Application for Government Funding Programs | Comprehensive Guide to TVP Technology Vouchers and BUD Specific Funds
July 15, 2024
How to successfully apply for TVP Technology Vouchers and BUD Special Funds? It should be a question that many companies have in small and medium enterprises. In Hong Kong, small and medium-sized enterprises often face the challenge of capital shortages and fierce market competition. The Government has launched a number of funding schemes. Among them, TVP Technology Vouchers and BUD Special Funds are particularly important. The two plans aim to help companies upgrade and transform, enhance competitiveness, and expand the market by providing financial support. This article will explain in detail the application process, funding scope, and success tips for these two programs to help you easily obtain government funding.
The BUD Special Fund, whose full name is the “Special Fund for Brand Development, Upgrading and Market Expansion”, was launched by the Hong Kong Productivity Council in June 2012 to support Hong Kong enterprises to develop brands, upgrade, transform and expand markets in the Mainland and free trade agreement markets. The fund is highly targeted and has a wide range of funding, covering 38 economies.
Companies applying for the BUD Special Fund must be registered as commercial in Hong Kong and are unlisted companies. It is essential to have substantial business operations in Hong Kong. If applying for the Mainland Plan, the enterprise must hold at least 50% of the shares in the Mainland company, or the shareholding ratio of its Hong Kong parent company must meet certain requirements. In addition, applicants are required to provide relevant equity certificates and operating certification documents.
The maximum cumulative funding limit for the BUD Special Fund has now been raised to 7 million yuan, and each company can apply for up to 70 projects. The government will fund according to a 1:1 ratio, that is, 50% of the total approved expenditure for government funding projects, and the remaining 50% will be covered by the enterprise at its own expense. The scope of funding includes brand development, corporate upgrading and transformation, and market expansion.
The BUD Special Fund provides a wide range of funding, covering the three major areas of brand development, upgrading and transformation, and market expansion. Brand development includes brand image design, brand promotion activities, etc.; upgrading and transformation rules include technology upgrading, process optimization, etc.; market development rules involve new market development, marketing strategy formulation, etc.
When applying for a BUD special fund, you need to provide multiple documents including the company's commercial registration certificate, business certification documents, shareholder certification documents, etc. In addition, it is also necessary to submit a detailed project plan and budget statement explaining the use of funds and expected benefits.
TVP Technology Vouchers, the full name of the “Technology Voucher Program”, was launched by the Innovative Technology Commission of the Hong Kong Government on April 1, 2020 to help small and medium-sized enterprises enhance their business productivity and competitiveness through technology. Each company can receive up to HK$600,000 in funding for technology upgrading and digital transformation.
Companies applying for TVP technology vouchers must be registered as commercial in Hong Kong and have actually been operating in Hong Kong for at least 3 months. The applicant company must not be a Hong Kong listed company, a government subsidiary organization, or a government funded company. In addition, companies are required to provide multiple documents including commercial registration certificates, operating certification documents, shareholder certification documents, etc.
The features of this TVP Technology Voucher Program include open applications throughout the year, funding amounts of up to HK$600,000, and each company can apply for up to 6 items. The government supports the 3:1 ratio, that is, 75% of the total expenditure of government funding projects, and enterprises pay 25% at their own expense. Each project must be completed within one year.
The funding scope of TVP Technology Vouchers covers many areas, including enterprise website development, e-commerce platforms, SEO optimization, data analysis systems, CRM systems, AI chat bots, inventory management systems, ERP systems, database management systems, cloud solutions, mobile app development, etc.
When applying for TVP technology vouchers, you need to provide multiple documents including commercial registration certificates, operating certification documents, shareholder certification documents, good faith and uncollusive pricing certificates, and competitor's bid prices. If the cost of the project exceeds HK$50,000, it is also necessary to submit a statement of income and expenditure for review by an independent auditor.
Before applying, enterprises should ensure that they meet the application requirements for TVP technology vouchers and BUD special funds, including company registration, actual business operations, unlisted companies, etc. Understand application guidelines and requirements in advance to avoid application rejection due to eligibility issues.
A complete and detailed application plan can improve the chances of a successful application. Companies should clearly describe the business situation, application purpose, benefits to the enterprise, and project effects. Provide sufficient data and facts to support views and needs, and ensure the accuracy of all sums and figures.
When applying for TVP technology vouchers and BUD special funds, companies should select technology projects with innovative and commercial value, and ensure that they can be completed within the specified time. This not only increases the application success rate, but also helps companies achieve long-term development goals.
Companies should read the relevant application guidelines and requirements carefully to ensure that the application process complies with the regulations. Follow the system prompts to proceed with the corresponding operation to avoid application rejection due to procedural issues. Ensure that all documents and materials submitted are accurate and correct to avoid omissions and errors.
By applying for TVP technology vouchers and BUD special funds, companies can obtain precious financial support to help achieve the goals of brand development, upgrading and transformation, and market expansion. Understanding application qualifications, funding amounts and required documents, and formulating a complete application plan will greatly improve the chances of a successful application. I hope this guide will help you successfully apply for government funding and promote the continuous development of your enterprise.
We also welcome you to click on our website to learn more and get the latest government funding program information. Stay up to date with the latest policy changes and funding plan information, so you can keep up to date with the latest government funding trends as soon as possible.
1. Can companies without BR apply for TVP technology vouchers?
It's not possible. If the company is not yet commercially registered, it is possible to proceed with commercial registration first and then apply for a TVP technology voucher. At the same time, remember to prepare a certificate of actual business operation for at least three months in order to be eligible to apply.
2. How to avoid TVP technology voucher scams?
Be wary of false advertisements and choose reliable technology service providers. Ensure that selected suppliers have a good market reputation and rich project experience, and sign clear service contracts with suppliers to protect their rights. At the same time, maintain the transparency of the application process and ensure legal compliance.
