"Easy BUD: Streamlining BUD Fund Applications

"What is Easy BUD Fund? How is it different from a regular BUD Fund?"

The BUD Fund was established by the Hong Kong Special Administrative Region Government in 2012 to help Hong Kong enterprises explore and develop the Mainland market. Over the years, the BUD Fund has expanded its geographical coverage to include the markets of the Association of Southeast Asian Nations (ASEAN) as well as other economies that have signed Free Trade Agreements (FTAs) and Agreements for the Promotion and Protection of Investment (APIPs) with Hong Kong. In June 2023, the Government launched the Easy BUD Scheme to facilitate SMEs in preparing applications and implementing projects. Unlike normal applications, Easy BUD can shorten the processing time, streamline the application procedures, and simplify the vetting arrangements. The maximum amount of grant for each approved project is HK$100,000.

"Benefits of Easy BUD of Use for SMEs

"Ease of Use" is specially designed to make it easier for SMEs to apply for BUD Funds, making it faster and simpler for them to apply for grants. Compared with the normal BUD Fund application, the application time is halved to 30 working days and the maximum grant amount for each approved project is up to HK$100,000, which is suitable for small projects or start-ups.

"Guide to applying for Easy BUD"

"Ease of Application" provides a simpler application process, here is the guide:

-Eligibility Check: Ensure that your business is unlisted, registered in Hong Kong under the Business Registration Ordinance (Cap. 310), and has substantive business operations in Hong Kong.

-Project Proposal: Draft a proposal that meets the objectives of the BUD Fund. This may involve brand development, operational upgrades, or promotions in the Mainland, FTZ, or IPPA markets.

-Application Submission: Submit your application along with the necessary documents and project proposal.

-Review Process: Once submitted, your application will undergo a streamlined review process.

-Project Implementation: Upon approval, you can begin your project.

  "Common Mistakes to Avoid with Ease of Use"

Although Ease of Use simplifies the application process, there are still some common pitfalls that applicants should be wary of:

-Incomplete documentation: Make sure to submit all required documents.

-Products/services not ultimately launched in the target market: To be eligible for funding, the project must be able to help the enterprise to expand and develop the target market, enhance the competitiveness of the enterprise's products/services in the target market, and help the enterprise's business develop in the target market in the immediate or long term.

-Overestimation of budget: Please remember that the grant amount for an Easy BUD application is capped at HK$100,000, instead of HK$7 million for a normal application

-Lack of clarity in the proposal: The objectives, strategies, and expected outcomes of the project are not clearly outlined.

"Feedback and Comments on the Easy BUD Application"

Since its launch in June 2023, Ease of Application has received positive feedback from SMEs appreciating the Government's efforts to streamline the application process. The initiative has been praised for its efficiency, with many businesses highlighting the reduction in processing times as a significant benefit. In addition, clear guidelines and streamlined approval arrangements make it easier for SMEs to understand and successfully access funding.

For more information or assistance in applying for the BUD Fund, you may contact:

Phone: +852 3705 2678

Email: service@grand-digital.com