TVP and BUD funds

Technology Voucher Programme
(www.itf.gov.hk)
Bud Fund
(www.bud.hkpc.org)
Organized Party
Innovation and Technology Commission
Trade and Industry Department
Launch Date
November, 2016
June, 2012
Target Audience
·   subsidize local small and medium enterprises (SMEs) in using technological services and solutions to improve productivity, or upgrade or transform their business processes
·    subsidize non-listed Hong Kong enterprise to undertake projects in branding, upgrading and restructuring or promoting sales in the Mainland and FTA economies
Eligibility
 
Local entities fulfilling the following requirements:
·      Registered in Hong Kong under the Business Registration Ordinance (Cap. 310); or

·      Registered in Hong Kong under the Companies Ordinance (Cap. 622); or

·      Established in Hong Kong by relevant ordinances as statutory bodies AND

·      Not a listed company nor a govt. or subsidiary of govt. subvented organization
·  Local entities registered in Hong Kong under the Business Registration Ordinance (Chapter 310) with substantive business operations irrespective of whether they belong to the manufacturing or service sector or whether they already have any business operations in the Mainland and the FTA economics.
Funding Amount
 
·    Provide funding for projects on a 3 (Govt.):1 (enterprise) matching basis.

·    Cumulative funding ceiling per enterprise/organisation: HK$600,000.

·    Up to 6 projects per enterprise/organisation.

·  Provide on a matching basis, i.e. the Government will cover a maximum of 50% of the approved project cost and the enterprise has to contribute no less than 50% of the total project cost in cash.

·  Maximum of 40 approved projects and HK$4 million cumulative funding per enterprise under the “Mainland Programme” and the “FTA Programme”

Scope of Funding
The proposed project must be relevant to the applicant’s business e.g.:
·    Purchasing eCommerce Platform to develop eCommerce business.

·    Workflow efficiency improvement through ERP system to also realize process automation.

List of typical covered technological services and/or solutions covered:
TVP-guide-e_202009.pdf (itf.gov.hk)
Projects related to branding, upgrading, restructuring or promoting sales can be funded.
Project Expenditure (each project expenditure may have different % cap) e.g. :
·    Recruiting additional manpower

·    Place project related advertisement

Scope-of-Funding-Summary-EN (dtinaction.org)
Approval Process
·    An average of 3-4 months from the date of receipt of a complete application accompanied by all necessary documentation proof and clarification.
·    In case of sufficient information, applicant will be notified and submit the requested information within 1 month.
·    An average of 3 months from the date of receipt of a complete application accompanied by all necessary documentation proof and clarification.
·    In case of sufficient information, applicant will be notified and submit the requested information within 14 months.
Implementation Timeline
·    Each project must generally be completed within 12 months.

·    Submit the final report indicating completion of projects, summary of project expenditures and deliverables within 2 months after the project completion.

·   Each project must generally be completed within 24 months.

·   <18 months – Submit the final report within 2 months after the project completion.

·   > 18 months – Submit the progress report and the audited accounts covering the 1st 12 months.  

Disbursement of Grant
·    The final payment will be made to the applicant upon project completion and ITC’s acceptance of the final project report.

·    The initial payment of up to 25% of the approved project on a 3:1 matching basis will only be made upon request.

·   Initial Payment: 75% of total approved funding to be obtained within 1-2 months after the signing of agreement.

·   Mid term payment no more than 50% of the approved funding after the submission of progress report and the audited accounts covering the 1st 12 months (project duration > 18 months and opts not to receive initial payment)

·   Final Payment1-2 months after the submission of final report and audited accounts on the income and expenditure of the project.

Unallowable Costs
Normal business operation cost will not be funded TVP FAQs-e_2020_08.pdf (itf.gov.hk) :
·      Rental of premises

·      Marketing and branding expenses

·      General office equipment/hardware, software and technological services or solution for normal business operation

Normal business operation cost will not be funded unallowable cost_EN.pdf (hkpc.org)
·      Normal Operating expense

·     Advertising outside the Mainland/FTA economies and Hong Kong

·     Cost for Travelling and accommodation between Hong Kong and Mainland/ FTA economics