Technology Voucher Program (TVP) in Hong Kong

Hong Kong’s Government launched its 3 year pilot Technology Voucher Program (‘’TVP’’), effective from November 2016, with a total amount of 500 million HKD from the Innovation and Technology Fund, aiming at subsidizing local small and medium size enterprises (‘’SMEs’’) in using technological services and solutions to enhance productivity, upgrade or transform their business mode of activities. This TVP is a welcome and much-needed initiative to boost Hong Kong’s competiveness and retain its ranking as a worldwide technological hub.
Scope of the funding
Eligible SMEs will be allowed to receive a cumulative funding up to 200,000 HKD, on a 2:1 matching basis, for a maximum of three projects (note that the approved project must be completed prior applying for a new project). The SME must pay for at least one third of the project costs.
Scope of the project covered by the funding
TVP covers a wide range of technological services and solutions, including, without limitation, appointment scheduling and queue management systems, augmented reality technologies systems, big data and cloud-based analytics solutions, building information modeling systems, clinic  management systems, cyber security solutions, document management and mobile access systems, electronic inventory management systems, electronic procurement management systems, location based services, real-time manufacturing tracking, environment protection systems, etc. Other technological services and solutions may also be considered provided that they are in line with the TVP’s objectives.
The approved funding can be used to cover various expenses such as:

  • External technology consultancy services provided by a local company (i.e. registered in Hong Kong);
  • Purchase, rental or subscription of customized equipment/hardware, software and technological services or solutions that constitute an essential part of the project;
  • 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. For subscription-based technological services or solutions (e.g. cloud-based services), the funding only covers the duration of the project and will automatically stop at the expiry of such project;
  • Project auditing fees (3,000 HKD maximum) for projects with approved funding exceeding 50,000 HKD.
Eligibility criteria

To be eligible for this funding scheme, the company must fulfill the 3 following criteria:
Being duly registered in Hong Kong under the Business registration Ordinance; Having at least one year of substantive business operation in Hong Kong[1] which is related to the project under application at the time of application; and Complying with the Government’s definition of SMEs:
  • For manufacturing businesses, companies employing less than 100 persons in Hong Kong;
  • For non-manufacturing businesses, companies employing less than 50 persons in Hong Kong.
In order to demonstrate that the applicant enterprise has substantive business operation in Hong Kong (for more than one year), it is required to submit the below listed documents:
  • Information on the business operations of the company: commercial contracts, invoices, receipts, freight forwarding documents, bank records, records of purchase/sales of goods, office tenancy, water/electricity bills;
  • Financial information: audited account, financial report, monthly bank statements, profits tax returns and taxation assessment issued by the Inland Revenue Department;
  • Information on employees: Mandatory Provident Fund records or approved retirement plan records, employees’ labor contract, salary payment record, staff identity documents.
Quotation from technology consultants, service providers and suppliers
The procurement of equipment or other goods or services in respect with the proposed project shall be made in compliance with the fair competition rules.
Depending on the value of the proposed project, a number of written price quotations from different suppliers and service provides will be required by the Innovation and Technology Commission (‘’ITC’’). The procurement contract will be awarded to the supplier or service provider presenting the lowest price quotation.
Application Procedures 
  • Application for TVP is open through the year, and shall be submitted online with various  supporting documents.
Vetting Process
Each eligible application will be considered by the TVP Committee on a case by case basis and will be assessed based on individual merits according to the following assessment criteria:
  • Relevance of the proposed project to the applicant’s business (it is crucial to prove that the project intends to improve competitiveness through improving productivity, business development or expansion, cost reduction or efficiency enhancement, upgrading or improving or transforming business processes);
  • Reasonableness of the budget (in reference to market prices);
  • Reasonableness of the implementation details: the applicant must forecast concrete and quantifiable project deliverables and outcomes expected from the project;
  • Adverse record of technology consultants and/or service provider(s).
Once all criteria are met, the successful applicant has to sign a funding agreement with the ITC prior starting the project. The project shall be completed within a 12 month period.
There is no advance payment under TVP funding scheme.
Within 2 months after completion of the project, the applicant shall submit a final project report with specific supporting documents in order to effectively receive the funding disbursement from the government.
Rosemont (Hong Kong) Ltd can assist you with the whole application procedure under the TVP funding scheme.
To find out more about Rosemont Hong Kong please visit our website You can also follow us on LinkedIn.
If you would like to discuss more about TVP in Hong Kong please call Raphael Beaudrey (English or French speaking) on +852 3755 4500 or email us at to arrange a meeting.

[1]  A business which has most of its business activities overseas will not meet the definition of having substantive business operations in Hong Kong and will therefore not be deemed eligible to TVP funding.