TVP [Hong Kong]

TVP is a regular funding programme under the Innovation and Technology Fund to subsidise local small and medium enterprises (SMEs) in using technological services and solutions to improve productivity or upgrade or transform their business processes.

Since 1 April 2020, the Hong Kong Government has further enhanced the TVP. The Government’s funding ratio in each approved project has been raised from two-thirds to three-quarters. The funding ceiling per applicant has been increased from $400,000 to $600,000 and the maximum number of approved projects has also been increased from four to six.

What are the eligibility requirements under TVP?

Applicants must abide by the following requirements:

  • Has been registered in Hong Kong under the Business Registration Ordinance (Cap. 310); or
  • Is incorporated and registered in Hong Kong under the Companies Ordinance (Cap. 622); or
  • Was established in Hong Kong by relevant ordinances as statutory bodies; and
  • Is not a listed company in Hong Kong, and is not a government organisation or subsidiary of such; and
  • Has substantive business operations in Hong Kong at the time of application

What is TVP’s funding scope?

TVP is applicable to any project that emphasizes technological services and solutions which improve productivity, or upgrades or transforms a business’ processes, similarly to the D-Biz funding. For instance, appointment scheduling systems, cloud-based accounting solutions or even point of sales systems are allowable solutions under TVP’s funding scope.

When applying under TVP, applicants must be able to demonstrate that their project deliverables will have a direct impact on their Hong Kong business operations by providing a breakdown of their project costs. The following costs can be covered:

  • Technology consultancy whereby the applicant engages an external consultant to recommend technological services / solutions to be adopted
  • Purchase, rental or subscription of off-the-shelf / readily available equipment / hardware, software and technological services or solutions that form an essential part of the project
  • Project auditing for projects with approved funding exceeding HKD 50,000

Any normal business operating costs cannot be funded under TVP.

What is the length of a TVP project and how much funding can one receive?

If approved, TVP applicants are eligible to receive up to HKD 600,000 in funding, provided on a 3:1 matching basis. TVP applicants must contribute an initial payment of at least 25% of the total approved project cost in cash. Upon completion of the project, applicants must submit a final project report which details the outcome and expenses incurred in relation to this project. If this final report is accepted, the Hong Kong government will make a final payment to the applicant.

It is important to recognize that while up to 6 projects can be approved (subject to a cumulative ceiling of HKD 600,000), applicants are not allowed to undertake more than 1 TVP project at a time. In addition, each project should be completed within 12 months, unless an exception has been granted.

What are the TVP application procedures?

Interested parties able to submit their applications online.

It is common that the TVP assessors may request applicants for further information to support their application. In these situations, if an applicant has not provided further information within 1 month of the assessor’s request, their application will be rejected.

Please note that the actual processing time of an application varies, as it is dependent on the amount of applications received, the complexity of each application, and the comprehensiveness of the information provided.

How are TVP applications assessed?

Each eligible application will be assessed on a case-by-case basis, on its individual merits. Assessors will inspect each application to determine:

  • The relevance of the proposed project to the applicants business
  • The reasonableness of the budget
  • The reasonableness of the implementation details
  • Whether any consultants and/or service providers to be engaged have an adverse record against them

What are the auditing and monitoring requirements under TVP?

To make sure that the approved funds for a TVP project are used properly, applicants must provide an audited statement of income and expenditure if they are approved for funding of HKD 50,000 or more.

Applicants must engage an independent, Hong Kong CPA in the audit of these financial statements. As a result of the audit, auditors are expected to produce an audit report whereby they will express their opinion on whether the applicant has complied with the terms and conditions of their TVP funding agreement. They are also required to disclose any material non-compliance that was identified.

If an applicant fails to comply with these audit requirements, the assessors may decide to cease disbursement of any funding support. In such cases, the assessor can also request the applicant to return, and repay all funding received.

TVP [Hong Kong]

TVP is a regular funding programme under the Innovation and Technology Fund to subsidise local small and medium enterprises (SMEs) in using technological services and solutions to improve productivity or upgrade or transform their business processes.

Since 1 April 2020, the Hong Kong Government has further enhanced the TVP. The Government’s funding ratio in each approved project has been raised from two-thirds to three-quarters. The funding ceiling per applicant has been increased from $400,000 to $600,000 and the maximum number of approved projects has also been increased from four to six.

What are the eligibility requirements under TVP?

Applicants must abide by the following requirements:

  • Has been registered in Hong Kong under the Business Registration Ordinance (Cap. 310); or
  • Is incorporated and registered in Hong Kong under the Companies Ordinance (Cap. 622); or
  • Was established in Hong Kong by relevant ordinances as statutory bodies; and
  • Is not a listed company in Hong Kong, and is not a government organisation or subsidiary of such; and
  • Has substantive business operations in Hong Kong at the time of application

What is TVP’s funding scope?

TVP is applicable to any project that emphasizes technological services and solutions which improve productivity, or upgrades or transforms a business’ processes, similarly to the D-Biz funding. For instance, appointment scheduling systems, cloud-based accounting solutions or even point of sales systems are allowable solutions under TVP’s funding scope.

When applying under TVP, applicants must be able to demonstrate that their project deliverables will have a direct impact on their Hong Kong business operations by providing a breakdown of their project costs. The following costs can be covered:

  • Technology consultancy whereby the applicant engages an external consultant to recommend technological services / solutions to be adopted
  • Purchase, rental or subscription of off-the-shelf / readily available equipment / hardware, software and technological services or solutions that form an essential part of the project
  • Project auditing for projects with approved funding exceeding HKD 50,000

Any normal business operating costs cannot be funded under TVP.

What is the length of a TVP project and how much funding can one receive?

If approved, TVP applicants are eligible to receive up to HKD 600,000 in funding, provided on a 3:1 matching basis. TVP applicants must contribute an initial payment of at least 25% of the total approved project cost in cash. Upon completion of the project, applicants must submit a final project report which details the outcome and expenses incurred in relation to this project. If this final report is accepted, the Hong Kong government will make a final payment to the applicant.

It is important to recognize that while up to 6 projects can be approved (subject to a cumulative ceiling of HKD 600,000), applicants are not allowed to undertake more than 1 TVP project at a time. In addition, each project should be completed within 12 months, unless an exception has been granted.

What are the TVP application procedures?

Interested parties able to submit their applications online.

It is common that the TVP assessors may request applicants for further information to support their application. In these situations, if an applicant has not provided further information within 1 month of the assessor’s request, their application will be rejected.

Please note that the actual processing time of an application varies, as it is dependent on the amount of applications received, the complexity of each application, and the comprehensiveness of the information provided.

How are TVP applications assessed?

Each eligible application will be assessed on a case-by-case basis, on its individual merits. Assessors will inspect each application to determine:

  • The relevance of the proposed project to the applicants business
  • The reasonableness of the budget
  • The reasonableness of the implementation details
  • Whether any consultants and/or service providers to be engaged have an adverse record against them

What are the auditing and monitoring requirements under TVP?

To make sure that the approved funds for a TVP project are used properly, applicants must provide an audited statement of income and expenditure if they are approved for funding of HKD 50,000 or more.

Applicants must engage an independent, Hong Kong CPA in the audit of these financial statements. As a result of the audit, auditors are expected to produce an audit report whereby they will express their opinion on whether the applicant has complied with the terms and conditions of their TVP funding agreement. They are also required to disclose any material non-compliance that was identified.

If an applicant fails to comply with these audit requirements, the assessors may decide to cease disbursement of any funding support. In such cases, the assessor can also request the applicant to return, and repay all funding received.

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