Small and Medium Enterprises (SMEs ) in Hong Kong
Hong Kong’s government has always been committed to establishing a favourable business environment. Particularly for the SMEs in Hong Kong, a sector that continues to experience vigorous growth.
Who Are Hong Kong’s SMEs?
An SME in Hong Kong (Small and Medium Enterprise) is an enterprise with less than 100 employees on its payroll. This is applicable to manufacturing companies. Non-manufacturing companies have less than 50 people employed. Your business is classified as an SME in Hong Kong if it fits this criterion.
As of March 2019, Hong Kong is home to 340,000 SMEs. These enterprises make up 98% of the country’s total business units. They are also responsible for 45% of the country’s workforce (except the civil service). 1.3 million people benefitting from the job opportunities SMEs have created over the years.
SMEs in Hong Kong commander the following trades:
- Business services
Approximately 47% represent half of those employed in private sector SMEs in Hong Kong.
Hong Kong’s Trade and Industry Department (TID)
The TID in Hong Kong is responsible for facilitating and supporting the development of trade and industry in the country. TID recognises the SMEs in Hong Kong as an important part of the country’s overall economic development. As such, they are committed to supporting SMEs and helping them attain success.
To support the SMEs in Hong Kong, the TID aims to facilitate the SMEs’ development and augment competitiveness. To achieve that goal, the TID strives to:
- Offer secretarial support through the Small and Medium Enterprises Committee.
- Develop programs and policies to enhance competitiveness for the long-term development of SMEs.
- Offer SMEs a comprehensive range of business-related information for free from the Support and Consultation Centre for SMEs.
- Administer the available funding schemes for SMEs in Hong Kong.
- Actively take part in SME-related activities organised by the Asia-Pacific Economic Cooperation.
- Co-ordinate efforts between public sector and industry support organisations.
- Encourage the use of the TID’s brand promotion website to emphasize the importance of branding.
For more information about the TID’s consensus and philosophy in regards to SMEs in Hong Kong, click here.