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Research Project

What follows after the subsidy is granted?

Modified Process Flow for submitting the final financial report for innovation support

The modified process flow for having an accountant or auditor submit the final financial report applies to companies that submitted a project application after 1/07/2021 with the exception of:  

  • companies/knowledge institutions that have previously made agreements with VLAIO on gross wages for employee categories
  • organisations using government pay scales 

Organisations that fall under this exemption regime need only have their legal representative upload the final financial report and do not need to have it verified by a chartered accountant or auditor.

For companies that have submitted a project application after 1/07/2021, the final financial report along with the Accountant's Report and supporting documents must be uploaded by the chartered accountant or auditor. 

The lead applicant and any business partners each prepare a final financial report separately. 
They engage an accountant or auditor to perform specific work described in the Accountant’s Report.
The company collects the necessary supporting documents for eligible costs. (see Accountant’s Report Appendix 1 File: supporting documents provided by the Applicant). 

Costs may include:

  • personnel costs
  • operating costs
  • third-party service costs
  • investment costs

The completed final financial report, supporting documents, with the decision letter, the link to the VLAIO portal and any appendices and addenda are provided to the auditor or the chartered accountant. 

The auditor or the chartered accountant requests the approved budget from VLAIO -

Based on:

  • the approved budget
  • the final financial report
  • the supporting documents
  • the decision letter 
  • any appendices and addenda 

the auditor or accountant performs the specific work described in the Accountant's Report noting any findings. After signing the report, the auditor or accountant uploads this document along with the final financial report including supporting documents via the VLAIO portal.

(*) As a result, the legal representative gives power of attorney to The Professional to upload the required reports on the VLAIO portal.

More information




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