TVP Funding Audit

Technology Voucher Program(TVP) is provided by The Innovation and Technology Fund (ITF). TVP aims to support local enterprises/organizations using technological services and solutions to improve productivity or upgrade or transform their business processes.

Your other company can also apply for Technology Vouchers Program (TVP). From August 14th, 2020, Applicants for Technology Voucher Program (TVP) should also note that different legal entities that are owned by the same person 30% or above are no longer regarded as the same institution to calculate Technology Voucher Program (TVP) ) Cumulative total funding.

If the approved funding amount of the Technology Voucher (TVP) exceeds HK$50,000, the company must submit an audited project income and expenditure statement prepared by an independent auditor to the Innovation and Technology Commission.

To maintain a high level of integrity in the Technology Voucher Program (TVP) project, the Innovation and Technology Commission will conduct random checks on individual projects. Successful applicants for Technology Voucher Program (TVP) must keep a set of proper and independent accounting books and records for each project within seven years after the completion of the project, and provide relevant information, including Account books and records for verification at the request of the Innovation and Technology Commission or the representative of the government/government authorized agency

Companies and organizations that use “shelf companies” for business registration or whose primary business is mainly carried out outside Hong Kong will not be deemed to have substantive business operations in Hong Kong. Therefore, it is not eligible to apply for Technology Voucher Program Funding ( TVP).

Recently, the government abolished the one-year operation requirement. So, in theory, it is possible. However, to prove that the company has an operating record, it is generally recommended to have at least three months of regular business operation before applying.

For the same project, a company cannot apply for different public funding programs simultaneously unless it is proved that the company has withdrawn from one of the public funding programs. After that, however, the company can apply for different programs for different projects. If the application for another program fails, the Technology Voucher Program (TVP) application can still be accepted.

As long as the company can prove that the relevant equipment is critical and can increase production capacity or transformation, the company can obtain the funding with sufficient justifications. It is noted that only the Innovation and Technology Commission has the final approval power. For example, guests who open a restaurant need to add POS and other systems. Technology coupons include catering POS software, queuing systems, and food ordering machines.

After receiving the application form, the Innovation and Technology Commission will check the qualifications of the applicant company and make a preliminary assessment. Then, the Technology Voucher Program Committee will consider eligible applications. The evaluation criteria include: whether the proposed project is related to the business of the applicant company, whether the budget is reasonable, whether the implementation details are reasonable, and whether the relevant consultant or service provider has a bad record.