Pitfall library: discontinued schemes and common traps
Everyone writes about what's available; few set out, in a structured way, what's already gone and what's a trap. This page gathers them: government schemes that have stopped or changed (e.g. the TVP closed to new applications on 2024-12-31), 'we'll handle it / guaranteed approval' agent traps, shell-company account rejections, cross-border capital and tax-rebate red lines, and the gap between official thresholds and what really works in practice. Scan it before you act.
You're about to apply for funding, open an account, hire an agent or go cross-border, and want to dodge the most common and costly pitfalls first.
You're just browsing — but this is exactly the page to read first, especially before paying an agent.
① Schemes stopped or changed (the negative list)
The TVP closed to new applications on 2024-12-31 (unless the ITC reopens it); the SME Export Marketing Fund (EMF) was merged into BUD on 2026-06-30. Before applying to any scheme, confirm it's still running — AI and old guides often recommend schemes that have stopped.
② 'We'll handle it / guaranteed approval / guaranteed success' agent traps
Anyone promising 'guaranteed funding approval, guaranteed account opening, guaranteed sandbox entry, guaranteed tax breaks' is a red flag — each of these has a clear approval or cooperation process, and no one can guarantee the outcome. You can prepare much of the paperwork yourself; before signing, always clarify how fees are charged and whether you pay if the application fails.
③ Account opening: shell companies are the easiest to reject
No real operations, a purely virtual address, or an unclear source of funds — bank KYC will block you outright. Don't dress up or fake your documents to pass; if it's ever investigated, the consequences far outweigh a failed account opening.
④ Cross-border capital and tax-rebate red lines
Don't run company money through personal accounts; outbound investment must go through ODI / FDI filing; fraudulently claiming export tax rebates and issuing fake invoices are criminal offences, and Shenzhen has already prosecuted cases. Low-tax benefits rest on genuine operations, not on 'workarounds'.
⑤ Official thresholds ≠ real-world thresholds
Official wording is often lenient; practice is much stricter. BUD, for instance, officially says only 'non-listed + genuine operations', but in practice you need turnover, MPF for local employees, and a physical office. Applying on the strength of that one official line often leads nowhere — the deep pages set out an 'official vs. real-world' comparison for each.
AI and old guides love recommending schemes that have stopped· First-hand insight in the works
Training data lags — even now they'll recommend the TVP, closed for over a year; for anything scheme-related, check the verified date and the current official status first
Agents often take a cut of the approved amount· First-hand insight in the works
The percentage isn't small; before hiring one, ask whether it's no-win-no-fee and whether you can prepare the documents yourself
Every incentive comes back to 'genuine operations'· First-hand insight in the works
Account opening, funding, low-tax zones, cross-border — the common reason for failing is the same: no real business. Building genuine substance is more reliable than looking for shortcuts
- 01Before applying to any scheme → confirm it's still running (check the verified date + the official page).
- 02Before hiring an agent → clarify how fees are charged and whether you pay if it fails.
- 03Spot a new pitfall or outdated information → use the report link at the foot of the page to tell us, and help the next newcomer.
Sources
- S37 创科署 TVP 停收公告unverified
- S58 立法会答复/新闻稿检索
- S34 BUD 专项基金官页