Dedicated Fund on Branding, Upgrading and Domestic Sales (the BUD Fund)
The BUD Fund 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 overseas and Mainland China market, so as to enhance their competitiveness and facilitate their business development in the overseas and Mainland China market.
Should you have any questions about the part of trademark registration and patent application of the BUD Fund, please feel free to contact us!
|Application Countries||China, Thailand||Vietnam, Thailand, Indonesia, Philippine|
|Types of application||Classes 7 and 35 in Trademark||Class 28 in Trademark and Standard Patent|
The BUD Fund Q&A Session
About the relationship between trademark and the BUD Fund
Q1：Why trademark is important to apply BUD fund?
A1：BUD Fund has strict regulations to both product sales industry or services industry.
Product sales industry：No matter how the brand enters the new market, trademark registration is a necessary condition.
Services industry： The BUD Fund requires corporation shows the proof of business operation in ASEAN countries or mainland. A business entity in the country or registered trademark is the strongest evidence.
***Attention：Since government does not subsidize any projects with infringement suspicion, therefore, trademark registration helps increase the success rate of applying the BUD Fund.
Should you have any inquiries about trademark registration in product sales industry or services industry, please feel free to contact our IP consultant anytime.
Q2：Can I apply BUD Fund through HUYI Global?
A2：Although HUYI Global cannot help you apply the BUD Fund directly, we could offer the trademark consultation services, including trademark pre-search, trademark registration etc., that related to the BUD Fund. China and global trademark registration success rate can up to 80%*.
(* Base on the data analytics from 2016 to 2018 in China, Hong Kong and other countries.)
Should you have any inquiries about trademark registration in China or ASEAN countries, please feel free to contact our IP consultant anytime.
About the application requirement
Q1：How do I prove the corporation with substantial business?
A1：Evidence includes but not limited to (1) Employment records, (2) Business transaction, (3) Tax payment records or (4) audit report etc.
Q2：What are the criteria for approving the application?
A2：1. Does the project help corporation develops Mainland or ASEAN market?
- Does the project significantly improve the competitive advantage of corporation products or services in mainland or ASEAN market?
- Does the project have substantial results and detailed effectiveness measurement?
- Does the project implement substantial measures for developing mainland or ASEAN market?
- Is the expenditure budget reasonable and clear in details?
Q3：How does revenue affect the BUD Fund application?
A3：It is suggested corporation should gain at least $200,000 HKD of annual income, so as to ensure the success rate of the application
About the project implementation
Q1：Do I need to submit a report to HKPC during the project execution?
A1：Yes. HKPC will conduct an on-site checking for monitoring the project.
Below are the report details that have to be submitted during the project execution：
|Project Duration||Submission of Progress Reports and Annual Audited Accounts||Submission of Final Report and Final Audited Accounts|
|18 months or below||Not required||Within two months upon project completion|
|18 – 24 months||One 12th month progress report and Audited accounts for the first 12 months, to be submitted within one month after the relevant 12-month period||Within two months upon project completion|
Q2：What are the requirements for procurement?
A2：Corporation should request quotation from different suppliers. Also, suppliers should sign the Probity and anti-collusion clauses in the tender documents when providing quotation.
|Purchase order under $2,000HKD||Not required to submit written quotation, yet have to be approved by project coordinator in written format.|
|Purchase order between
>$2,000HKD – ≤ $50,000HKD
|Invite at least 2 suppliers for written quotation and accept the minimum one.|
|Purchase order between
>$50,000HKD – ≤ $300,000HKD
|Invite at least 3 suppliers for written quotation and accept the minimum one.|
|Purchase order between
>$300,000HKD – ≤ $1,400,000HKD
|Invite at least 5 suppliers for written quotation and accept the minimum one.|
|Purchase order above >$1,400,000HKD||Open tender|
Q3：Can I employ more employee to follow up the project?
A3：Yes, employer should hire employee through open recruitment, including newspaper or other public channels for posting job advertisement. Job duties and requirement should be clearly stated on the advertisement.
Q4：What should I pay attention when hiring employee?
(1) Keep the interview and employment records
(2) Human resources information should be recorded properly, including but not limited to resume, employment contract, Monthly pay-records of MPF, income certificate etc.
(3) Corporation should hire the employee under fairness, impartiality and open principle.
All information is subject to the BUD Fund. You may click here to view more details.