[EMF Funding Increased to $1 Million] How to Get Your Application Approved Fast?

The severe impact of the pandemic on local businesses over the past three years is evident. Even as the pandemic gradually recedes, digital transformation is becoming an essential trend for SMEs seeking a swift recovery. However, conventional wisdom often suggests that expanding manpower is more efficient than upgrading equipment. Coupled with the potentially prohibitive costs of transformation, these factors can cause businesses to hesitate in making the transition.

Below, Arachne Group Limited consolidates information on two of the most discussed government funding schemes for SMEs: the Technology Voucher Programme (TVP) and the SME Export Marketing Fund (EMF), to assist businesses in selecting the most suitable scheme for creating a competitive advantage.


[TVP Offers Up to $600K in Funding!]

The TVP aims to support businesses in using technological solutions or services to enhance productivity, upgrade processes, or facilitate business transformation. Consequently, its funding scope primarily covers technology services, solutions, and related equipment/software/hardware essential to the project's objectives, providing eligible enterprises with funding of up to 75% of the project cost.

Key Features: The TVP operates on a 3(Government):1(Enterprise) matching basis, allowing businesses to undertake a maximum of six projects with total funding capped at HK$600,000.

PS. As the TVP approval process can be relatively slow, with some applications potentially pending for up to two years, if your target market is overseas and you prefer not to wait extensively for approval, you may wish to consider the SME Export Marketing Fund (EMF).


[EMF Funding Ceiling Raised to $1 Million]

The EMF is one of the most popular government funding schemes among SMEs. The cumulative funding ceiling per enterprise has been increased from HK$800,000 to HK$1 million. Furthermore, from April 30, 2021, to June 30, 2026, the fund has expanded its scope to include large-scale exhibitions and online exhibitions targeting the local market, and has relaxed the application requirements for SMEs.


[EMF Q&A]

Q1: Can newly established companies apply for the EMF?

A: In principle, the EMF does not restrict company type or incorporation date. Any company with substantive business operations that is not a listed company can apply. However, please note that if a company is very new (e.g., incorporated for less than six months), the approval process might be extended. Additionally, different company types are required to submit slightly different documentation. For specific details, please consult Arachne Group Limited directly.

Q2: Can a company focused on developing its Hong Kong business apply for the EMF?

A: This scheme only funds promotional activities targeting overseas markets. Even when participating in local exhibitions, the primary target should be overseas buyers.

Q3: What should be noted when applying for website production costs?

A: Companies must submit printouts of the relevant website or screenshots of the APP (showing the print date/URL), which display the company's full name, products or services, and Hong Kong contact details (e.g., address, phone number, fax number).

If the application involves the optimization of an existing company website/APP, printouts or screenshots of the web pages before optimization must also be submitted.

Q4: What are the restrictions when participating in exhibitions or creating promotional advertisements?

A: Companies must participate in promotional activities as a "Hong Kong company" and display their full name, products or services, and Hong Kong contact details (e.g., address, phone number, fax number) on materials such as exhibitor lists, mission rosters, advertisements, digital platforms/media, and company websites/APPs.

Q5: When will applicants be notified of the application result?

A: Under normal circumstances, the Trade and Industry Department (TID) aims to complete the processing of applications within 30 full working days from the date of receiving all required supporting documents and the application form. The result (whether approved or not) will be sent to the applicant by standard mail.

To learn more about the SME Export Marketing Fund (EMF), feel free to contact Arachne Group Limited directly. With over a decade of relevant experience and a substantial portfolio of successful government funding projects, we can assist your business in matching with suitable funding schemes and address any application-related queries.