Do you have a small business in Hong Kong? Are you looking for ways to boost your productivity and grow your business? Do you lack the funds to use modern technology to boost production? Well, you will be really glad to let you know that the Hong Kong government is offering a helping hand to business owners like you. They have launched a program called Technology Voucher Programme in Hong Kong that can help you out.
If you are hearing about it the first time, this article is for you. In this article, we will discuss Technology Voucher Programme in detail and why it can be a blessing for your local business. We will discuss the basic things about TVP funding like its definition and procurement process. So, let’s get started with our discussion.
Technology Voucher Programme (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, the funds will be given to local businesses 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 streamlined flow of work.
Local enterprises in Hong Kong can apply for the Technology Voucher Programme funding. However, there are certain eligibility criteria that you need to fulfill to get the funding. We have listed the criteria in the following section.
(i) Your business must be registered in Hong Kong under the Business Registration Ordinance.
OR
(ii) Your business must be incorporated and registered in Hong Kong under the Companies Ordinance.
OR
(iii) Your business must be established in Hong Kong by relevant ordinances as statutory bodies.
AND
Your business must not be a listed company in Hong Kong. In addition to that, your business must not be a government-subvented organization or subsidiary of any government-subvented organization.
AND
Your business must be associated with substantive business operation in Hong Kong, which is related to the project under the application.
In addition to the above criteria, businesses with substantive business operations in Hong Kong can also submit their applications for the Technology Voucher Programme.
The Technology Voucher Programme was launched mainly to provide technical support to businesses in Hong Kong. So, the businesses, which want to improve their productivity and grow, can apply for the same. In other words, applicants are welcome to submit their proposals. However, the applications must be according to the objectives of TVP funding. The ITC department will view each of the projects indifferently and consider it case-by-case. The most eligible applicants will receive funding from the Technology Voucher Programme from the Hong Kong government. So, if you think you also need some funding to upscale your business, you can also apply for it. However, don’t forget to read the details before submitting the application.
All the applicants must ensure that all the procurement of goods and services are carried out in an open, fair, and competitive way. So will be the appointment of reasonably qualified suppliers. In the procurement procedure, the applicants must follow the following process.
For every procurement of equipment or other goods and services as per the project needs, the aggregate value of the project must not be more than HK$ 50,000 in this case. Then, the applicant has to submit written price quotations from at least two suppliers or service providers. Once the ITC goes through them and verifies them, the procurement contract will be given to the service provider with the lowest price quotation.
For every procurement of equipment or other goods and services as per the project needs, the aggregate value of the project must not be less than HK$ 50,000 and more than HK$ 300,000 in this case. Then, the applicant has to submit written price quotations from at least three suppliers or service providers. Once the ITC goes through them and verifies them, the procurement contract will be given to the service provider with the lowest price quotation.
For every procurement of equipment or other goods and services as per the project needs, the aggregate value of the project must not be less than HK$ 300,000 and more than HK$ 1,400,000 in this case. Then, the applicant has to submit written price quotations from at least three suppliers or service providers. Once the ITC goes through them and verifies them, the procurement contract will be given to the service provider with the lowest price quotation.
For every procurement of equipment or other goods and services as per the project needs, the aggregate value of the project must be more than HK$ 1,400,000 in this case. Then, the applicant has to follow an open procurement process. The tender notices will be published on different access channels. Finally, the procurement contract will be awarded to the service provider according to the terms of the tender.
The requisite quotations must be submitted by the applicants along with the application. However, if you fail to do the same, the application will be disqualified from the funding process. If you take care of all these things, you might end up getting a blessing in the form of the Technology Voucher Programme for your business in Hong Kong. However, if you are not really sure and confident of doing these things alone, you can get in touch with a company like Pilot in Hong Kong. Pilot has experts who can guide you all along till you get the funding. In other words, they will ensure that you don’t fail to get the funding from the Technology Voucher Programme due to silly mistakes. Think about it!