From 1st June 2020, all TVP applicant can commence the project on the day following the application submission. (It was after application approval before), and the applicant should provide a “Declaration and Undertaking” to the Innovation and Technology Commission (ITC) within 5 working days after the commencement. This new policy can shorten the waiting for about 4 – 6 months. Nevertheless, the applicant should bear the risk of application failure or inadequacy.
BUD Fund as a good model
Project commencement after submission is not a new thing for BUD Fund. The purpose of this measure is to speed up the project to improve business’ competitiveness as soon as possible. It is good for the ITC to adopt a similar approach to the TVP Fund.
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