Technology Voucher Program, also called TVP, was a scheme launched in 2016, to offer financial help to businesses. Before it became a regular program under the Innovative and Technology Commission, it was on a trial period for 2 years. Now, it has become a super scheme in Hong Kong, and several enterprises look forward to submitting the TVP funding application.
If you are also looking forward to applying to this program, you can read this article. In this article, you will find detailed information about this TVP program. Also, you will get to know about the things you will have to take care of while submitting the TVP funding application. So, let’s get started.
What is TVP Funding?
TVP Funding is a funding program launched by the government of Hong Kong. This program was mainly launched to help local enterprises to boost their productivity. In other words, funds will be given to use technologies and increase productivity.
Other than that, selected enterprises need to implement technologies in their daily business proceedings. It will be done with the motive of generating a proper streamline flow of work.
What are the eligibility criteria for submitting the TVP funding application?
Local enterprises in Hong Kong can apply for this funding program. However, there are certain eligibility criteria that you need to fulfill. We are mentioning the criteria in brief below.
- Registered in Hong Kong’s Business Registration Ordinance
- Incorporated in Hong Kong’s Companies Ordinance
- Established business in Hong Kong as statutory bodies
In addition to the above criteria, businesses with substantive business operations in Hong Kong can also submit the TVP funding application. Furthermore, if you need more details, you can click here.
What is the scope of funding under the TVP Funding Programme?
The main objective of the TVP funding program is to support local businesses use technological services. In other words, TVP supports programs in the form of technological services to improve productivity, upgrade, or transform business. So, the eligible candidates are welcomed to submit their applications. They can come forward and propose other technological services and solutions, which meet the objective of this funding scheme. However, selecting the applications might vary depending on their merits. To get approval for your project, you have to be careful while submitting your application. Also, you have to take care of certain things while submitting the application.
What are things that you have to take care of while submitting the TVP funding application?
Sure, you can look forward to getting the financial support to start the project. Also, you must be aware of the fact that you aren’t the only applicant out there. There are several applicants who applied from across the country. Therefore, to get a positive response to your application, you have to make sure you provide everything in your application. This will ensure that your application doesn’t get rejected, rather gets approval. Here are the things you need to provide along with your application.
For funding less than HK$50,000:
This is the case when the aggregate value of the project is less than HK$50,000. In this case, the applicant needs to provide a written price quotation from at least two suppliers. The ITC will fund for the lowest conforming price quotation, once the application gets approved.
For funding more than HK$50,000, but less than HK$300,000:
This is the case when the aggregate value of the project is more than HK$50,000, but less than HK$300,000. In this case, the applicant needs to provide a written price quotation from at least three suppliers. Just as in the previous case, the ITC will fund for the lowest conforming price quotation.
For funding more than HK$300,000, but less than HK$1,400,000:
This is the case when the aggregate value of the project is more than HK$300,000, but less than HK$1,400,000. In this case, the applicant needs to provide a written price quotation from at least five suppliers. Just as in the previous two cases, the ITC will fund for the lowest conforming price quotation, when it gets approved.
For funding more than HK$1,400,000:
This is the case when the aggregate value of the project is more than HK$1,400,000. In this case, the applicant needs to follow an open procurement process. Unlike the previous three cases, the procurement contract will be given to the supplier as per the terms of the tender notices.
How are things with Pilot?
The selection of the TVP funding application depends on a lot of factors. As mentioned earlier, it varies from case to case. Also, it is a time-consuming process. In addition to that, numerous local enterprises, just like you, submit their TVP funding application from all over the country. This just means the competition for getting the fund is quite high. So, when the competition is so high, you will need some professional help, which we can provide.
Pilot has years of experience in helping local businesses successfully get funding. We, at Pilot, have experts who can make the application process go smoothly. Moreover, we will always remain next to you and make sure that your application gets it through.