The Dedicated Fund on Branding, Upgrading and Domestics Sales (“BUD Fund”) grants Hong Kong companies as much as HK$ 4 million to expand in mainland China or Free Trade Agreement markets. As all other government funds, companies should follow the standard procurement process in BUD mainland and FTA programmes. For TVP application, applicants should submit the required written quotations at the same time. However, there is no similar requirement in the BUD application regulation as of the TVP. So why do we still need to prepare quotations for BUD Fund application?
Proof of reasonable project budget
According to the BUD Fund application guide, the reasonableness of a project budget is on of the considerations. The BUD Secretariat can judge if a budget of BUD proposal reasonable by experience. In general, a BUD project consists of multiple customized items, such as content creation and brand design. The Secretariat is not always able to determine fast. Therefore the Authority often requests the applicant companies to provide major item quotations as a proof of reasonable project budgeting.
Project commencement before approval
If the applicant decides to commence the project before approval, it should follow the standard procurement process, i.e.:
- 2 written quotations for $2,000 – $50,000 item;
- 3 written quotations for $50,000 – $300,000 item;
- 5 written quotations for $300,000 – $1,400,000 item;
- Open tender for $1,400,000 above item.
So no matter in which situation, we should prepare quotations during BUD Fund application. BizMagnet is a professional BUD Consultancy to help firms to apply for BUD Mainland Fund and FTA Fund. We welcome for your inquiries.