holbrooksvenningsen147384

What is "BUD Special Fund-Mainland Project"?So as to encourage Hong Kong companies to enter the mainland market, the federal government has set up a particular "BUD Fund on Branding, Upgrading and Domestic Sales" (Dedicated Fund on Branding, Upgrading and Domestic Sales special fund for brand development, upgrading and transformation, and expansion of the domestic market) to provide subsidies to greatly help Hong Kong companies explore business opportunities. It is one of many plans under the fund; to be able to support the development of the two places, strengthen economic cooperation between your Mainland and Hong Kong and Macao, while helping Hong Kong companies improve their competitiveness and expand the Chinese market.What's "BUD Special Fund-Free Trade Agreement Program"?In order to further support local enterprises in coping with the challenges faced by the Hong Kong economy, the 2019-20 Budget proposes to inject one billion Hong Kong dollars in to the BUD Special Fund and expand the scope of funding for the BUD Special Fund to all free trade agreements signed with Hong Kong (since Trade agreement). Further expand the scope of funding of the Fund to cover all economies that have signed free trade agreements with Hong Kong in the foreseeable future, that is, as well as the original "Mainland Plan", in addition, it launched the "Free Trade Agreement Plan" (the "ASEAN Plan" was included in its under)."BUD Special Fund" Latest News<img width="479" src="human design">Update March 2021To be able to support enterprises to build up more diversified markets, the Financial Secretary announced in the 2021-2022 Budget that he proposed to inject another 1.5 billion yuan into the "BUD Special Fund" to increase the cumulative funding ceiling of each enterprise. 4 million yuan to 6 million yuan; and additional expand the scope of funding to all or any 37 economies that have signed free trade agreements and/or investment promotion and protection agreements (investment agreements) with Hong Kong. At the mercy of the approval of the Finance Committee of the Legislative Council, the government plans to expand the geographical scope of funding for the "BUD Special Fund" in phases the following:The first stage(July 2021) Covering Japan and South Koreasecond stage(The first quarter of 2022) Covers Austria, Belgium-Luxemburg Economic Union, Canada, Denmark, Finland, France, Germany, Italy, Mexico, holland, Sweden and the ukThe third phase(The next quarter of 2022) Covers Kuwait and the United Arab EmiratesUpdate? April 2020Further optimization measures for the "BUD Special Fund" were launched on April 9, 2020. Concerning the "BUD Special Fund", the average person upper limit for every company to implement projects in the Mainland or in other economies which have signed a free of charge trade agreement (free trade agreement) with Hong Kong (the respective cumulative funding limit is 200 10,000 yuan) will undoubtedly be cancelled, allowing companies to flexibly use a total of 4 million yuan in subsidies to implement projects in the Mainland or other economies that have signed free trade agreements with Hong Kong. In addition, if companies participate in virtual exhibitions held by relevant government agencies or exhibitions with good reputation and past performance, they'll benefit from funding under the "BUD Special Fund".March 19, 2020 BUD Special Fund Introduction (Cantonese)January 2020 updateThe brand new round of optimization measures for the "BUD Special Fund" will be implemented on January 20, 2020. The optimization measures are summarized as follows:Expand the geographical scope of funding of the "BUD Special Fund" to cover all economies which have signed free trade agreements (free trade agreements) with Hong Kong. The free trade area includes the ten ASEAN countries (i.e. the Philippines, Indonesia, Malaysia, Thailand, Singapore, Brunei, Cambodia, Laos, Myanmar and Vietnam), the European Free Trade Association member countries (i.e. Iceland, Sweden, Switzerland and Liechtenstein). ), Macau, New Zealand, Australia, Chile and Georgia, a total of 19 countries or regions.Increase the cumulative funding limit for each enterprise to 4 million yuan, including 2 million yuan for the implementation of projects in the Mainland and 2 million yuan for the implementation of projects in ASEAN and other free trade agreement economies.Raise the initial funding ratio from 25% of the full total approved government funding to as high as 75%.Exempt the funded enterprise from opening and maintaining a separate interest-bearing account, and the requirement to deposit equivalent funds in the account before receiving the original funding.All projects (including the ones that choose to apply for the initial grant) can be carried out after submitting the application form form.Relax top of the limit of the budget ratio of individual expenditure items (including purchasing/renting additional machinery/equipment, making samples/models, patents/trademarks/designs/utility model patent registrations).Add more projects which might be funded (including setting up new business units in the Mainland, purchasing/lease of additional machinery/equipment beneath the Mainland intend to increase production capacity, etc.).Implementation of a fresh round of optimization measures on January 20, 2020November 2019 updateTHE PRINCIPLE Executive recommended in his October 2019 policy address: "Included in