A Comprehensive Guide to Hong Kong’s Government Support Schemes
Hong Kong’s vibrant startup ecosystem has emerged as a hotspot for innovation and entrepreneurship across sectors, while the ample government support available to fuel the growth of these new businesses plays an essential role in nurturing the success of these ventures. With diverse funding schemes, tax incentives, and support programmes at their disposal, startups in Hong Kong can harness these resources to realise their business goals more effectively.
In this comprehensive guide, we will explore some of the key government support schemes available to startups in Hong Kong, detailing their objectives and advantages. Such schemes can range from financing and investment matching to incubation and talent support programmes, ensuring substantial assistance throughout various stages of your startup journey. Capitalising on these support mechanisms can significantly bolster the growth and development of your new enterprise.
Major Government Support Schemes for Startups
Hong Kong offers numerous support schemes designed to foster a thriving startup ecosystem and bolster the growth of businesses. Here are some of the most prominent schemes available in Hong Kong:
Innovation and Technology Venture Fund (ITVF)
Launched by the Hong Kong government, ITVF seeks to stimulate private investment in local innovation and technology startups. The fund co-invests with selected venture capital funds on a matching basis, providing considerable financial support for eligible startups.
Enterprise Support Scheme (ESS)
ESS offers funding to support both private companies and public research institutions in conducting research and development (R&D) projects. Companies may receive funding of up to 50% of their total project costs, while research institutions are eligible for 100% funding.
Cyberport Incubation Programme
This programme caters specifically to technology-driven startups and offers a range of support services, including office space, funding, mentoring, and networking opportunities.
Science Park Incubation Programme
Science Park’s incubation programme supports technology startups spanning sectors such as biotechnology, electronics, green technology, and IT. Companies can benefit from workspace, financial aid, mentorship, and access to Science Park’s cutting-edge facilities.
Talent Support Schemes
Talent development is crucial for the sustainable growth of startups, and several schemes are available to help businesses attract and nurture talent:
Reindustrialisation and Technology Training Programme (RTTP)
RTTP offers funding support for the skill enhancement of local employees, allowing companies to enrol in training courses and foster a strong skilled workforce.
Technology Talent Admission Scheme (TechTAS)
TechTAS provides a fast-track procedure for eligible technology companies to admit overseas and mainland China talent. This scheme facilitates the hiring of in-demand professionals with the necessary skills to drive innovation and growth.
SME ReachOut provides startups with free business consultation services, helping them identify suitable government funding schemes and facilitating the application process.
SME Export Marketing Fund (EMF)
The EMF supports small and medium-sized enterprises (SMEs) in expanding their export markets by providing financial aid for participation in export promotion activities.
The Role of 3E Accounting Limited in Securing Government Support
3E Accounting Limited’s experienced consultants can play a crucial role in helping Hong Kong startups identify and secure the appropriate government support:
Our experts possess in-depth knowledge of Hong Kong’s startup ecosystem and support schemes, enabling them to provide tailored advice based on your business’s unique needs.
Seamless Application Process
3E Accounting Limited’s consultants can help you navigate the often-complex application procedures, ensuring that your submissions are prepared accurately and efficiently to maximise your chances of success.
Beyond securing funding, our team can continue to support your startup throughout its growth and development, offering comprehensive services such as business registration, accounting, and compliance.
Hong Kong’s dynamic startup landscape, bolstered by extensive government support, presents a fertile ground for entrepreneurs to grow their businesses. By capitalising on the wealth of assistance available through funding schemes, incubation programmes, and talent support initiatives, startups in Hong Kong can gain a competitive edge and thrive in this bustling market.
Partner with 3E Accounting Limited to confidently navigate the complex landscape of government support for startups in Hong Kong. Contact us today to discuss how our experienced team can help you set up a company and identify and secure the most appropriate funding opportunities for your startup, empowering you on your journey towards success.