Hong Kong is a small island located in the Southeastern part of the Asian peninsula. As a small island with the bulk of the area occupied by businesses, there is little land left for other viable economic activities. As an independent region, Hong Kong is forced to look for alternative sources of revenue because there is no land for agriculture or mining. To remain economically viable, the Hong Kong administration has settled for a business economy. It does not spare any effort in attracting more businesses and ensuring they operate sustainably. In this post, we look at the different programs and incentives for supporting businesses.
Innovation and Technology Venture Fund
This is one of the latest programs by the Hong Kong administration that targets to identify tech ventures and helping them to grow rapidly. The program comes at a time when the role of technology in driving the economy has become very clear.
While the same support was still available via other programs such as the Cyberport Incubation Program, launching a new program now makes it even easier to identify high potential startups in the tech niche that need support.
For investors, this is a new line of support that can help to accelerate a business to global status rapidly. The government does not simply target providing funds, but helping the proprietors to achieve the following:
- The venture fund will also help to identify key tax benefits to accord to tech startups
- Understand the venture and look at it from a business point of view
- Provide support to develop ample skills for managing the invention as it starts to grow
- Helping innovators protect their property rights using the right legislation
- Providing the requisite funds to take the startup from the incubation to business status
The Cyberport incubation program
This program is run by the Hong Kong administration and targets supporting starts with funds to help accelerate their growth. Hong Kong administration appreciates that many people with great ideas often lack the necessary funds to turn their inventions profitable. It provides support to such ventures with a maximum of HK $ 330,000 over a period of 24 months.
The program further provides more managerial support so that investors can acquire appropriate managerial skills to operate profitably. If you get the funds, it will also be a great opportunity to meet other investors who might want to be part of the startup by injecting more cash.
The Fintech innovation lab Asia
To facilitate faster identification of key tech startups, Hong Kong also partners with private companies. One such firm is the FinTech Innovation Lab which is an accelerator program that links early starts with finance institutions in entire Asia.
The Hong Kong administration has already set up a fintech office to nurture every idea and stay ahead of the peers. As the world moves towards tech driven systems, Hong Kong wants to stay ahead and strengthen its name as the best global Fintech hub.