this, the "BUD Special Fund" Mainland plan and the free trade agreement plan will double the funding limit for every enterprise to 2 million yuan."Details are as follows:The cumulative funding limit for every enterprise in the Mainland plan: from 1 million yuan to 2 million yuanThe ASEAN plan beneficiary area: expand from ASEAN to all or any free trade areas (ASEAN is one of the free trade areas)The cumulative funding limit for each enterprise in the Free Trade Area Program: from 1 million yuan to 2 million yuanThe cumulative funding limit is HK$4 million, and the amount is founded on the principle of reciprocity (matching funds), that's, when you spend 1 million, the government may also subsidize 1 million, and when you spend 2 million, the federal government will give 2 million.Funding application pointsBUD Special Fund-Funding AmountThe? cumulative funding limit is HK$4 million, and the amount is founded on the principle of reciprocity (matching funds), that's, when you spend 1 million, the federal government will also subsidize 1 million, so when you spend 2 million, the federal government will give 2 million.BUD Special Fund-Target MarketMainland? China market and all 19 economies that have signed free trade agreements with Hong Kong (including: Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam, Cambodia, Indonesia, Laos, Brunei, New Zealand, Iceland, Liechtenstein, Norway, Switzerland, Chile, Macau, Georgia and Australia).In the 2021-22 Budget, the Financial Secretary announced that it will further expand the scope of funding to all or any 37 economies which have signed free trade agreements with Hong Kong or agreements on the promotion and protection of investment. Qiu Tenghua pointed out that it is expected that the first phase will undoubtedly be implemented in July 2021, covering Japan and South Korea; the second phase will undoubtedly be implemented in the initial quarter of 2022, covering Austria, Belgium-Luxembourg Economic Union, Canada, Denmark, Finland, France, Germany, Italy, Mexico, the Netherlands, Sweden and the uk; the third phase will undoubtedly be implemented in the next quarter of 2022, covering Kuwait and the United Arab Emirates.BUD Special Fund-Funding ScopeSet? up business units and factories in ChinaSample? productionBrand positioning and image design, such as promotional material design and printing, etc.Brand promotion, such as advertising, spokespersons, internet celebrities, public relations services, filming, etc.New product design and developmentManagement system improvementPurchase or lease equipmentPromote domestic sales channels, such as for example Tmall, JD, Alibaba, etc.Patent / trademark / design / utility model patent registrationProduct or service promotionParticipate in exhibitions in the Mainland (Hong Kong depends upon the type of the exhibition)BUD Special Fund-Eligibility for ApplicationRegistration? under the Hong Kong Business Registration Ordinance (Chapter 310) must meet the definition of small and medium-sized enterprises prescribed by the Hong Kong government and have substantial business operations in Hong Kong. SMEs refer to manufacturing companies employing significantly less than 100 employees or non-manufacturing companies employing less than 50 employees in Hong Kong.BUD Special Fund-Number of ApplicationsThere? are a maximum of 40 approved projects in the Mainland and the Free Trade Agreement, and each project should be completed within 24 months.BUD Special Fund-Evaluation ProcessThe? BUD Secretariat (implemented by the Hong Kong Productivity Council) can make a preliminary assessment, and then submit it to the Project Management Committee for approval. The committee is chaired by a government official (usually the Director of Trade and Industry). Business professionals with professional knowledge or experience in developing brands, upgrading and transforming, and expanding marketing markets. The result of the approval will undoubtedly be notified by the BUD Secretariat to the applicant enterprise.BUD Special Fund-Professional Consultant's OpinionGenerally?, the number of funding approved by a company depends on the business's annual revenue (Annual Turnover). Generally, applications are created by means of one project a year, and one project can obtain a maximum of 1 1 million yuan.Regardless of whether it's the optimized version of the Mainland plan or the free trade agreement plan, as the application procedures for BUD are quite complicated, the form alone has dozens of pages. On the one hand, you must be familiar with government requirements and procedures. http://h and market promotion. The inner sources of general companies cannot deal with the application process with this type of huge administrative workload.After being assessed by professional consultants, many companies could have exceeded the basic requirements when it comes to income and have sufficient internal staff, so that they choose to apply on their own. It?s understandable to possess this sort of thinking, because company management often really wants to "get it all done" and save some consulting fees. However, after they had exhausted their six jobs, they felt worthless if they failed to apply for 1 million yuan in one go, and failed to consume the upper limit of a single project, or they might submit relevant certificates when the project was in progress. And when there is something wrong, the federal government will ask for an explanation.