Up to April 2022, the average time to proceed a TVP application is about 6 months. First 2 months to wait for a reply, and 4 months more to approval if there is no major problem.
As we can commence the project after TVP application submission, the current waiting time is much shorter. Some simple project can be completed before the approval.
Once the project is complete and payment settled, the applicant business should also submit a final audit report for the project. After all relevant document handed in and no further issues, it is general to wait 8 more weeks to get the matching fund.
Before COVID19, it was 16 weeks.
Before the 2020 epidemic, a TVP application took in average 16 weeks to proceed. However, the ITC started “Work from home” under the epidemic, and most TVP cases were deferred. There were cases to wait 9 months to get a basic reply. Later on, the Authority allowed applicant to commence the project just after submission. While the D-Biz was somehow a success, the Bureau appointed the HKPC to be the TVP secretariat in June 2021. The capacity was therefore much better.
Cashflow is important in TVP
In summary, many consider to prepare only 25% of the project cost and assume the TVP care the remaining 75%. This is very ignorant. According to our “TVP FAQ“, the business should complete the payment and submit the reports to get the reimbursement. Even the project is simple and fast to be complete, the business has to pay all and wait during the processing period. For example, your project has been complete in one month, and the processing time is about 8 months. You have to maintain a sufficient amount of cash.
One more point to notice, that’s the TVP consultation fee. Some consultants charge by proportion (a portion of the matching fund) around 15 – 25%. This will also affect the company cashflow.
PS# BizMagnet TVP consultant collect a fixed fee and don’t carve up client’s interest.
Further reading: TVP application guide