Recently, I have received many inquiries from friends regarding the Hong Kong government’s funding applications for enterprises, including: BUD, TVP, EMF, etc. It can be seen that people are very interested in government funding. But the strange thing is that Hong Kong entrepreneurs seem to have little interest in these funding applications, and many friends may have never even tried it.
There are actually dozens of types of subsidies provided by the Hong Kong government to enterprises, among which the most important and popular ones are the following three:
1. Special Fund Plan for Brand Development, Upgrading and Transformation, and Domestic Market Expansion (BUD): Funds companies in Hong Kong to promote brand development, upgrade and transformation, and expand domestic sales markets to enhance their competitiveness overseas. The maximum cumulative funding limit for each enterprise is HK$7 million.
2. Technology Voucher (TVP): Helps local small and medium-sized enterprises to improve productivity through technological services and solutions. The government subsidizes 75% of the program costs, and the remaining 25% is borne by the enterprises themselves. The maximum funding limit is HK$600,000.
3. Small and Medium Enterprises Marketing Fund (EMF): Support local enterprises with substantial business operations, encourage small and medium-sized enterprises to participate in export promotion activities, and help expand Hong Kong's overseas markets. The maximum cumulative funding limit for each enterprise is HK$800,000. Each application is subject to 50% of the expenditure or HKD 100,000.
In fact, to successfully obtain these funds, although it cannot be said that you have to pass five levels or kill six generals, you still have to go through two major difficulties:
1. Application: The application procedure is really complicated and requires a lot of documents and supporting evidence. It is not something that ordinary people can handle or it is worth spending time to deal with;
2. Disburse funds: The more difficult thing is to apply for government disbursement of funds after the plan is completed, and you also need to make implementation reports, audit reports, etc. to ensure that all implementation procedures, etc., meet the requirements before you can get the funds, otherwise the money you have spent will not be available. If funds are allocated, the budget will be lost.
Our company is a business service company that provides a variety of services. We can assist entrepreneurs in applying for the above funds and help business development. If you have any questions about application, please contact our company.
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