Government Funding Scheme

Hong Kong Government Funding Schemes

The Hong Kong government recognizes the need and support for companies in Hong Kong, particularly Small and Medium Enterprises (hereafter “SMEs”), and therefore has provided over 40 funding schemes (hereafter “Scheme”). The Scheme is designed to cater to different funding scopes, requirements, and fund amounts. The primary goal is to support the development of enterprises and industries in Hong Kong. Please refer below for more information on the available scheme.

Two of the more common funds applied by companies in Hong Kong are known as (1) Branding, Upgrading, and Domestic Sales Fund (hereafter “BUD Fund”), and (2) Technology Voucher Programme Fund (hereafter “TVP Fund”)

Please refer to our “Milestones“ for more information on successful cases of government funding schemes application.

Branding, Upgrading, and Domestic Sales Fund (“BUD Fund”)

BUD Fund aims to provide funding support to non-listed Hong Kong enterprises with substantive business operations in Hong Kong to enhance their competitiveness and facilitate business development in the Mainland and all other economies with which Hong Kong has signed Free Trade Agreements (FTAs) and/or Investment Promotion and Protection Agreements (IPPAs), through developing brands, upgrading and restructuring operations and promoting sales. Companies that qualified for the BUD Fund are entitled to claim up to HK$7 million in 7 years.

Please refer to the download below for more information on the BUD Fund.

Technology Voucher Programme Fund (“TVP Fund”)

TVP Fund is classified under the scheme known as Innovation and Technology Fund. TVP Fund aims to support non-listed Hong Kong companies with substantive business operations in Hong Kong in using technological services and solutions to improve productivity, or upgrade or transform their business processes. Under the TVP Fund, each successful applicant is entitled to a maximum of 6 projects, and the cumulative funding ceiling is HK$600,000 for each applicant.

Please refer to the download below for more information on the TVP Fund.

Service Scopes

In our definition, the Scheme is more than just a source of funds for SMEs but a gesture by the Hong Kong government to share the risks to be undertaken by companies of any size, particularly, when the companies engaged in the industries, research, and development activities, or in the market of which the Hong Kong SAR government strongly supports. From the company’s perspective, especially the SMEs, this represents a major milestone in obtaining the government’s support which in turn shall translate to improving the credibility and goodwill of the company and its business in the long term.

We have a dedicated team to assist companies with the application and the continued fulfillment of the Scheme’s requirements. At a glance, our services comprise the following:

Work closely with relevant key stakeholders of the company such as the Board of Directors, and/or key management members in performing an independent review of the company;
Make assessments and recommendations to the key stakeholders on the company’s eligibility to meet the requirements of the target fund under the Scheme;
Develop plan and strategies, help set up a task force encompassing the key members of the company to govern and monitor the application, and execution;
Collect relevant information, execute the Fund application, and if necessary, follow up and liaise with relevant government officials on behalf of the company.

Depending on the types and/or scale of government funds (hereafter the “fund”) to which the company is applying, our specialists will assist with the development of a Financial Management System comprising the following:

Budget development and comparison – The funds may come in different sizes. For the larger funds, it may be necessary to create budgets for how funds are to be spent, and then trace actual expenditures back to the budget. This is primarily because the Hong Kong government wants to see how their funds are used. Therefore, it may be necessary to develop a report for each fund;
Controls – for a larger scale of the funds, we will assist with developing effective control over and accountability for the funds, property, and/or other assets once it is obtained by the company;
Disclosure – For specific government-sponsored programs, our team will assist with developing an accurate, current, and complete disclosure of the program;
Supporting documents – records, especially the accounting records, must be kept with support documentation.

We welcome your inquiry of how we can assist you with the application and continuous maintenance of the Scheme. Please feel free to speak with our specialists via Contact Us.

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