Building a brand is not easy, even with the assistance of the BUD Fund. Therefore we have a business model called “Authorized agency”. A Company as an agency of a brand helps the brand to enter a local market. Shun Hing Group founded by Mr William Mong is the sole agency of Matsushita in Hong Kong and Macau. An agency has certain advantages in applying the BUD Fund. In this article, our consultant will analyze these advantages and give some information to agency applicants.
Advantages of agency BUD applicants
An agency is the local representative of the brand to promote, operate and serve the customers. The brand owner judges seriously to approve a company to be its agency. Therefore we can assume that an agency company should already have a holistic business plan to persuade the brand owner. Consequently, the BUD secretariat is more likely to accept the ground.
Notice to agency BUD applicants
According to the BUD application guideline, an agency should present an authorization agreement. This document should show the valid time, region and products. The valid time has to cover the whole BUD project period, and the region should be designated markets, either mainland China or FTA regions.
The BUD Fund helps Hong Kong companies to build brand, upgrade and sell in mainland China or FTA regions. BizMagnet is a specialist of government business fund application. Please contact BizMagnet for more information.