Finance in Hong Kong
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We have a GCC national singly owned tech startup that provides cloud based software to salons, and an app for booking appointments.We would like to start selling to Saudi salons. Can we do so and hire within Saudi from our Bahrain office? Or do we need to set up a company in Saudi?If we absolutely must set up in Saudi, what kind of company is recommended for the setup? We want to keep cost
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Financing A Business in Hong Kong
The Hong Kong Government is keen to stimulate growth in specific sectors of industry and has set up several funds, which offer financial support to new businesses:
- The Innovation and Technology Fund
The fund offers financial support to projects that contribute to technology and innovation in manufacturing industries.
- The Applied Research Fund
This fund is for research and development projects and technological ventures that have commercial potential.
- The New Technology Training Scheme
This supports businesses training staff in new technologies for up to 75% of the cost
- The Patent Application Grant
A grant that assists enterprises apply patents to new inventions.
Details about the amount of assistance and the eligibility for all of the schemes can be found at the Hong Kong Trade Development Council website - www.hktdc.com
- 15% salary tax
- No sales tax or VAT
- No dividends tax
- No gains tax
- No customs tariffs on goods imported into Hong Kong (with the exception of a few goods such as spirits and tobacco)
When seeking private finance, it is advised that you have a coherent business plan and that you have planned your enterprise thoroughly. It is often a good idea to consult an account prior to approaching lenders.
Hong Kong has a highly developed banking and financial system and all of the usual banking services, such as the provision of credit, are available.