The Technology Voucher Programme (TVP) provides financial support for technology upgrades for businesses in Hong Kong, helping them enhance productivity and competitiveness through innovative technologies. To successfully apply for and utilize technology vouchers, businesses must grasp key dates and timelines throughout the application process. This article will analyze the key milestones at each stage to ensure businesses can complete their applications smoothly and secure funding.

1. Application Preparation Stage

Before submitting an application, businesses need to prepare all relevant materials, such as technology requirement reports, project scope, and budget plans. It is crucial to prepare these documents in advance, as each project requires a detailed proposal and collaboration with qualified technology suppliers. It is recommended to allow 1-2 months for preparation before formally submitting the application to ensure all documents are complete and meet the requirements.

2. Application Submission and Review Period

Applications for technology vouchers are open year-round, with no specific submission deadlines. However, after submission, the Innovation and Technology Commission (ITC) requires approximately 25 working days to review and approve the application. The review process may be extended due to the complexity of the project or requests for additional documents, so businesses should plan their application timelines in advance to avoid project delays.

3. Project Implementation Deadline

Once the application is approved, businesses must complete project implementation within 12 months of approval. This timeframe is sufficient for most technology projects, but if the project is larger or unforeseen delays occur, businesses can apply for an extension. It’s important to note that extensions require reasonable justification and approval from the ITC.

4. Report Submission and Funding Disbursement

After project completion, businesses must submit a final report within 1-3 months, including the technical implementation results and financial reports. This is a crucial step to receive funding, as any delays may affect the final disbursement. Businesses should schedule report preparation in advance to ensure all data and information are accurate.

5. Extension Applications and Additional Documents

In some cases, businesses may not be able to complete the project or submit reports within the specified timeframe. In such instances, businesses can apply for an extension from the ITC and provide the necessary additional documents. It is advisable to submit extension applications 1-2 months before the original deadline to avoid impacts on the application process due to time constraints.

6. Project Modifications and Approvals

If modifications to the original plan are needed during project implementation, such as changing the technical solution or increasing the budget, businesses must submit an application to the ITC for approval before making any changes. Such modification applications typically require 2-4 weeks for review, so businesses should allow ample time for adjustments.

How to Enhance Application Success Rate?

• Plan Ahead: From project planning to final report submission, each step requires precise time management. Prepare all materials in advance to avoid last-minute rushes close to the deadline.
• Choose Suitable Technology Suppliers: Collaborating with experienced technology suppliers can help better plan project timelines and ensure timely completion of each stage.
• Effective Internal Coordination: Ensure that the internal team can collaborate efficiently and complete all preparations before each key milestone, greatly increasing the application success rate.

Conclusion

The Technology Voucher Programme offers valuable funding for technology upgrades, but to successfully obtain funding, businesses must strictly adhere to key timelines at each stage. From application preparation to project completion and final report submission, time management at each step is crucial. Planning ahead and selecting suitable technology suppliers will help businesses smoothly navigate the application process and achieve technology upgrades and business growth.

If you need professional support and advice, please contact our team. We provide comprehensive services to ensure the smooth progress of your technology voucher project.