Hong Kong
Financing a Business in Hong Kong
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Challenges of Going Global
The BBC today is running with a story on the challenges of Going Global - http://www.bbc.com/news/business-33224596 - which is says are primarily down to a failure to understand that brand doesn't necessarily carry overseas. I would tend to agree. However also believe that companies regularly make the jump from initial research to genuine overseas incorporation without having done the correct rese
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Financing A Business in Hong Kong
Government Incentives
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)
Private Finance
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.
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