There is a need to be cost conscious when you run a business, any business. But sometimes there is a need for investments to be made in order to create the potential for growth and development. For example the investment required to build a good eCommerce / Customer Relationship Management / Enterprise Resource Planning solutions or mobile apps. Fortune Tech helps many clients to achieve exactly this, enabling them to reach their goals for growth.
What many SME’s are not aware of is that the Hong Kong Innovation and Technology Commission (ITC) offers financial support for this type of investment. In November 2016 they launched the Technology Voucher Programme (TVP). This programme offers funding to local small and medium enterprises that use technological services and solutions to improve productivity or upgrade/transform their business process. The programme has been implemented for an initial pilot period of three years with HKD500 million to spend from the Innovation and Technology fund.
If you’re wondering if you’re eligible to apply for this financial support, here are the basic application requirements:
-Your business needs to be registered under the Business Registration Ordinance (BRO) (Cap.310)
-You should have been running your business in Hong Kong viably for a while and your application should be related to your business activities at the time of application
-Only SME’s are eligible to apply which means employing less then 100 people if you’re a manufacturing business in Hong Kong and less then 50 employees for non-manufacturing businesses
Before applying you should be aware that some self-contribution is required. Funding for eligible SME’s is offered on a 2:1 basis. This means the applicant must contribute no less than one third of the approved project cost in cash. Funding goes up to a maximum sum of HKD 400,000.00 Not more than one TVP project can be undertaken per applicant at a time but up to three subsequent projects are allowed to be executed if the cumulative funding does not exceed HKD 400,000.00 in total.
How can we help
This subsidy may help your business to develop faster and more financially efficient. If your business investment needs are related to eCommerce / CRM / ERP / Inventory system development then Fortune Tech wants to help you achieve your goal. Fortune Tech has experience with TVP appliances, is a locally registered Software House, and as such a recognized supplier of technical consultancy services and execution of technical solutions for applicants of the TVP.
Quotations form part of the official application documents for this subsidy programme. Fortune Tech can offer support by working out a detailed quotation for your project to continue with the execution once your subsidy has been granted by the TVP committee.
We look forward to hearing from you and help you in your quest for successful growth. Fortune Tech development together! Interested? Feel free to give us a call today at+852 2555 7220 or send a message. Our team is happy to be of service.
For more detailed information on how to apply for the Technology Voucher Programme we suggest you visit itf.gov.hk