The Anti-Epidemic Scheme for Talent Development and How Does it Help Fintech Companies in Hong Kong
The Fintech industry has been growing rapidly in Hong Kong. It was even more so before the pandemic, as the region’s strategic location and existing business landscape offered an incredible environment for the sector to flourish. And now, the government has launched an anti-epidemic scheme for the fintech industry to keep the momentum going, despite the economic ill-effects.
Introduction to the FinTech Anti-Epidemic Scheme for Talent Development
The FinTech Anti-Epidemic Scheme for Talent Development, also known as FAST, is the Hong Kong government’s incentive to support local fintech businesses affected by the COVID-19. The scheme helps fintech companies by funding them to create new jobs.
As per FAST, successful FinTech companies can get HK$10,000 each month to create a related job. Companies can get funds for periods between 2 July 2020 and 2 July 2022. The scheme has two benefits- one, it helps companies and another, it helps create a better workforce in the FinTech sector.
Eligibilities that Companies Need to Fulfill
A company needs to fulfil the following requirements to apply for the incentive:
- A valid business registration certificate.
- A physical office in Hong Kong.
- The company should have made significant contributions in Hong Kong’s fintech scenario.
- The firm should have commenced its current business before 1 January 2021.
Note: Non-profit organizations are also eligible.
How to Apply for the Subsidy?
Applying for the subsidy is quite straightforward. Once you can confirm that you fulfil the requirements, you can log into the FAST online portal and fill out an application form. Once that is done, you will receive a verdict within six months and you will need to send the details of the candidate.
Some FAQs Regarding the Anti-Epideming Scheme
Here are some common FAQs people ask regarding the scheme:
How Many Slots Are there?
About 1000 slots are available which are fulfilled on a first-come-first-serve basis.
How Many Employees Can a Company Hire?
Each company is limited to one candidate. The scheme only covers the basic salary, which means the company should spend all the money on the employee’s salary.
Can I Hire for an Existing Role in My Company?
Unfortunately, no. You will need to create a new role, and the progress report will be checked every six months.
Can I Change the Person After Hiring them?
If the candidate hasn’t proven to be suitable for the job, you may hire a new employee in their place. However, you will need to inform the authorities within fourteen days of the last working day of the individual.
Are You Looking to Start a FinTech Company in Hong Kong?
As you can see, there is excellent support from the Hong Kong government to FinTech companies as the government sees the sector as one of the next big drivers of the economy. So, if you have the resources and ideas, we would say go for it- just make sure you work with someone who understands the local business landscape well.
3E Accounting Hong Kong is a corporate service provider that offers HK incorporation services. We offer you consultancy and incorporate your company for you, as you spend more time polishing your idea and preparing for operations.