【Easy BUD】New Easy BUD Worth Applying for? | 30-Day Rapid and Simple Approval
The Hong Kong government has recently launched the “BUD Special Fund – Easy Application” (Easy BUD) program, featuring a 30-day rapid approval process and a simple application procedure. This article will provide a detailed introduction to the eligibility criteria, funding scope, and application process of “Easy BUD.” It will also compare it with the traditional “BUD Special Fund,” helping businesses gain a better understanding of and leverage this government funding program to effectively expand their business presence in overseas markets.
Introduction to “Easy BUD” Application
Eligibility for “Easy BUD” Application
- Have business registration in Hong Kong
- Unlisted companies with substantial business operations
- Must meet the funding scope
Funding Scope of “Easy BUD” Application
- Advertising and Promotion
- Designing / Producing Promotional Materials
- Establishing / Optimizing Company Websites
- Participating in Trade Shows and Related Expenses
- Testing and Certification Services
- Mobile Applications for Promotional Purposes
- Application for Product Patents, Trademark Registration, or Copyright Protection
Funding Amount for “Easy BUD” Application
Easy BUD Application offers funding at a rate of 50% of the project cost, with a maximum funding limit of HKD 100,000 per project. The total cumulative funding amount can reach up to HKD 7 million.
“Easy BUD” vs “General BUD Fund”
Easy BUD |
General BUD Fund |
|
|---|---|---|
| Eligibility | Register in Hong Kong in accordance with the Business Registration Ordinance (Chapter 310) Unlisted companies with substantial business operations in Hong Kong |
|
| Funding Ratio | 50% funding ratio, maximum funding amount 7 million | |
| Funding limit for each project | HKD $100,000 | HKD $1 million |
| Project completion time | Within 12 months | Within 24 months |
| Audit Fees | Full funding, up to HKD 5,000 per time | Full funding, up to HKD 10,000 per time |
| Project Implementation | Only for Hong Kong companies | Hong Kong applicant enterprise or/and local business unit (qualified for direct investment relationship) |
| Application Frequency | Each company can submit an application every 6 months | No limit |
| Application processing time | 30 working days | 60 working days |
| Funding scope |
|
In Addition to the “Easy BUD” program, the funding can also cover the following:
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“Easy BUD”Application Process
- Application Submission
Submit the application and relevant supporting documents through the online system. - Preliminary Review
The executing agency will verify the completeness of the submitted information within 30 working days. - Supplementary Information or Documents
If the provided information is insufficient, applicants must respond with the required content within 14 days. - Approval Granted
Once the application is approved, follow the provided guidelines to complete the subsequent procedures. - Project Implementation
Commence the implementation of the funded project, which must be completed within a maximum of 12 months. - Progress Reports
Submit project progress and financial reports periodically as required. - Disbursement of Funding
If the reports and audit reports are satisfactory, funding is typically disbursed within 60-90 days.
“Easy BUD” Application Documents
- Online Application Form
- Copy of Business Registration Certificate
- Copy of business proof documents, such as commercial contracts, office lease agreements, invoices, MPF contribution records, etc.
- Copy of proof of total annual turnover for the previous year (except for newly established businesses in the current year)
“Easy BUD” FAQs
Summary – Apply for appropriate BUD funding based on business needs
Easy BUD – Suitable for small and medium-sized enterprises (SMEs) for quick and simple promotion in overseas markets.
Advantages
- Fast Approval
Processing time is shortened to 30 working days, providing quick financial support to businesses. - Simplified Application Process and Lenient Approval
The Easy BUD application process is highly simplified, and the approval criteria are relatively lenient, allowing businesses to successfully apply without intermediaries.
Limitations:
- Lower Funding Amount
Compared to traditional BUD programs, the funding limit is lower, which may not be suitable for projects requiring large amounts of funding. - Limited Project Scope
The funding scope is more restricted and may not cover all the needs of a business. - Short Project Completion Deadline
All approved projects are required to be completed within 12 months, which can create time pressure for long-term projects.
BUD Fund – Suitable for large-scale projects
Advantages:
- High Funding Amount
High Funding Amount: Each project can receive up to HKD 1 million in funding, providing sufficient financial support for larger projects. - Wide Range of Funding Coverage
It can cover significant and necessary expenses such as employee recruitment and rent, meeting the development needs of businesses. - Longer Project Completion Time
Generally, projects need to be completed within 24 months, allowing ample time for complex or large-scale projects.
Limitations:
- Stringent Application and Approval Process
Traditional BUD programs have strict approval criteria, such as product safety testing and certifications for selling products locally, and the provision of local promotional materials, etc.. - Longer Approval Time
The processing time is longer compared to “Easy BUD,” which may affect the initiation and execution of business projects.
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