HomeGovernment Funding【3 Gov Funding SMEs Must Know】TVP vs EMF vs BUD

【3 Gov Funding SMEs Must Know】TVP vs EMF vs BUD

In today’s e-commerce era, businesses continuously seek strategies to enhance competitiveness, expand operations, and increase revenue. However, funding often becomes a bottleneck on the path to growth. 

 

The good news is that the government offers several subsidy programs like TVP, EMF, and BUD funds to help SMEs accelerate digital transformation and expand into Mainland China and international markets. 

 

This article provides a concise overview of these 3 popular government funding, highlighting their benefits and differences, so you can easily access the necessary resources and achieve remarkable business growth.

Gov Fund for SEMs

Funding Ratio

Funding Amount
(Each Application Project)

Project Period

Suitable Industries

TVP Fund

75%

Get up to HK$600K

Within 1 Year

All Industries

EMF Fund

50%

Get up to HK$1 Million

Export to Overseas

BUD Fund

50%

Get up to HK$7 Million

Within 2 Year

Export to China/ Overseas

【3 Gov Funding SMEs Must Know】TVP vs EMF vs BUD

Table of contents

Popular Gov Fund 1: TVP Fund

TVP Fund Advantages:

  • High Funding Ratio: Up to 3:1 (Government funds 75%, company contributes 25%)
  • Suitable for All Industries: Ranging from web design and app development to AI business automation systems
  • Quick Approval: Approval within 1 to 3 months

TVP Fund Objective:

  • TVP established by the Innovation and Technology Commission to help Hong Kong SMEs improve business efficiency and competitiveness through the application of technology, particularly for companies seeking digital upgrades.

TVP Funding Approval:

  • Funding Ratio: Government funds 75%, company contributes 25%
  • Cumulative Funding: Up to HK$600,000
  • Project Applications: Can apply for one project at a time, with a maximum of six projects
  • Initial Disbursement: Up to 25% of the approved funding upon verification and signing the funding agreement

Popular TVP Funding Projects:

  • First-Time Applications:
    • Web design / E-commerce systems
    • Online booking systems
    • CRM systems
    • ERP systems
    • WhatsApp API automation marketing systems
    • SEO
  • Subsequent Applications:
    • App development
    • AI automation systems
    • AI Chatbot
    • POS systems
    • Cloud and network security systems
    • HR management systems
    • Inventory management systems

TVP Funding Eligibility:

  • Registered and incorporated companies in Hong Kong
  • Must have continuous business operations in Hong Kong for at least three months
  • Not applicable to listed companies, government organizations, or companies receiving government funding and their subsidiaries

Extended reading: [2023 TVP Ultimate Guide] Up to HK$600,000 | TVP Successful Examples

Popular Gov Fund 2: EMF (SME Export Marketing Fund)

EMF Fund Advantages:

  • High Cumulative Funding: Up to HK$1 million
  • Export to Overseas Markets: Through exhibitions and online advertising to penetrate international markets
  • Easy Application: No need to write a plan, just fill out the application form and submit the necessary documents; approval within 30 working days

EMF Fund Purpose:

  • The SME Export Marketing Fund (EMF) aims to encourage SMEs to engage in export promotion, expand new markets, and increase the exposure of their products and services, thereby creating business opportunities and increasing revenue.

EMF Funding Approval:

  • Funding Ratio: Government funds 50%, company contributes 50%
  • Approved Funding: Up to 50% of the total approved expenditure or HK$100,000 per application (whichever is lower)
  • Cumulative Funding: Up to HK$1 million
  • Application Frequency: Unlimited
  • Initial Disbursement: Up to 75% of the preliminarily approved funding (application and proof documents must be submitted 45 to 120 calendar days before project commencement)

Popular EMF Funding Projects:

  • Participate in local or overseas exhibitions/study missions (targeting local/overseas markets)
  • Online advertising (Amazon, eBay, Alibaba, IG, keyword advertising)
  • Web design or optimization
  • App development or optimization

Popular EMF Funding Export Businesses:

  • Electronics: Electronic components
  • Watches: Fashion watches, mechanical watches, sports watches
  • Manufacturing: Toys, industrial sewing machines, fashion apparel, eco-friendly products
  • Home Goods: Kitchenware, coffee machines, storage solutions, cleaning products

EMF Funding Eligibility:

  • Non-listed enterprises registered in Hong Kong
  • Must have substantial operations, not accepting shell companies or businesses primarily operating overseas
  • Cumulative funding cap of HK$1 million per enterprise or related entities with similar business registration information

Extented reading: [EMF SME Export Marketing Fund] Funding Increased to HK$1 Million | EMF Information Guide

Popular Gov Fund 3: BUD Fund

BUD Fund Advantages:

  • High Cumulative Funding: Up to HK$7 million
  • Expand to China/Overseas: Business expansion through brand development, upgrading, and market development
  • Comprehensive Business Support: Includes team expansion, promotion, equipment purchases, and hiring auditing services
  • Fast Application: Through “BUD Fund – Easy Application,” approval within 30 working days

BUD Fund Objective:

  • BUD Fund aims to help Hong Kong SMEs penetrate Mainland China and ASEAN markets, focusing on: 
  • Brand Development: Enhance brand visibility and appeal
  • Upgrading and Transformation: Improve efficiency and product quality using new technologies
  • Market Development: Expand markets through exhibitions and advertising

BUD Funding Approval:

  • Funding Ratio: Government funds 50%, company contributes 50%
  • Cumulative Funding: Up to HK$7 million
  • Approved Funding: Up to HK$1 million per project (up to HK$100,000 for “Easy Application” projects)
  • Approved Projects: Up to 70 projects per enterprise
  • Application Frequency: Unlimited
  • Completion Time: Within 2 years (1 year for “Easy Application” projects)
  • Approval Time: 60 working days (30 working days for “Easy Application” projects)
  • Initial Disbursement: Up to 75% of the preliminarily approved funding (not applicable for “Easy Application” projects)

Popular BUD Funding Projects:

  • Automating production processes with robots
  • Online advertising (Douyin, Xiaohongshu, WeChat, Amazon, eBay, Alibaba, IG), influencer/KOL live streaming, keyword advertising
  • Web design or optimization
  • App development or optimization

Popular BUD Funding Export Businesses:

  • Electronics: Electronic components, smart home appliances, agricultural drones, home and industrial robots
  • Watches: Fashion watches, mechanical watches, sports watches
  • Manufacturing: Toys, industrial sewing machines, fashion apparel, eco-friendly products
  • Home Goods: Kitchenware, coffee machines, storage solutions, cleaning products
  • Beauty: Cosmetics and personal care products

BUD Funding Eligibility:

  • Non-listed enterprises registered in Hong Kong
  • Must have substantial business operations in Hong Kong (must provide employee, financial, and operational transaction records)
  • Projects must involve brand development, upgrading and transformation, or market expansion

Extended reading: [BUD Special Fund] Up to HK$7 Million | BUD Information Guide

Conclusion

Do you have more questions about these SME government subsidies? Or want to learn more about how to leverage government funding to grow your business? Contact us at Rovertech IT Consulting now! We are well-versed in the application processes and government regulations and can craft digital transformation and international promotion strategies tailored for you to help increase your ROI and revenue.