Hong Kong's Technology Voucher Programme (TVP) for Project Funding
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.
Technology Voucher Programme (TVP) requirements
Local entities should tick off the following to ensure they can apply for funding through TVP:
- Registered in Hong Kong’s Business Registration Ordinance
- Incorporated in Hong Kong’s Companies Ordinance
- Established business in Hong Kong as statutory bodies
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.
What funding is available through the TVP?
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.
What is the scope of TVP funding?
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.
- Technology Consultancy
- Project auditing with a ceiling fee of $3,000. The project should have accepted funding over $50,000.
- Customised hardware, software, and technical solutions and services for your projects
- Readily available hardware, software, and technical solutions and services for your projects
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.
TVP Application Process
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.
Examples of TVP approved projects
TVP application is a case-to-case basis and needs time from start to finish. By working with Butter, we can make the process run smoother for you by providing a thorough project briefing and finding solutions to any issues you might run into.
Fully scope out your projects. This takes time, but it’s necessary. Before jumping on the application process, you need all the facts and support which Butter can help you with.
Understand timelines. You should allow for flexibility since the timelines can change depending on the government’s availability and pending work. It’s best to intercommunicate with the office to fully work out their possible turnaround times at the moment.
Be clear on your strategic intent. What’s the purpose of your request? Since TVP’s aim is to fortify businesses with technological solutions for their business advancement, your project should completely align with this, along with your overall business strategy. Development schemes take up a considerable chunk of time and resources from our clients. They are not mere side projects.
Our purpose is to get down to brass tacks and streamline your fundamental goals. By narrowing it down, we seek to eliminate blue-sky thinking and get to the core of what matters most for your business.
Use technology to speed up tasks and processes, so you can obtain more extraordinary things with less effort. We tailor websites that promote better experiences for your customers and/or clients. We focus on the core elements of web design and web development to ensure you have all bases covered and don't require additional agencies to execute.
Offer convenient shopping to your customers with a complete web and mobile-friendly user interface. We set up eCommerce stores for both B2B and B2C brands and help them deepen and strengthen consumer and client engagement. Once launched, our performance marketing services can help bring your store to profitability.
Technology Voucher Programme (TVP) operates under the supervision of the Innovation and Technology Fund (ITF). The funding scheme’s main objective is to subsidise eligible entities to use technology for increased efficiency and beneficial business processes transformation. TVP welcomes funding applications throughout the year. Digital Butter has worked with partners that have successfully received funding from the Hong Kong government to carry out website projects. We can help make sure that your documents are in order so you can secure your financial backing without a hitch.
Links to additional funding opportunities
If this funding option is not right for you, take a look at our compiled list of other government-backed startup, SME and new business funding options.
Or you could also check out our more comprehensive overview of the following:
If you need help carrying out a web design and development project to tap the Hong Kong market while accessing markets outside of the country, send us an enquiry or tell us your requirements. We’ll help sort things out so you can seize the opportunity of expanding your business through your website or eCommerce store.
Digital Butter has been part of Hong Kong’s E-commerce industry for more than a decade. We use our web design expertise to help local brands establish their e-commerce platforms -- be it from scratch, re-platforming or re-engineering online stores. Get in touch with us for consultations or enquiries