Looking for ways to improve business productivity, upgrade and transform business processes, or stand out from the competition but lacking funds, talent, and technology? The Innovation and Technology Commission (ITC) of the Government has launched the Technology Voucher Programme (TVP), an SME funding program to encourage local enterprises/organizations to adopt different technological solutions to improve business competitiveness and operational efficiency. This year, ITC has raised the funding ceiling for each company from HKD 400,000 to HKD 600,000. The approval will usually be obtained within one to three months upon receipt of all necessary documents. Let us break it down for you in this article, from start to finish, and apply in a breeze.
What is the Technology Voucher Programme (TVP)?
The Technology Voucher Programme is an SME funding program of the Innovation and Technology Commission. It aims to support local SMEs to improve productivity and competitiveness, or upgrade or transform their business processes using technological solutions. Each entity enterprise/organization may apply for up to 6 projects with a funding ceiling of HKD 600,000. ITC provides funding for projects on a 3:1 basis, which means the enterprise/organization must pay for at least 25% of the total expense.
Who is Eligible?
To be eligible for the Technology Voucher Programme, your company must be registered or incorporated and registered in Hong Kong with a substantive business operation in Hong Kong that is related to the project under application. Government subvented bodies (including their subsidiaries) and listed companies are not eligible for TVP.
What Documents Do I Need for TVP Application?
- Copy of Form 1(a)/1(c) of the Business Registration Office or Annual Return of the Companies Registries
- Evidence of business operation in Hong Kong (within three months of submission)
- Copy of Hong Kong Identity Card or Passport of the signatory
- Copy(ies) of signed probity and non-collusive quotation tendering certificate(s)
- Copy(ies) of quotation(s) submitted by the bidder(s)
You may be required to submit other relevant documents under some circumstances. For more details, please visit the website of the Technology Voucher Programme.
Why is MWI Your Ideal TVP Partner?
If your business still hasn’t got an official website, you’re probably missing out on a huge piece of the pie. Having a website does more than simply inform what products or services you have to offer, it helps build your brand image, provides a platform for customer inquiries and even online sales.
MWI offers website design services and tailored marketing solutions that help to achieve your business goals. A great website design can help your business stand out and make your brand known. We provide comprehensive website set-up services, from simple corporate websites to more complicated e-commerce websites, to help you boost productivity and streamline your operations.
So how do we make it easier for potential customers to reach our websites?
MWI is a one-stop-shop for search engine optimization (SEO) services: site health analysis, keyword research, content creation, link building, etc. We’re here to upgrade your business on a technical level by helping you improve organic ranking and website visibility to draw in more targeted traffic, conversion, and sales.
1. When is the TVP application deadline?
Currently, there isn’t a deadline for the TVP application. TVP accepts funding applications all year round.
2. What costs aren’t covered by TVP?
TVP will not cover normal business operating costs, including staff salary, subsidies, training, office supplies, marketing and branding expenses, etc.
3. What are some limitations of the funding program?
Each TVP project must be approved before it can be implemented and must be completed within 12 months unless specified otherwise on the funding agreement with ITC.
4. What are the assessment criteria?
ITC will assess the applications according to different criteria, including the relevance of the proposed project to the business, how reasonable the budget and implementation details are, and the track record of the service provider(s).
5. Do I get the subsidy immediately after approval?
The applicant should submit all required documents to ITC for reimbursement upon completion of the approved project. This includes a final project report, evidence of deliverables, invoices, and receipts, etc.
MWI strives to be your ideal TVP partner. Be it branding, SEO guidance, user experience enhancement. Just tell us your needs and we will help you build a customized website and tailor a SEO strategy that matches your business goals. Got a question about building websites, SEO services or TVP? Get in touch with us today!