You can apply for up to $1,000,000 HKD per project on a matching basis (i.e. government will cover a maximum of 50% of the total project in cash) for the Mainland China Programme and the new ASEAN Programme.
If you are a non-listed enterprise registered in Hong Kong and have “substantive business operations in Hong Kong” you can apply. To prove this, you can include your Hong Kong Business registration details and proof of your MPF payments to staff.
Scope of the funding:
The BUD fund for both the Mainland Programme and ASEAN Programme can cover business expenses related to developing your business in the specific markets. They can include staff costs (max up to 50%), new business set up costs (max 20% of funding), as well as costs result from the below activities:
Expenses that can be covered by the Hong Kong Government's BUD fund
Brand Development Strategy and Planning , Brand Positioning and Image Design, Brand Assessment and Market Survey, and Brand Promotion, etc
Upgrading & Restructuring
New Product Design, New Technology Adoption, Management System Upgrading, Manufacturing Automation, etc
Promoting Domestic Sales
Domestic Sales Market Survey, Domestic Sales Strategy and Plan Formulation, Domestic Sales Channel Building, Product/Service Promotion, etc
Source: HKPC (as at 29th August, 2019).
Keep in mind that all funding must be tracked and audited at the end of the program. Check out the forms you will be required to submit to get a better idea on the process.
You will need to submit an application which includes an extensive business plan, before you undertake the project. There are providers based in Hong Kong you can engage to help you through this process. If you go down this route, do read all application information as there are requirements that the provider needs to meet.
- BUD Fund Mainland Programme guide to the application process
- BUD Fund ASEAN Program guide to the application process
You’ll need to be prepared to sit through a relatively lengthly process. Applications can be submitted to the Hong Kong BUD fund at any time. Applications are reviewed at the end of every quarter, and approvals given within three months. So if you apply by the end of September deadline, you should hear back regarding your funding approval by the end of December.
List of approved projects:
The Hong Kong Government publishes a list of SME’s, startups and new businesses that have successfully received funding from the BUD fund mainland programme and ASEAN programme.
Thinking of applying?
Here are some helpful links to give you the information you need:
2. Support and Consultation Centre for SME’s - Online support and also based out of their Kowloon City location, where you can speak directly with staff who can guide you through the application process.
3. SME ONE- a Government produced library of SME resources which also covers funding options and additional information on the BUD funding program.
Not right for your business?
If this funding option is not right for you, check out our list of other government backed startup, SME and new business funding options.
If you'd like to speak with us directly, or have a brief you'd like to share, then please get in touch, we'd love to hear what you're up to!