HONG KONG: THE BUD FUND – EASY BUD

What is BUD FUND?

Hong Kong Government set up a “Dedicated Fund on Branding, Upgrading and Domestic Sales” (“the BUD Fund”) in June 2012. The purposes are assisting enterprises in exploring and developing the market via:

1. Developing brands
2. Upgrading and restructuring the operation
3. Promoting domestic sales in the market

The Government extended the geographical coverage of the BUD Fund in August 2018 to also include the Association of Southeast Asian Nation (“ASEAN”) markets.  A further expansion of the geographical coverage was implemented in January 2020 to cover other economies with which Hong Kong had signed Free Trade Agreements (“FTAs”) to assist enterprises in taking the economic opportunities.

The Government launched enhancement measures by phases in July 2021, including extending the geographical coverage of the Fund to include all economies with which Hong Kong has signed Investment Promotion and Protection Agreements (“IPPAs“).

To strengthen the support to enterprises in enhancing their competitiveness and developing diversified markets, the cumulative funding ceiling per enterprise under the BUD Fund has been increased to HK$7,000,000 and the maximum number of approved projects per enterprise has been increased to 70 in November 2022.

What’s New?

The Government launched “Easy BUD” on 16 Jun 2023 to facilitate SMEs in preparing applications and implementing projects. The processing time of “Easy BUD” is shortened with simplified application and streamlined vetting arrangements. The funding ceiling capped at HK$100,000 per “Easy BUD” application.

The BUD Fund – Easy BUD

To expedite the processing of applications, so as to enable more SMEs to make use of the funding to develop their business. The Government launched “Easy BUD” under the “BUD Fund”. The application form and the requirements for supporting documents have simplified. The vetting arrangements have also been streamlined with the processing time of “Easy BUD” applications halved to within 30 working days.

Programme Outline

Eligibility

Not-listed enterprises registered under the Business Registration Ordinance (Chapter 310), with “Substantive business Operations” in Hong Kong

Geographical Scope

Mainland and other economies with which Hong Kong has signed Free Trade Agreement and/or Investment Promotion and Protection Agreements.

Funding Ceiling per Approved Project

Maximum funding amount is HK$100,000. Funding on 50:50 matching basis.

Project Commencement

The soonest the next day after the application submission

Project Duration

Maximum of 12 months

Application Period

Application is open all year round. Each enterprise can submit ONE application every 6 months.

Project Measures

• Advertisement
• Participation in exhibitions and related expenses
• Design and production of promotional materials
• Patent/trademark registration
• Testing and certification
• Mobile application of promotional purpose
• Development or enhancement of company website

For further information, please contact us.

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