Hong Kong Budget 2016-2017
Hong Kong Budget 2016-2017 Highlights
In the Hong Kong Budget 2016-2017 speech, Hong Kong Financial Secretary John Tsang announced several new measures aimed at supporting small and medium-sized enterprises (SMEs) and fostering innovation. Here are the key highlights of the 2016-2017 budget that businesses may benefit from:
1. Waiver of Business Registration Fees
- From April 1, Hong Kong has waived business registration fees for SMEs.
2. Pilot Technology Voucher Program
- Under the Innovation & Technology Fund, the government introduced the Pilot Technology Voucher Program, providing subsidies up to HKD 200,000 to help SMEs adopt technological services and solutions. This program supports SMEs in boosting productivity, upgrading, and transforming business processes.
3. Extended “SME Financing Guarantee Scheme”
- The Special Concessionary Measures application period for the SME Financing Guarantee Scheme has been extended. Additionally, eligible businesses will benefit from:
- 10% reduction in the annual guarantee fee rate,
- Removal of the minimum guarantee fee, making the program more accessible for SMEs.
4. Increased Funding for Innovation and Technology
- The Hong Kong government has committed HKD 5 billion to the Innovation and Technology Fund (ITF). This injection aims to encourage private enterprises to invest in research and development (R&D) and applied technology, enhancing the city’s technological landscape.
5. Launch of the Innovation and Technology Venture Fund
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- With HKD 2 billion allocated to the Innovation and Technology Venture Fund, the government will co-invest with private venture capital funds on a matching basis. This fund specifically targets local technology startups, providing crucial financial support for emerging tech entrepreneurs in Hong Kong.
For more detailed information, refer to these resources:
Note: While these incentives are promising, please be aware that proposals from the annual Hong Kong Budget are subject to approval by the Legislative Council and may be modified before they are enacted. Stay updated for final announcements!
