TVP Funding in Hong Kong: A Comprehensive Guide for SMEs

Introduction:

Hong Kong’s Technology Voucher Programme (TVP) is a funding initiative designed to help small and medium-sized enterprises (SMEs) enhance their IT infrastructure and business processes. With a funding ceiling of HK$600,000 or 75% of the project cost, TVP offers local businesses the opportunity to scale up and become more competitive in today’s digital landscape. In this comprehensive guide, we will delve into the details of TVP funding, including eligibility criteria, application process, and how your business can benefit from this  initiative.

What is TVP Funding?

The Technology Voucher Programme (TVP) is a funding initiative under Hong Kong’s Innovation and Technology Fund, administered by the Innovation and Technology Commission (ITC). The program aims to provide financial support to local SMEs, enabling them to adopt technological services and solutions that can:

• Improve productivity
• Upgrade or transform business processes
• Maintain long-term competitiveness

Eligibility Criteria for TVP Funding

To qualify for TVP funding, your company must meet the following requirements:

1. Be incorporated and registered in Hong Kong under the Business Registration Ordinance (BRO), Companies Ordinance, or other relevant ordinances as statutory bodies.
2. Not be a government sub-vented organization or a subsidiary of any government sub-vented organization.
3. Have substantive business operation in Hong Kong.
4. Be a non-listed enterprise.

What Types of Projects Are Eligible for TVP Funding?

TVP funding supports projects that involve the adoption of technological services or solutions that form an essential part of the funded project and directly contribute to enhancing the business’s competitiveness. Some examples of eligible projects include:

• Implementation of a customer relationship management (CRM) system
• Development of an e-commerce platform
• Installation of a smart inventory management system
• Implementation of an enterprise resource planning (ERP) system
• Upgrading cybersecurity measures

Application Process for TVP Funding

Applying for TVP funding involves five stages:

1. Required Documents Preparation and Application Submission: Prepare the necessary documents and submit your application through the TVP Funding Administrative System. Key documents include your Business Registration (BR) Certificate, evidence of substantive business operation, and quotations for expenditure items.
2. Assessment of Application: The ITC will assess your application based on the relevance of the proposed project to your business, the reasoning behind the budget, and the implementation details.
3. Notification of Results: If your application is successful, you will receive a notification from the ITC. Before starting the project, you will need to sign a funding agreement with the ITC.
4. Project Implementation: Complete the project within 12 months, then prepare and submit a final project report to the ITC.
5. Disbursement of Funding: After completing the project, submit the required documents within two months to receive funding disbursement. You will need to provide a final project report, evidence of deliverables, receipts for each expenditure item, and proof of funding for no more than 75% of the actual project cost.

Maximizing the Benefits of TVP Funding for Your Business

By successfully obtaining TVP funding, you can unlock the full potential of your business in the following ways:

1. Staying competitive: Adopting the latest technology can give your business an edge over your competitors and help you stay relevant in a constantly evolving market.
2. Improving operational efficiency: Technological solutions can streamline your operations, reducing manual labor, and increasing overall efficiency.
3. Enhancing customer experience: By upgrading your systems and processes, you can provide a better customer experience, which can lead to increased customer loyalty and higher sales.

Conclusion

TVP funding in Hong Kong offers a valuable opportunity for local SMEs to access financial support and scale up their operations. By understanding the eligibility criteria and application process, you can leverage this funding to adopt technological solutions that can significantly enhance your business’s competitiveness, productivity, and efficiency.

As you embark on the journey of applying for and implementing TVP-funded projects, keep in mind the long-term benefits that the right technology can bring to your business. By investing in technological upgrades, you can position your company for continued success in an increasingly digital world.

For more information on the Technology Voucher Programme (TVP) or assistance in navigating the application process, we recommend reaching out to the Innovation and Technology Commission (ITC) or seeking guidance from experienced professionals who are familiar with the program.