They must be prepared for a relatively long process. Applications can be submitted at any time to the Hong Kong BUD Fund. Applications are reviewed at the end of each quarter and approved within three months. Therefore, if you apply before the end of September, you should thank yourself by the end of December for your funding authorization. On August 1, 2018, the Government of Sar Hong Kong States launched the Dedicated Fund on Branding, Upgrading and Domestics Sales` ASEAN program to financially support some unlisted companies in Hong Kong to improve their competitiveness and facilitate their commercial development in ASEAN markets. Funding is provided to businesses on an appropriate basis, with a cumulative cap of $1 million for up to 10 projects. The project funding ceiling is $1 million. help Hong Kong companies carry out projects to develop brands, modernize and restructure their operations and promote sales on the continent and in the economies with which Hong Kong has signed free trade agreements, in order to improve their competitiveness and facilitate their development on the continent and free trade markets. Approved projects will cover 50% of the total cost of the project made available by the government, and the company will have to pay the remaining 50% of the project cost in cash (excluding audit fees). The government will provide full audit funding of up to HK10,000 per audit. Each project has a funding ceiling of 1,000,000 HK and you can have up to 40 projects per company with a cumulative funding of HK 4,000,000 per company. Each project must be completed within 24 months. If this financing option is not right for you, check out our list of other start-ups, SMEs and new publicly supported business financing options.
More recently, the Hong Kong government has increased the BUD fund to support SMEs, start-ups and new businesses to help more SMEs, including start-ups and start-ups, develop developing countries in countries where there is a free trade agreement with Hong Kong. 2. SME ONE- a government-created SME resource library, which also covers financing opportunities and additional information on the BUD programme. Below is a short list of the types of activities for which you can use BUD funding. If you`re looking for a more accurate list, check out the 52-page application guide on the government`s website (Appendix 1 – Page 33). Note that all funds must be tracked and verified at the end of the program. Look at the forms you need to submit via the Bud Fund website to get a better idea of the process. Other improvements to the BUD Fund have been in effect since April 9, 2020, including the removal of geographic delimitation for each company in the implementation of projects on the continent and other economies that have signed free trade agreements with Hong Kong ($2 million each for cumulative funds). Businesses can flexibly use a total of $4 million to carry out projects on the continent or in other economies that are signatories to free trade agreements with Hong Kong. In addition, companies participating in virtual exhibitions organized by organizations close to the government or organizers of serious, successful fairs can benefit from financial assistance under the BUD fund.