precedence on this one because it’s on an ad hoc basis.
Moreover, the project results should have an immediate bearing on the applicant’s business economic activities in Hong Kong.
– The fund is, however, NOT allocated for operational costs, such as rent, staff salary and general fringe benefits, and central office equipment update and maintenance.