In 2016, the Innovation and Technology Commission of the Government launched the Technology Voucher Program (English: Technology Voucher Programm, TVP) to subsidize some of the project costs for Hong Kong enterprises and institutions to accelerate the pace of technology application and enhance the overall competitiveness of Hong Kong. In 2020, the Technology Voucher Program (TVP) will be upgraded, making it more interesting and interesting for more companies to apply. Below are the 7 frequently asked questions about applying for the Technology Voucher (TVP) to facilitate applicants to understand the Technology Voucher Programme (TVP).
1. Does Technology Voucher (TVP) accept applications for newly established companies?
Originally, when the government launched the Technology Voucher (TVP) program in 2016, it stipulated those enterprises with substantial business to apply must be established for at least one year to be eligible. Fortunately, this provision has been lifted. In other words, even a newly established company can apply to the government for a Technology Voucher (TVP). However, the applicant enterprise also needs to submit proof of past (generally at least three months) operating records to prove that the enterprise has substantial business.
2. Can unlimited companies also apply for Technology Voucher (TVP)?
The Innovation and Technology Commission of the Government has not specified in the eligibility column and will not accept applications from unlimited companies. If the company meets the eligibility criteria for the program, regardless of whether the company is a sole proprietorship or a partnership unlimited company, it can reasonably receive the technology voucher funding after approval.
3. Are there restrictions on the use of technology vouchers (TVP) funds?
Funds provided by Technology Vouchers (TVPs) are generally limited in use. As the name suggests, the funds of the Technology Voucher can only be used for technology system projects, and salaries, rent payments, or even daily expenses for promotional purposes cannot be funded by the Technology Voucher Scheme. The Department has also set four categories for the funding purposes of the Technology Voucher: 1) Technology consulting services All technology-related consulting fees, if the consultants are local enterprises or scientific research institutions that have held Hong Kong business registration, the approved funding can be used to hire them to assist in related projects. 2) Necessary “custom-made” technology components All expenditures related to “custom-made” technology components, whether in the form of rental or purchase, can be paid with the grants approved by the Technology Voucher. Components include equipment, hardware, software, technology services, etc. 3) Necessary “off-the-shelf” technology components All expenditures related to “off-the-shelf” technology components, the cost of which should not exceed 50% of the total project cost, can be paid with the approved funding from the Technology Voucher. 4) Audit Fees If the funding amount of the Technology Voucher Project is more than $50,000, the audit fee of the project will be covered by the funding amount, up to a maximum of $3,000.
4. What are the criteria for the Innovation and Technology Commission to approve the Technology Voucher?
The Innovation and Technology Commission has the following three major principles for approving the Technology Voucher (TVP) program: 1) Whether the applied TVP project is related to the organization; 2) Whether the project execution and budget are reasonable; 3) The past record of the TVP service provider: if The service provider has a history of bid-rigging or irregularities, which will affect the result of the application.
5. Can technology companies also apply for Technology Voucher (TVP)?
Even if you are in the technology industry, you can also apply for the Technology Voucher (TVP) program. However, the applicant enterprise cannot act as a service provider at the same time. Moreover, the service provider must follow standard quotation procedures and maintain its independence, including no co-stakeholders or other agents with the applicant company.
6. Is the price of technology vouchers “the one with the lowest price”?
The quotation process of the Technology Voucher (TVP) scheme generally follows the principle of “lower price wins”. Once an applicant wants to choose a supplier with a higher quotation, he or she needs to provide the company details of the supplier to the Innovation and Technology Commission for review.
7. How to apply for Technology Voucher (TVP)?
Applicants can go to the official website of the Technology Voucher (TVP) scheme and apply directly online. For more details on the Technology Voucher (TVP) program, please refer to the Technology Voucher Program (TVP) Application for Lazy Pack.
The above information is for reference only. If you have any questions about the Technology Voucher Programme (TVP), we welcome your inquiries.