Hong Kong’s small and medium-sized enterprises (SMEs) looking to expand locally or overseas can now benefit from the SME Export Marketing Fund (EMF), with a maximum subsidy of up to HKD 1 million as of May 2024. Whether your business is participating in eligible exhibitions, trade missions, or placing overseas advertisements, the EMF offers financial assistance to help SMEs grow beyond the local market. Below are the latest application guidelines and key points for accessing this funding.
What is SME Export Marketing Fund (EMF)?
The SME Export Marketing Fund (EMF) is a government subsidy program designed to help SMEs in Hong Kong expand internationally. By promoting "Hong Kong enterprises" to global markets, this fund aids businesses in reaching international audiences. In 2022, enhancements were made to include funding for local market promotional activities, both online and offline, such as trade fairs.
Eligible SMEs can receive up to HKD 1 million in subsidies for qualified promotional activities and advertising, based on actual expenses or through an installment payment system (initial and final disbursements). This means that whether your business has recently completed or is planning to participate in upcoming activities, you may qualify for EMF support. For further details, visit the SME Export Marketing Fund website.
Eligible Expenses for EMF Subsidies
The EMF supports various promotional activities, such as:
Offline trade exhibitions
Overseas trade missions
Online trade fairs and trade missions
Advertising and promotion costs related to overseas markets
Latest Subsidy Limits
As of May 2024, there is no limit on the number of applications a business can submit. The cumulative subsidy cap per business has been increased from HKD 800,000 to HKD 1 million. However, subsidies are subject to the relevant terms and conditions of each activity. For more information, visit the Trade and Industry Department’s website.
Eligibility Criteria for EMF Subsidy
To qualify, businesses must participate in promotional activities as a "Hong Kong enterprise." This means the company's full name and Hong Kong contact details must be clearly displayed in all promotional materials, including exhibitor lists, trade mission rosters, advertisements, websites, and mobile apps.
Success Rates for EMF Applications
From May 2021 to April 2023, the EMF received nearly 19,400 applications for exhibitions and online trade fairs targeting the local market, with over 95% of these submissions from SMEs. Of the total applications, 13,200 were approved, resulting in over HKD 330 million in subsidies granted.
If you are looking to raise funds to expand your business, Dim Sum Creative can help you learn more about how to apply smoothly and the qualification requirements to increase your chances of approval.
Date: 2nd October 2024
Credit: https://www.gov.hk/tc/residents/
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