New Application For Professional Services Advancement Support Scheme From September 2023
Beginning September 1, non-profit distributing organisations in the professional services sector can apply for funding under the Professional Services Advancement Support Scheme (PASS). The new round of funding offers will last until November 30, 2023.
Registered professional bodies, trade and industrial organisations and research institutes can apply for funding. Professional services such as accounting, architecture, engineering, information and communication technology (ICT), design, legal, technical testing and analysis should also consider applying. The Hong Kong Government allows sector-specific and cross-sectoral project applications for funding.
Non-profit projects led by respective industries can now obtain subsidies to promote relevant publicity activities and enhance the sector’s overall standards and competitiveness. These projects should ideally involve increasing exchange and cooperation between Hong Kong’s professional services and external counterparts. With a total of $200 million allocation, many professional services will benefit from PASS.
Scheme Capped at $3 Million
The subsidy’s capping grant approves for $3 million or at least 90% of the total project cost, whichever is lower.
During early August, as many as 100 projects with outputs in Hong Kong and elsewhere received their grant.
Another similar scheme, the Professionals Participation Subsidy Program, will be launched under the scheme with $50 million in funding.
The programme aims to financially support the participation of Hong Kong’s major professional bodies in events sponsored by the government and the Hong Kong Trade Development Council to promote Hong Kong’s competitive advantage and professional services to Mainland cities and foreign markets.
Both the scheme and the programme accept applications all year, with entries processed quarterly.
Organisations interested in applying for the grant through the system will get a briefing within this month. Interested applicants can contact the secretariat at 3655 5418 or by email for further information and to register for the scheme.
Advancing Business with 3E Accounting
As professional services are becoming competitive, the Professional Services Advancement Support Scheme is set to enhance industry and sector standards. Looking for more information? Don’t hestitate to contact us. You can also check our associate business services in Hong Kong.