With the COVID-19 epidemic getting worse, almost all industries have been impacted recently. The Innovation and Technology Commission (ITC) has recently announced enhancement measures for the Distance Business (D-Biz) Programme to support enterprises in adopting IT solutions to continue their business during the epidemic.
The second round of D-Biz enhancement measures include the following details:
- Starting from 9am on August 31 (Mon), enterprises may submit a second application
- Increase the funding to HK$1.5 billion
- The funding period for subscription-based IT solutions will be extended from 6 months to 12 months
According to the data released by the HK Government, Up until 10 a.m. on August 18, it had received an overwhelming response of 17,372 funding applications from enterprises, 95 per cent of which are from small and medium-sized enterprises. Of the 14,056 applications processed so far, 12,818 have been approved with total funding of more than HK$540 million.
Workstem is one of the listed D-Biz reference providers, providing a subscription-based Payroll & HR solution. We have successfully helped a number of clients apply for funding and based on the successful experience of our past customers and current policies, if the total approved funding amount for the application exceeds HK$30,000, you will need an independent auditor to submit an audit report to the Secretariat after the completion of the project. (The funding ceiling of the audit fee is HK$3,000).
How to improve your application success rate?
Customers who successfully applied for funding through Workstem shared their experience of applying for a quota less than HK$30,000, which would also save them from the complicated auditing process.
If a company subscribes to our Payroll Pro plan (Yearly) (Please refer to our transparent pricing), through D-Biz, it can help 35 employees apply for a HK$29,820 funding. (35 employees X 12 months X HK$71).
If a company subscribes to our Attendance Plus annually (Please refer to our transparent pricing), through D-Biz, it can help 75 employees apply for a HK$29,700 funding. (75 employees X 12 months X HK$33).
Frequently Asked Questions (FAQs)
- How to choose IT solutions?
There are 2 types of IT solutions, one is subscription-based IT solution, the other is on-premise customised IT solution. The main difference between the two is subscription-based IT solution bills by a recurring payment to the service provider over the length of the service, while the on-premise customised IT solution is paid in a lump sum with monthly maintenance fee, server costs, etc. With the enhanced measures, the funding period for subscription-based IT solutions will be extended from 6 months to 12 months.
- When can we submit the second application?
An enterprise can submit the second application starting from 9 a.m. on 31 August 2020.
- What is the maximum approved funding amount for the second application?
Each enterprise may receive a total funding of up to HK$300,000 under the D-Biz Programme. For example, if an enterprise has accepted the approved funding amount of $100,000 under the first application, the maximum approved funding amount for the second application would be HK$200,000.
- Which enterprises are eligible to apply for D-Biz for the second time?
All private enterprises (excluding listed companies, statutory institutions and non-governmental organizations that receive public funding) hold a valid business registration certificate, have opened before January 1, 2020, and are still in the industry related to the application project when submitting the application If you have substantive business operations, you are eligible to apply.
Moreover, if the company has not received a total funding of HK$300,000, and the project in the second submission of the proposal is not the same as the ones in the first application, then the company is still eligible to apply.
Existing customers of Workstem have successfully applied for D-Biz funding! It doesn’t matter if you missed the first time. Do not hesitate to catch up with the second application and contact us.