BizMagnet wish you a happy new year! In the previous year, we had many many businesses and wrote less articles for our readers. We promise to write more in the coming time.
A lot of people expected more opportunities in 2023 after the pandemic recovery, and they were disappointed. Economic downturn took places in almost all aspects even though people tried very hard to contribute. BizMagnet can’t help in this matter but like to share some view in our profession for the new year.
Substantive operation
Around one year ago, the editor had pointed out that it would become more challenging for government funding application in 2023. More strict vetting would be in effect for certain. Our consultants helped our clients to show their substantive operation. MPF, tenancy agreement, invoices etc were presented well for good application. No matter you apply for the TVP or BUD Fund or other funding in 2024, an operation profile as the proof of substantive business is necessary for smooth application.
Review: Govt Funding 2023
More legal process is coming
For years, BizMagnet advise not to defraud government fundings. Last year there was the first case about frauds and related crimes. We expect more legal process show up after several years of investigation since 2021-2022.
Please remember that the enforcement are all professional and you never know that you are under investigation before the arrest. Maybe you committed once only, but your supplier may be a mastermind. Stay alerted especially to those famous suppliers.
Case: What is a Cover Bid?
Know the policy
Another forecast is how your project in coordinance with the policy. For instance, the HKSAR Government advocates new development in the Greater Bay Area, and we observe more convenient application in related projects. We believe the authority allocate more resources in those aspects. In other words, you should seriously consider to apply for the fund if your project is related to supporting fields.
No matter how the policy and governance change, BizMagnet the consultant is always standing with our clients. If you have any questions about Government Funding, welcome to inquire our consultant.
