Government Grant and Support Scheme in Hong Kong
Hong Kong is not only an international financial hub that welcomes global investors but is also one of the business-friendly cities in the world. In order to support start-ups and SMEs, the Hong Kong government has mapped out a number of programmes providing funding support for businesses in the country.
These include the following funding schemes and supports:
Hong Kong government grants and funds are carefully distributed to support the growth of competitive companies. Considerable resources are allocated to support and strengthen emerging industries. On top of financing and guarantee, Hong Kong government offers a slew of different funding schemes to support business – from business upgrading to research and development. Ultimately, these funding initiatives are positioned to support the enhancement of business process and development, either to improve the scope, scale, or timeline of activities. Government grants build competitiveness and enable businesses to become market leaders.
The quick list of available funding schemes:
- Financing and Guarantee
- SME Loan Guarantee Scheme
- Microfinance Scheme
- SME Financing Guarantee Scheme
- Marketing Development/Business Upgrading
- SME Export Marketing Fund
- BUD (ESP)#
- Technology Voucher Programme
- Retail Technology Adoption Assistance Scheme for Manpower Demand Management
- Innovation and Technology Fund: General Support Programme
- Research and Development
- The Patent Application Grant
- Innovation and Technology Fund: University-Industry Collaboration Programme
- Innovation and Technology Fund: Research and Development Cash Rebate Scheme
- Film Development Fund
- Environmental Protection
- Cleaner Production Partnership Programme
- Recycling Fund (Enterprise Support Programme)
- Recycling Fund (Small-scale Standard Projects)
As the name implies, the fund provides funding support to assist Hong Kong enterprises to tap the Mainland market via channels like developing brands, upgrading and restructuring operations, and promoting domestic sales in the Mainland.
Situated at the Hong Kong Convention and Exhibition Centre (HKCEC), the SME Centre is a cosy service centre that offers entrepreneurs with all kinds of resources they need to do business.
Situated at the ground floor of Hong Kong Productivity Council, SME One is like the one-stop information hub that provides information regarding government industry support funding schemes, market financial proposals and latest IT solutions that could lead to enhanced operation and efficiency to SMEs.
The CreateHK is an agency developed under the Commerce and Economic Development Bureau aimed to lead, champion and boost the development of the creative economy in Hong Kong.
Cyberport, as the name suggests, is Hong Kong’s innovative digital community with 1000 digital tech companies. Managed by Hong Kong Cyberport Management Company Limited, Cyberport aims to boost the growth of Hong Kong’s digital industry by linking entrepreneurs and start-ups with strategic collaboration with local and international business partners to create new opportunities.
Innovative and Technology Commission is responsible for policy matters in relation to the development of innovation and technology and information technology in Hong Kong.
The Hong Kong Government set up this public corporation with the purpose to drive the development of innovation and technology in Hong Kong.
Aiming to develop Hong Kong’s mortgage market, Hong Kong Mortgage Corporation Limited was incorporated in March 1997 to enhance banking stability by offering a reliable source of liquidity, promoting Hong Kong’s home ownership, and helping the development of Hong Kong’s debt securities market
Established in 1966, Hong Kong Export Credit Insurance Corporation supports export trade with the provision of insurance protection – protection against non-payment risks arising from commercial and political events.