Up to HK$600,000 in government funding can be given to Hong Kong businesses to aid with efficiency and streamlining operations. We can help you through the whole process.
Supporting businesses and helping to make them grow is important for any government in the world as they strive to strengthen their economies, particularly now as the COVID-19 pandemic rages on. Hong Kong is no different and it is indeed home to a number of government-aided business funding programmes that you may not be familiar with. Yet.
In a series of stories over the coming weeks, Concinnity is documenting some of the current Hong Kong government funding programmes that could help your business grow. And we are here to help with the application process, using our own in-house experts as well as a team of external funding specialists.
Today, we are looking at the government’s Technology Voucher Programme (TVP). Launched in November 2016, TVP aims to support local enterprises and organisations in using technological services and solutions to improve productivity or upgrade or transform their business processes. Harpreet Thethi, the senior business advisor at Concinnity, says: “TVP gives funding support to companies who want to adapt their IT solutions to enhance and transform their business processes so they can become more efficient and save manpower, operational costs and time. That’s pretty much it in a nutshell.”
“TVP gives funding support to companies who want to adapt their IT solutions to enhance and transform their business processes so they can become more efficient and save manpower, operational costs and time. That’s pretty much it in a nutshell.” says Harpreet Thethi, the senior business advisor at Concinnity.
– A registered Hong Kong business or statutory body.
– Not a listed company in Hong Kong or a government subvented organisation.
– Have a substantive business operation in Hong Kong that’s related to the project under application.
– It can provide funding for a project on a three-part government to one part business or organisation matching basis, meaning that a company must shell out at least a quarter of the costs per project.
– The ceiling is HK$600,000 for any one enterprise or organisation.
– Up to six projects can be funded per enterprise or organisation but there can only be one active application at a time.
TVP, which comes under the government’s Innovation and Technology Fund, was set up to provide financial support to local businesses and groups. It is for projects that help enhance a company’s efficiency. Thethi says: “The company still has to pay 25 percent of the project costs but the government can fund up to 75 percent of that project’s costs up to HK$600,000. The fund has been going for more than five years but the amount the government can fund per project has gone up again and again, so the ceiling figure now is pretty big. Now is the time to apply if you have a suitable project.”
Tina our TVP consultant specialises not just in corporate and HR administration for small businesses and NGOs but also through funding processes, is helping Concinnity with its mission to aid businesses in their applications. She started consulting two and a half years ago following a 20-year career in admin management for a wide range of firms.
Tina began the firm to help other businesses with their admin but she soon found herself being asked ‘to help with funding applications’ on a regular basis so she began to specialise in not just setting companies up with funding applications but in taking them through the whole process. “Some people see funding as a separate service,” she says, “but I see it as part of the admin process so, in reality, I’m still being a trusted and experienced professional who helps businesses or NGOs solve their admin problems.”
“The TVP application process can take time,” says Tina. “There can be a long wait for government approval but it has recently upgraded its policy. Now, there is more flexibility for businesses as they can apply and then start their project the next day if they want to so that time is saved, as long as they have already done their calculations and are confident they will receive the funding once it’s processed. I will be helping Concinnity’s clients to do exactly this.”
“Applicants don’t have to be big businesses and they certainly shouldn’t be going for HK$600,000,” says Dion, Hong Kong-based freelance funding application expert, who is also supporting Concinnity. “Small companies who have been going for more than six months and have made good business transactions can go for a relatively small amount as long as the project helps their business with IT solutions adaptation for better efficiency.”
“We help our clients to prepare their documents,” concludes Thethi. “It’s important to be well prepared. And, once the application is submitted, we follow up on the application and inform the client if further work is needed at any stage. We are here to help explain your business to the government. We become your guide for the whole process. So if you have a project that suits you and you want to investigate TVP funding, give us a call.”
For more details and to contact our team at Concinnity, visit here.