top of page
  • Captivate Funding Consultant

2024 BUD Fund: Guide to Application Document Preparation



The BUD Fund is a highly sought-after funding program for businesses, but its approval rate is relatively low. According to the Legislative Council, the approval rate for the BUD Fund is only about 35%. Additionally, the application process is complex and time-consuming, typically taking around six months. If the application is unsuccessful, it can waste significant time and human resources. To assist first-time applicants in successfully submitting their applications, we have compiled a checklist of essential documents needed for the BUD Fund application to improve efficiency.


Essential Documents

  1. Copies of shareholder identification documents

  2. Proof of substantive business operations (e.g., invoices and receipts from the last three months)

  3. Annual audit reports of the applying enterprise

  4. Company business registration certificate

  5. Documents proving the relationship between the Hong Kong applicant enterprise and the local business

  6. Details of the applicant enterprise (MPF contributions, invoices and receipts, bank statements, tax returns, lease agreements, and other business contracts)


Compliance and Licensing Requirements

Compliance and Licensing, a crucial aspects that many businesses often overlook when applying for the BUD Fund. The government requires enterprises to comply with the relevant regulations for operating, selling products, providing services, or importing goods in the target market and obtain the necessary certifications. For example, certain products need customs registration and GB (China National Standard) or 3C (China Compulsory Certification) to be legally sold in Mainland China.


The related costs can be included in the application if the necessary certifications have not been obtained. However, businesses must secure these certifications before commencing operations. For further information on which products require certification, please get in touch with us for professional advice at info@captivatemkt.com.


Quotations


Quotations are a crucial component of the BUD Fund application. Businesses need to obtain quotations from suppliers for the measures included in the BUD project. The number of required quotations varies depending on the project expenditure amount. All invoices and receipts must clearly state the correct company name of the funded enterprise; other company names, subsidiaries, or related companies will be considered invalid. Suppliers must be registered companies and provide quotations based on the project expenditure amount, following the principle of "lowest price wins" for procurement.

Project Expenditure Range

Number of Quotations Required

≤ HKD$2,000

1

> HKD$2,000 - $50,000

2

> HKD$50,000 - $300,000

3

> HKD$300,000 - $1,400,000

4

> HKD$1,400,000

Public Tender

By following the above preparation steps, businesses can ensure their BUD Fund application materials are complete. Our company specializes in helping businesses prepare and apply for the BUD Fund, ensuring your application meets all requirements and has the highest chance of success. For assistance, please get in touch with us at info@captivatemkt.com. We wish all businesses a smooth application process and success in securing BUD Fund support!

Comments


bottom of page