Hong Kong Innovation & Technology Commission Offers More Funding Support for Businesses
The Innovation & Technology Commission in Hong Kong has announced that they will offer more funding support under various schemes to help businesses and boost the local technology sector.
Enterprise Support Scheme (ESS)
Advance funding will be arranged for R&D projects under the Enterprise Support Scheme (ESS) and will help ease cash flow requirements faced by small and medium enterprises (SMEs). The ESS is a major funding initiative designed to encourage the private sector to invest in research and development (R&D). Eligible companies have to be registered and incorporated in Hong Kong and cannot be a subsidiary of any government sub-vented organisation or organisation that receives grant from the government on a recurrent basis.
Interested companies can submit their applications to the Commission and may receive an advance payment of up to 50% of the approved matching fund for the first six months or up to $500,000, whichever is lower. There is no deadline and applications can be submitted all throughout the year.
2020 Innovation & Technology Support Programme
The 2020 Innovation & Technology Support Programme will also be accepting applications for funding support from local public research institutes and R&D centres that have the platform or seed R&D projects. Platform projects are expected to be industry-oriented and e have the potential for commercialisation whilst seed projects are expected to be exploratory and forward-looking in nature.
The deadline for submissions is 8 May 2020 and submissions can be submitted electronically through the Innovation and Technology Commission Funding Administrative System II.
Technology Talent Admission Scheme (TechTas)
Furthermore, the Commission has launched enhancement measures to the Technology Talent Admission Scheme (TechTas) which allow more companies to qualify. Originally launched in 2018, the TechTas helped qualified companies to fast-track the admission of overseas and mainland Chinese talent for R&D projects.
Under the new enhancements, the TechTas will cover an additional six technology areas which are:
- 5G communications
- Digital entertainment
- Green technology
- Integrated circuit design
- The Internet of Things
This will be in conjunction with the initial seven technology areas which are artificial intelligence, biotechnology, cybersecurity, data analytics, financial technologies, material science, and robotics.
Successful companies will be allotted with quotas for bringing in such people to undertake R&D work.
These schemes aim to contribute to Hong Kong’s innovation and technology development by providing funding support and expediting admissions of technology talent from around the world. This gives industry leaders the boost they need to further expand their R&D work in Hong Kong