Cancellation of Cumulative Funding Limit for Technology Voucher
The Innovation and Technology Bureau has relaxed restrictions related to relevant institutions under the Technology Voucher program since August 14, 2020. Relevant institutions (i.e., enterprises/organizations established under different legal entities but with 30% or more ownership held separately by the same individuals) will no longer be considered as the same institution for the calculation of cumulative funding under the Technology Voucher. Under the new measures, enterprises with individual shareholders holding 30% or more ownership will have to calculate the funding amount collectively, and the maximum cumulative funding limit of HKD 600,000 is immediately canceled.
In simple terms, under the new measures, the Technology Voucher program can provide HKD 600,000 in funding for each eligible enterprise. We have promptly shared this good news with our Technology Voucher funding program clients and have received inquiries from many business owners looking to apply for Technology Vouchers for their other companies. In fact, technology solutions, from corporate management to digital marketing and automation processes, have become essential in systematic management, especially in the digital business era, and are one of the competitive factors for businesses. With Technology Voucher funding, where the government funds 75% of the project cost and enterprises only need to bear 25%, the investment cost is highly cost-effective.
Upgrading Technology Solutions for Small and Medium Enterprises
To learn more about Technology Vouchers, here is a list of popular technology voucher programs for small and medium enterprises:
- Online Marketing: Automation solutions to enhance ROI.
Automation Processes: Total Solutions for Marketing Automation. - E-shop Maintenance Solutions: Upgrading e-shop network security amid the surge in web viruses.
- Small and Medium Enterprise Upgrade Solutions: Leverage technology for a quick transformation.
- Challenges without Technology Experts: Pricing is a Pain Point
For business owners with multiple investments, an increase in Technology Voucher funding is good news. However, the difficulty of applying for Technology Vouchers remains. If the requirements of the program are not met during the application, procurement, and execution of Technology Vouchers, the funding may still seem out of reach.
For example, the Technology Voucher procurement process has standard requirements, including providing sufficient quotations based on project costs. For small and medium-sized enterprises without IT departments, everything from writing quotations to selecting the most suitable suppliers can be challenging. Having Technology Voucher consultants with specialized IT knowledge can help understand the required solutions for their own businesses, effectively utilize the Technology Voucher program, and successfully secure funding for upgrades.
For more information about TVP Technology Vouchers, contact our TVP Technology Voucher consultants at (+852 2129 0104) for a free case assessment.