HK Government Announces Technology Voucher Programme
It has never been easier – or more cost effective – to adopt new technology to transform the way you do business.
Under a new initiative announced by the Hong Kong Government, qualifying small and medium sized enterprises (SMEs) may now recover up to two-thirds of the investment they make in new technology. The initiative, called the Technology Voucher Programme (TVP), aims to promote new technology in the region, improve productivity and upgrade or transform business processes by subsidizing new technology.
How Much May an Applicant Recover Under the TVP?
Under the new TVP, qualifying applicants may recover up to $200,000 HKD for new technology on a two-to-one matching basis. In other words, for every $1 an applicant spends, the Hong Kong Government will provide up to $2. The funds may be applied to one single project, or they may be spread out over up to three projects.
Who Qualifies for TVP Funds?
According to TVP regulations, only SMEs may qualify for TVP funds. The Hong Kong Government defines SMEs as having less than 100 employees for companies engaged in manufacturing, and less than 50 employees for all other companies. Next, a local (i.e., Hong Kong) business registration is required, and the applicant must have been engaged in substantive business in Hong Kong for at least one year.
Depending on the cost of the new technology applicants hope to adopt, additional requirements may apply, such as a solicitation of bids from more than one provider, an independent audit confirming that funds were spent only on new technology, etc. For more information, visit http://www.itf.gov.hk/l-eng/TVP.asp#VM.
What Types of Technology Qualifies for TVP Funds?
Although the Hong Kong Government mentions that virtually any new technology may qualify for TVP fund reimbursement, it lists several types of technological solutions which specifically qualify, including:
- Point Of Sale (POS) Systems;
- Enterprise Resource Planning (ERP) Solutions;
- Building Information Modeling (BIM) Technology;
- Clinic Management Systems;
- Inventory Management Systems;
- Customer Relationship Management (CRM) Solutions; and
- Human Resources Management (HRM) Systems
How Do Companies Apply for TVP Funds?
The Hong Kong Government established a simple process for qualifying SMEs to apply for TVP funds. Under the initiative, applicants must provide the following:
- A copy of their Hong Kong Business Registration
- A copy of the Hong Kong ID Card or passport for the person signing the application form
- Evidence of at least one year of substantive business operations in HK
- Form 1(a) from the Hong Kong BRO or Annual Return of Companies Registry
- A copy of the Business Registration for any consultant (i.e., systems integrator or software developer) hired by applicant
- Quotations from bidders (if required)
- Upon project completion, a certification from an independent auditor (if required)
For more information, visit https://tvp.itf.gov.hk. To see a sample application, visit http://www.itf.gov.hk/l-eng/samples/tvp-e.pdf.
For more information, we recommend that you visit the following sites:
- For an overview of the TVP, visit: http://www.itf.gov.hk/l-eng/Forms/TVP-pamphlet-e_2016_11.pdf
- For Details about the TVP, including which companies qualify, how to apply, and other restrictions, visit: http://www.itf.gov.hk/l-eng/TVP.asp#VM
- For details about the application process, visit: https://tvp.itf.gov.hk
- For a sample application, visit: http://www.itf.gov.hk/l-eng/samples/tvp-e.pdf
In addition, the iOS in Business Enterprise Solution Providers are ready to answer any questions you might have about adopting new technology for your business. They can even help walk you through the application process. By adopting new technology, such as a powerful solution offered by one of the iOS in Business Enterprise Solution Providers, SMEs can differentiate themselves in a crowded and competitive marketplace while also maximizing efficiency and improving customer service.
Under this new initiative, now is a perfect time for SMEs to adopt these new solutions with far less financial risk. Contact us today to learn how new technology can transform your business and bring new levels of success.
NOTE: the information contained in this article is not comprehensive; it is merely an overview of the Hong Kong Government’s Technology Voucher Programme. For complete details, including qualification requirements, application processes, etc., please refer to the official information provided by the Hong Kong Government in the links above.