BUD Fund
The largest government grant for a Hong Kong company expanding into the mainland or ASEAN/FTA markets: up to HK$7M cumulative per company, 50:50 matching, HK$1M cap per project. The official eligibility is loose (non-listed + real operations), but the real-world bar is much higher (turnover, MPF for local staff, a physical office).
You have a Hong Kong company (non-listed), real operations and some turnover, and want to expand into the mainland or ASEAN/FTA markets (branding, upgrading, sales, e-commerce). The largest single sum an ordinary business can get.
Your company is newly formed with no turnover, no local staff and no physical office (fix that first); or what you actually need is tech R&D funding (see HKSTP / Cyberport / ITF-related schemes).
expanded from 40 to 48 on 2026-06-15[S34]
accepted year-round[S34]
- Deadline / window
- Accepted year-round
- Duration
- Up to 24 months per project
- Company age
- In practice, incorporated for at least 1 year
- Turnover
- Prior-year turnover ≥HK$3M is safer (≥HK$1M may be considered)
- Employees
- ≥2 employees with 3 months of MPF contributions
- For whom
- Non-listed Hong Kong companies with real operations in HK; expanding into mainland / ASEAN / FTA markets
- Business Registration Certificate + Certificate of Incorporation
- Recent audited financial statements
- Office tenancy agreement + utility bills
- MPF contribution records
- Shareholder / shareholding proof
- Project proposal (objectives, actions, budget, timeline)
What can BUD cover?
Three categories: ① brand development ② upgrading and transformation ③ expanding domestic-sales / marketing channels. Common eligible costs: exhibition and related fees, advertising and promotion (ad spend ≤50% of total project budget), company website / promotional materials / marketing apps, testing and certification, market research, and product/trademark/patent registration.
Who can apply: official vs. real-world thresholds
The heart of this page. The official wording is loose, but the operating bar is much higher — this is what the official sites won't tell you.
- Registered in Hong Kong under the Business Registration Ordinance (Cap. 310)
- Non-listed company (listed companies / financial institutions / insurers / state-owned enterprises generally not eligible)
- Substantive business operations in HK (assessed via staff records, financial statements, transaction/operating records)
- Hong Kong company incorporated for at least 1 year
- Prior-year total turnover ≥HK$3M is safer (≥HK$1M may be assessed)
- ≥2 employees with 3 months of MPF contributions
- A physical office (tenancy agreement + monthly utility bills; a virtual address alone is not accepted)
- One of the mainland-affiliation shareholding tests: an individual holds ≥30% of the HK company and ≥50% of the mainland company / the HK company directly controls ≥50% of the mainland company / the HK and mainland companies share the same shareholders in the same proportions
- 1
Self-check the hard thresholds
Turnover / employee MPF / office / shareholding — if you fall short, fix it first.
Pitfall: Going only by the official line 'non-listed is enough' and wasting your effort.
- 2
Prepare documents
Business Registration Certificate, Certificate of Incorporation, recent audited financial statements, office tenancy agreement + utility bills, MPF contribution records, shareholder proof, and a project proposal (objectives/actions/budget/timeline).
Pitfall: A vague project proposal struggles to pass review.
- 3
Submit online
Online application form (some parts require an MS Word copy).
- 4
HKPC assessment
Year-round; notice within 60 working days after all documents are received (30 working days for Easy BUD).
- 5
Sign the agreement → disbursement
Options: 75% upfront (for longer projects) + 25% on completion, or the full amount paid on completion.
Pitfall: Without cash-flow planning, fronting the money is a heavy strain.
- 6
Execute (≤24 months) → sign-off → final payment
Pitfall: An incomplete evidence trail (contracts/invoices/deliverables) stalls sign-off.
You cover 50% in cash, and most is reimbursed/matched later — you front the money· First-hand insight in the works
Work out how much you can afford to front before you apply
The real-world bar is far higher than the official one· First-hand insight in the works
With no turnover, no local staff and no physical office, 'non-listed is enough' is an illusion
Agents often take a cut of the approved amount, and it's not small· First-hand insight in the works
You can do much of the paperwork yourself; before signing, ask how they charge and whether there's a fee if unsuccessful
The project must actually be done, and sign-off is strict· First-hand insight in the works
Advertising / exhibitions / certification need a complete evidence trail (contracts, invoices, deliverables)
Don't believe 'guaranteed approval'· First-hand insight in the works
Assessment looks at the project's commercial viability and evidence; a promise of 100% approval is a red flag
- 01Self-check the hard thresholds first → if you fall short, build up turnover / local staff / a physical office before applying.
- 02Want to test the waters quickly → use Easy BUD (≤HK$150K, 30 working days) to run through the process once.
- 03Doing mainland/ASEAN e-commerce → use the HK$1M E-commerce Easy allocation.
The SME Export Marketing Fund (EMF) was merged into BUD on 2026-06-30.
Don't confuse it with the discontinued TVP (TVP stopped taking new applications on 2024-12-31).
Sources
- S34 BUD 专项基金官页
- S58 立法会答复/新闻稿检索