【2024 TVP Guide】Application Process, Review Time, FAQs
What is TVP Technology Voucher?
In a highly competitive market environment, businesses need to continuously innovate and enhance their technological capabilities to maintain their competitiveness. The Hong Kong Special Administrative Region Government has launched the TVP Technology Voucher Programme (TVP) to assist businesses in adopting innovative technologies to enhance productivity and competitiveness. This article will introduce the basic information of the TVP Technology Voucher, the application process, common questions, and tips to increase the success rate of applications.
What is TVP Technology Voucher?
The TVP Technology Voucher, also known as the Technology Voucher Programme (TVP), is a funding program initiated by the Hong Kong government. It provides financial support to businesses for the application of innovative technologies to enhance productivity or upgrade and transform their business processes. Through this program, businesses can receive a maximum funding of HKD 600,000 to purchase innovative technology services and products.
Number of Quotations Required from Technology Vendors?
Technology Voucher Application Process
Step 1: Submitting the Technology Voucher Application
- Applicants need to prepare the following documents for the TVP Technology Voucher application:
- Financial management system for the TVP program
- Business Registration Certificate (BR)
- N1R1 Annual Declaration form
- Proof of actual business operations in Hong Kong for the past three months (e.g., rental agreements, utility bills, MPF contributions, etc.)
- Project proposal
- Copy of BR for the technology service provider
- Signed declaration of integrity and non-collusive quotation
- Required number of quotations (three quotations for budgets below HKD 300,00, five quotations for budgets of HKD 300,000 or above)
- Applicant’s identification documents
Step 2: Approval of the Application by the Innovation and Technology Commission (ITC)
The TVP Technology Voucher approval process typically takes 8 to 12 weeks, and the applicant will receive a notification of the approval results.
Once approved, the applicant needs to sign a funding agreement with a witness designated by the TVP.
Step 3: Implementation of the Technology Voucher Project
After signing the funding agreement, the company can begin implementing the project. The project needs to be completed within 12 months, and progress reports must be submitted regularly as required by the ITC.
Step 4: Verification of Project Completion
Within two months after completing the TVP Technology Voucher project, the company needs to submit the following documents to the ITC:
- Proof of project completion
- Final project report
- Proof of payment by the company
- Audit report for the TVP (if approved funding amount exceeds HKD 50,000)
Step 5: Disbursement of Funding
If the project is accepted by the ITC, the Innovation and Technology Bureau will transfer the funding amount to the applicant’s account within 12 to 16 weeks.
TVP Application – Common Reasons for Failure
Reason 1: Incomplete Submission of Documents
Many businesses fail in their technology voucher application due to a lack of experience in applying for such vouchers. They often overlook the submission of crucial documents when completing the application form. As the government continuously requests additional documents, businesses may find the process cumbersome and eventually decide to withdraw their application.
Reason 2: Failure to Respond to the Government within the Specified Timeframe
During the technology voucher application process, the government often requires businesses to respond to relevant inquiries within a specified timeframe. If a business is busy or if the personnel handling the application have left the company, it becomes easy to exceed the response deadline, leading to the withdrawal of the application.
Reason 3: Inability to Provide Reasonable Responses to Government Inquiries
The government frequently raises questions regarding the quotations submitted by the applicant, such as why a cheaper service was not chosen or why the quoted price exceeds the market rate significantly. Answering these sharp questions can be challenging for the applying businesses.
Reason 4: Difficulty in Obtaining Identical Quotations
Collecting 3-5 identical quotations from technology vendors poses one of the biggest challenges in the technology voucher application process. Businesses need to submit multiple consistent quotations, but each vendor’s quotation may have variations. Moreover, technology vendors are often reluctant to provide quotations, fearing that they may be considered mere “accompanying runners” in the application process.
TVP FAQs
Success Rate of Technology Voucher Applications?
The government does not publicly disclose the success rate of TVP (Technology Voucher Program) applications. However, as long as the project’s requirements, expected benefits, and costs are reasonable, the government generally approves the projects.
Application Time for Technology Voucher? TVP Application Time?
In general, the entire TVP application process takes approximately 10 to 18 months, depending on the completeness of the submitted documents and plans.
Deadline for Technology Voucher Applications?
There is currently no deadline for TVP technology voucher applications.
Can an Unlimited Company Apply for Technology Vouchers?
An unlimited company registered in Hong Kong with substantive business operations can apply for TVP technology vouchers. However, it must meet other eligibility requirements, including having a physical office address (not a rented office) and proof of employee Mandatory Provident Fund (MPF) contributions to demonstrate substantive business operations.
How to Apply for the Initial Disbursement of the Technology Voucher?
Applicants can request an early release of 25% of the funding amount. However, applying for the 25% initial disbursement may result in an extended processing time for the funding application.
Can I Apply for Multiple Technology Voucher Projects Simultaneously?
No, applicants can only undertake one technology voucher project at a time.
Is a Technology Voucher Consultant Required for the Application?
It is not required, but it is strongly recommended to consider engaging a technology voucher consultant. The TVP application process is highly stringent, and errors can easily occur in the preparation of project proposals and during the application process. It can be challenging for companies to handle these issues on their own, and serious mistakes may lead to application failure or the inability to receive the final payment.
What Costs Are Not Eligible for TVP Funding?
System maintenance costs, marketing and branding expenses, and general operating costs (such as employee salaries, allowances, training, office equipment) are not eligible for TVP funding.
Where Can I Find Qualified Technology Vendors for TVP??
Mshop is a qualified technology vendor that provides services such as online store solutions, branded retail apps, retail POS services, and more. For additional information on technology vendors, refer to the list of service providers.
Where Can I Find Qualified Technology Voucher Auditors??
or qualified technology voucher auditors, refer to the list of technology voucher auditors.
Technology Voucher Contract Documents? Requirements for Witnessing a Technology Voucher Contract?
The following documents are required for signing a technology voucher contract:
- Document 1: Identity proof of the authorized representative and witnesses
- Document 2: Company chop (official seal)
- Document 3: Copy of the business registration certificate
Requirements for witnesses:
Witnesses for the technology voucher contract are not limited to Hong Kong residents. If they do not have a Hong Kong ID card, a passport can be used as identification.
Common TVP Scams
Can you apply for TVP for free? Can they even help you make money?
There are many technology voucher consultants in the market who claim that you don’t need to spend a single dollar and can even help you make money through technology vouchers.
Based on our experience, these types of technology voucher consultants often encounter problems and may disappear after receiving payment. Moreover, such behavior is in violation of Hong Kong laws, so it is important to avoid getting involved in legal issues for the sake of a few thousand dollars.
Application Tips: How to avoid falling into technology voucher scams? ?
Mshop suggests that businesses should start by discussing technology voucher projects with “technology voucher suppliers” to ensure that the proposed projects can truly address their needs. It is also recommended to find a reputable “technology voucher consultant” to assist with the application process. However, we do not recommend businesses directly approaching a “technology voucher consultant” to initiate project discussions, as this can easily lead to unsatisfactory outcomes.
Mshop
Online Store/ Mobile App/ POS System
If you are an online shop owner or a newbie interested in starting an online shop and have questions about the process or managing an online shop, feel free to schedule a consultation with Mshop, a professional online shop consulting service.
Mshop E-commerce platform provide comprehensive online shop management system, including online store systems, mobile apps, retail POS systems, Facebook Live, and more. It offers various features such as local payment methods, logistics, order management, inventory management, and membership management, assisting shop owners in handling daily operations. Customization services are also available to facilitate brand and business development. Looking for a more comprehensive online shop system? Contact the professional team at Mshop for an exceptional experience!
