To capitalise on business opportunities arising from China's 12th Five-Year Plan, the HKSAR government set up the Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund) in 2012. Through this Fund, the government subsidizes Hong Kong enterprises in areas of brand building, business upgrading and transformation, as well as exploring domestic sales markets. This assists enterprises to expand their business in the Mainland and designated regions, enhancing their competitiveness.
The Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund) Application Requirements
By government's guidelines of BUD Fund applications:
- The applicant must be a business registered in Hong Kong
- There is no limitation on the number of years since the business was established
- Funding can be sought for promotional expenses in designated regions, including but not limited to hiring additional staff, setting up new overseas offices, organizing exhibitions and trade fairs, search engine optimization (e.g. Baidu), online platform promotions (e.g. Weibo), influencer marketing, TV advertising, trademark registration, video production, etc.
- Designated regions include Mainland China, New Zealand, 4 EFTA states (Iceland, Liechtenstein, Norway and Switzerland), Chile, Macao, Georgia, Australia and 10 ASEAN countries (Malaysia, Indonesia, Thailand, Philippines, Singapore, Brunei, Vietnam, Laos, Myanmar and Cambodia), Japan, South Korea, Austria, Belgium, Luxembourg Economic Union, Canada, Denmark, Finland, France, Germany, Italy, Mexico, Netherlands, Sweden and the United Kingdom.
Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund) Funding Amount
The funding covers 50% of the total project cost, up to a maximum of HK$7 million (with a cap of HK$1 million per application). For example, if the total project cost is HK$2 million, the company can receive HK$1 million in funding. Of this, HK$750,000 will be disbursed after the application is approved, and the remaining HK$250,000 will be disbursed upon project completion.
Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund) application process
- Determine the promotional plans and target regions, e.g. exhibitions, trademark registration, video production, etc.
- Submit company documents.
- Prepares the project proposal and assists with application submission.
- Await response and follow-ups from the Trade and Industry Department.
- Handles all follow-up matters, arranges contract signing once approved, and 75% of the funding is disbursed.
- Commence promotional projects and submit quotations (subject to project size).
- Upon completion, CityLinkers prepare a report and arrange CPA for the audit of project.
- The Trade and Industry Department reviews the projects and audit report, then disburses the remaining 25% of funds after approval.
