Instructions for BUD Execution
01
Does the project execution period or the documents for project funding need to be within the implementation period set at the time of application?
All implementation tasks and document dates must align with the agreed implementation date stated in the BUD contract. If there is a delay in completing the project within the specified timeframe, an application for an extension must be submitted to and approved by BUD. Failure to do so may result in the partial or complete loss of funding from our department.
02
What are the precautions to be taken in the procurement process?
To demonstrate that the company is actually implementing the planned activities as proposed during the application, the company needs to retain all relevant project execution-related data as evidence. The specific documents required may vary for each project. However, for all procurement projects, it is necessary to keep quotations, receipts, and invoices related to the associated expenses. If the supplier is based in mainland China, valid value-added tax invoices (if applicable) and other documents should be provided.
Here are some examples of projects and related documents:
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Expenses related to establishing a new business unit (lease agreement, business license, unit photos, etc.)
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Hiring new employees (job advertisements, employment contracts, monthly salary proof, etc.)
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Production of promotional materials (photos of the completed materials)
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Participation in exhibitions (photos of the booth, exhibition passes, exhibition catalogs)
03
What are the precautions to be taken in the procurement process?
All documents and invoices must bear the name of the funded company (or the name of qualified Mainland China/Free Trade Agreement units approved and listed in the project proposal) to be accepted. Other company names will be deemed invalid. All suppliers must also be registered companies and obtain sufficient quotations at competitive prices for procurement based on the principle of 'lowest bid wins'.
Project Expenditure
≤ HKD$2,000
>HKD$2,000 - $50,000
>HKD$50,000 - $300,000
>HKD$300,000 - $1,400,000
>HKD$1,400,000
Quotation
1
2
3
4
Open Tender
04
What is the procedure for hiring employees?
1.Publish job advertisements on public platforms, clearly stating the position and application deadline. Provide a screenshot of the publication as proof.
2. Receive at least 3 resumes, and conduct interviews with the job applicants. Meeting score records must be kept, and the candidate with the highest score should be hired.
3. Sign an employment contract.
4. Make MPF (or social security) contributions.
5. Keep records of employee salary transfers and pay slips.
*Newly hired employees cannot be existing employees. BUD may verify the MPF record of the new employee before hiring to check if the employee is a former employee
05
If the proposed project is no longer suitable for the company's development, can it be modified?
Submitted but unapproved projects can undergo minor changes but not substantial modifications. Major modifications include changes in content type, total expenditure amount, and project alterations, among others. Approved applications cannot be modified unless prior approval is obtained from BUD.
06
If certain measures cannot be completed, what should be done?
Companies should make every effort to complete all proposed application items within the designated implementation timeline. If it is not possible to complete them within the timeline, a reasonable explanation and proposal for an extension of the implementation timeline can be submitted to BUD, provided that strong and valid reasons are provided.
However, if the project cannot be completed at all, it will impact the final funding amount. Therefore, companies should ensure they have the capability and sufficient time to complete the project.
07
Besides providing the required supporting documents, are there any other review actions conducted by BUD?
In addition to the designated documents mentioned in item "02," BUD may also require companies to provide relevant supporting documents, such as the website address of newly established companies or newly created promotional materials. Furthermore, BUD may conduct on-site inspections in the form of spot checks to examine the progress and effectiveness of the project.