BUD Fund is a multi-domain grant
BUD Fund provides at most HKD 4 million to an eligible Hong Kong company to enter and expand in Mainland China and Free Trade Agreement (FTA) regions. It is a good cash-flow supply to those companies planning to brand, upgrade and market. However, many companies and business consultants get confused with the application requirement of the BUD Fund. What’s wrong with it?
First of all, unlike most other Government grants, the BUD Fund is a multi-domain subsidy. Under the BUD mainland programme and FTA programme, enterprises should cover branding, upgrading and sales marketing. According to the regulation, none of the project measures can take more than 70% of the total project fee. Therefore, a BUD project should cater measures of at least 2 domains.
This nature makes the BUD application more than administrative works. It is a cohesive strategy balancing eligibility, feasibility and profitability. A professional consultant can determine the BUD eligibility in 15 minutes.
BUD Application Procedure: Submission and Inquiry
Second, we have to show Three Core Elements in the BUD application. These are:
- Substantive business operation
- Feasible business plan
- Reasonable budget
Bear in mind that procurement is not under consideration in the BUD application procedure. Applicants have to show their substantive business operation with proof. For instance, business documents, MPF record and bank statements. Applicants have to show the business plan feasible with reasonable budget. Most of the time the authority will demand supporting to judge if the plan fulfils the requirement. A good application consultant could advise what the applicant should prepare prior to the submission.
Save time, save money
Last but not least, for most companies they will apply for the BUD Fund not more than three times and it is likely to devote a lot of resource to investigate the BUD programme. Outsourcing the application can save both time and money to better plan for the business. *GEGA consultancy handles multiple application and accumulates precious experience. It will be a wise move for Hong Kong business to hire BUD consultant.
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*GEGA = Government Enterprise Grant Application
