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A Supportive Government

Hong Kong will capitalise on the opportunities arising from the national Belt and Road Initiative and the Guangdong-Hong Kong-Macao Bay Area development proactively and holistically. The government shall play the role of a “facilitator” and “promoter”.

Key initiatives announced in the 2020-21 Budget include:
Support Enterprises

  • $10,000 cash payout to Hong Kong permanent residents aged 18 or above
  • Introduce a concessionary low-interest loan with 100% guarantee for enterprises, which will be open for application for six months. Maximum load of $2 million with repayment period up to three years. Moratorium on principle repayment for first six months
  • Reduce profits tax for 2019-20 assessment year by 100% subject to a $20,000 ceiling
  • Waive business registration fees for 2020-21
  • Waive registration fees for company annual returns for two years


Financial Services

  • Launch a $1 billion pilot scheme for fixed-rate mortgages to help reduce risks of interest rate volatility for homebuyers
  • Issue inflation-linked retail bonds and Silver Bonds totalling not less than $13 billion
  • Issue green bonds totalling $66 billion in next 5 years


Innovation and Technology 

  • Earmark $3 billion to take forward Phase 2 of the Science Park Expansion Programme
  • Explore the establishment of a third InnoHK research cluster
  • Increase the grant ceiling under the Technology Voucher Programme to $600,000 and raise the Government’s funding ratio to 75%
  • Inject $345 million for a pilot subsidy scheme to encourage the logistics industry to enhance productivity through the application of technology


Tourism

  • Additional funding of over $700 million for the Hong Kong Tourism Board to step up external promotion after the epidemic


Trade

  • Additional funding of $150 million for the Hong Kong Trade Development Council to assist Hong Kong enterprises in exploring business opportunities


Professional Services

  • Earmark about $450 million to implement the “Vision 2030 for Rule of Law” project to strengthen the Hong Kong community’s understanding of the concept of the rule of law and its implementation


Cultural and Creative Industries

  • Additional $900 million to the Art Development Matching Grants Scheme to further promote sponsorship of culture and arts from all sectors


Nurture Talents

  • Expand the Researcher Programme and Postdoctoral Hub to cover all technology companies conducting R&D activities in Hong Kong


Key initiatives announced in the 2019 Policy Address include:

  • Extend coverage of Technology Talent Admission Scheme to cover new technology areas.
  • Inject $500 million into Social Innovation and Entrepreneurship Development Fund.
  • Inject $1 billion into the BUD Fund scheme and increase funding limits to $2 million for enterprises under the Mainland Programme and Free Trade Agreement Programme.   
  • Inject $1 billion into the Export Marketing and Industrial Organisation Support Fund.   
  • Tax concessions for ship lessors and leasing managers.
  • Enhance the SME Financing Guarantee Scheme.
     

The Government of Hong Kong SAR is also committed to driving local business through a variety of initiatives.      

Funding Schemes
Different schemes have been established to assist companies wishing to set up or expand.   

SME Funding Schemes: The scheme provides financial assistance to small and medium enterprises (SMEs) looking to expand their markets outside of Hong Kong. 

Technology and Innovation Funding: The Innovation and Technology Fund (ITF) provides support for businesses which adopt innovative ideas and implement modern technology. 

Universities and research institutions in Hong Kong can apply for science and technology funding of the Central Government and use the funding here in Hong Kong. 
 

Incubation Programmes
Various programmes have been developed to provide comprehensive support for businesses. 

The Hong Kong Science & Technology Parks have three incubation programmes for start-ups in the field of web and mobile technology, technology and biotechnology. The schemes provide subsidised office space, consultancy services, investment matching and financial aid packages.  

The Design Incubation Programme (DIP) provides incubates with office space and other professional support such as business knowledge enrichment programmes and mentorships. 

The Cyberport Incubation Programme includes financial assistance and rent-free working space as well as other subsidised services.
 

Technology Talent Admission Scheme (TechTAS)
TechTAS provides a fast-track arrangement for eligible companies to admit overseas and Mainland technology talent to undertake research and development ("R&D") work for them. Companies that are engaged in R&D in the areas of artificial intelligence, biotechnology, cybersecurity, data analytics, financial technologies, material science, robotics, 5G communications, digital entertainment, green technology, integrated circuit design, Internet-of-Things or microelectronics are eligible to make applications. For details, please visit here.

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From 6 January 2020, Invest Hong Kong Head Office is relocated back to the following address:
24/F, Fairmont House, 8 Cotton Tree Drive, Central, Hong Kong
Tel: +852 3107 1000
Email: enq@InvestHK.gov.hk

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