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Since its launch in 2012, the BUD Special Fund has been well received by SMEs. To be able to encourage Hong Kong companies to develop their brands, upgrade, transform and promote in Mainland China and free trade agreement economies, the BUD Mainland Program and the Free Trade Agreement Program have provided a complete of HK$4 million. One-on-one matching funding. BUD consultants summed up their experience and brought readers the next "Complete Guide to Trying to get BUD Special Funds 2020"The essential application qualifications for the BUD special fund are the following:Valid business registrationProof of substantive operationnon-listed companyThe specific operation certificate includes MPF contribution records, business contracts, receipts and invoices, audit reports and tax bills, etc. Because the business support plan is not a venture fund, the BUD Fund requires companies to possess a certain operating basis. Too little turnover, no employees or no relevant business experience could cause the application to fail.Requirements for the business relationship between your applicant company and the neighborhood areaAccording to the BUD application guidelines, the applicant company and the local business must comply with one of many following relationships:<img width="369" src="human design">The applicant company holds 50% or more of the equity of the neighborhood businessThe same natural person shareholder holds 30% or more of the applicant company and 50% or even more of the local businessThe same group of natural person shareholders fully contain the applicant enterprise and local businessThe relationship between the applicant company and the local business is often the reason why the BUD Fund applicant company does not meet the qualifications.Funding http://h can obtain a Mainland program or a free trade agreement program around 40 times, and the amount of subsidy every time is 50% of the project expenditure or HK$1 million (whichever is leaner). In addition, additionally, there are a percentage of the project breakdown measures. Or the most. Each eligible company can accumulate funding of up to HK$4 million, and all companies with an increase of than 30% of the shares held by exactly the same shareholder are regarded as affiliated companies (which must be disclosed to the best natural person shareholder), and the cumulative upper limit should be calculated together.Scope of fundingThe funding measures of the special funds for brand development, upgrading and transformation, and market expansion must target these three objectives.Develop brandBrand development strategy and positioning-market research, brand specifications and manuals, etc.Brand design and communication-redesign, intellectual property and promotion evaluation, etc.Brand management-employee training and service skills test to improve brand valueBrand Monitoring-Investigate customer and market connection with the brandFrom brand repositioning and design to continuous and effective brand supervision, with the goal of enhancing the overall value of the brandUpgrade and transformationBusiness model transformation-including transformation from OEM production to in-house design and brandingProduct innovation-new product development or strategyTechnological upgrade-upgrade manufacturing technology and industrial automation, etc.Management upgrade-business structure reorganization, quality control, etc.Improve operations through technology and modern management solutions to increase overall productivity and create new market spacemarket developmentStrategy formulation-market development and promotion re-planningImprove marketing-multi-channel promotionMarketing management-marketing staff and managementUse various online and offline promotion channels to push brands and products into target markets and increase sales opportunitiesItem categoryThere are two forms of BUD projects: category (i)-overall business plan formulation and category (ii)-implementation of specific measuresCategory (i) Overall business plan formulationIf the company does not have any nearby operations or experience in the target market, it really needs to formulate a comprehensive business plan first. At the moment, it is more suitable to use for the BUD category (i) project. The federal government use a one-to-one matching method to subsidize the business?s employment. Qualified business consultants assist companies in planning overall plans to enter the mainland or free trade areas.Category (ii) Implementation of specific measuresWhenever a company has plans and even has certain operations in the target market, and hopes to invest in brand development, upgrade and transformation, and expand the market, it can make an application for BUD category (ii) projects. At the moment, the secretariat will expect the applicant company to hand over Plan overall and respond in a timely manner. For example, an agent applying for BUD can hand over a whole agency contract.Evaluation process and criteriaThe application will first be submitted to the BUD Secretariat (implemented by the Hong Kong Productivity Council) to check whether the documents are complete, measure the eligibility of the application, and have the applicant company for just about any unclear points, and submit it to an inter-departmental organization composed of different departments. The group recommends to approve the application and the quantity of funding before it really is finally passed to the Project Management Committee (usually chaired by the Director of Trade and Industry) to choose whether to approve the inter-departmental group?s recommendations.Approval standardHelp the applicant company's immediate or long-term development in the local businessEstablish or improve the local competitiveness of the applicant companySubstantial results for monitoring or evaluationPractical actions to develop the local marketReasonable, subdivided and justified budgetPriority considerationsSmall and medium enterprises (manufacturing industry with significantly less than 100 employees or service industry with less than 50 employees)The project could be successful very quickly and can turn into a model for other Hong Kong companiesSynergies in all areasUse Hong Kong services or products to bring work at home opportunities to Hong Kong and benefit the Hong Kong economyThe ability to fully reflect the benefits of the applicant company and the proposal using the evaluation conditions can decrease the doubts and contacts of the BUD secretariat, speed up the application process and the chance of success.Application documentBusiness registration certificate and company registration certificateShareholder certificateProof of Substantive BusinessApply? for the company's annual audit reportBusiness registration of local businessDocuments to prove the partnership between your Hong Kong applicant enterprise and the local business relationshipProfile of the applicant companySubstantive business certificates generally make reference to commercial contracts such as for example MPF contributions, receipts, invoices, bank statements, tax bills, and lease bills.*Please note: Only online electronic applications will be accepted after July 31, 2020Project unfoldingThe applicant company can confirm the application by the secretariat to start out the project the very next day. However, if the application form fails or the funding is insufficient, the government will not be in charge of the remaining costs and the company needs to bear it. Generally speaking, it requires about 3-4 months to use for BUD Fund.Appropriation processIf the BUD Fund application is approved, the business can choose to receive the initial funding, that is 75% of the funding amount; if the first funding is not accepted and the project period exceeds 18 months, a mid-term funding of 50% of the funding amount will be issued. %; and the final appropriation is the balance of the funding. The actual level of interim and final funding depends upon the progress of the project and actual expenditure.If the specific expenditure is less than the original and mid-term appropriations, the remaining funds should be returned to the government.