BUD fund, the Branding, Upgrading and Domestic sales enterprise support programme aims to help Hong Kong enterprises, SMEs, including start-ups, grasp economic opportunities and boost their competitiveness. The scheme cover areas spanning ASEAN markets and Mainland market. It provides funding support to individual Hong Kong enterprises in undertaking projects to develop brands, upgrade and restructure their business operations and promote sales in the ASEAN and Mainland markets, so as to enhance and facilitate their business development in the ASEAN and Mainland China markets. All non-listed enterprises registered in Hong Kong under the Business Registration Ordinance with substantive business operations in Hong Kong are eligible to apply, irrespective of whether they belong to the manufacturing or service sector or whether they already have any business operations in the ASEAN and the Mainland China.
Scope of the Funding includes
- Branding such as brand strategy and positioning, brand building, design and communication, brand management and brand tracking;
- Upgrading and Restructuring such as business model upgrading & restructuring, product innovation and repositioning, material management, technology upgrading, management upgrading and logistics management;
- Promoting Sales such as sales strategic planning, sales business operation management, sales channel management, sales team formation and management.
- The funding is under a 1:1 ratio funding scheme where the government will cover a maximum of 50% of the total approved project cost and the enterprise has to contribute no less than 50% of the total approved project cost in cash. Audit fee would be fully supported by the government as well. The cumulative funding ceiling per enterprise under the Programme is HKD1,000,000.
- The vetting criteria are as followed: the project should lead to immediate or long-term business development of the applicant enterprise in the ASEAN/ Mainland in the specific areas of branding, upgrading and restructuring and/or promoting sales;
- The project should have good prospects of improving the competitive advantage of the applicant enterprise or its product/ service in the ASEAN/ Mainland;
- The project should have a reasonable budget with itemised cost breakdown and detailed justifications of costs and expenses;
- The project should include solid actions for developing business in the ASEAN/ Mainland;
- The project should have a reasonable budget with itemised cost breakdown and detailed justifications of costs and expenses
- The application will be approved in around 2-3 months from the commencement date;
- A project usually ends in around 16 months.