10 Industries Benefits from Government Funding Schemes

Hong Kong Financial Secretary Paul Chan warned a negative growth of the full-year economy last Sunday (27/10).  True, due to the uncertainties of the global economy including US-China Trade War, Brexit, slower growth of China OBOR Initiative, Hong Kong has been suffering in a downward trending in 2019. Without a doubt, most of the SMEs are struggling in their business development. In order to alleviate this issue, Support and Consultation Centre for SMEs (SUCCESS) has updated more than 40 of the funding scheme for 10 industries. WYND team hopes you can benefit from it.

Apart from these 40 supports, the Chief Executive has announced the Policy Address 2019 recently. You can find out more assistance to SMEs from Policy Address 2019 by reading our previous blog.

Tips from WYND Team

1. Trade & Investment

Microfinance Scheme: Assist potential start-up owners, through training, upgrading of skills or obtaining professional certification

Target Applicants: Individuals aged 18 or above and holders of Hong Kong Identity Card (with the right of abode, right to land or stay in Hong Kong without restrictions)

SME Export Marketing Fund: Encourage SMEs to expand markets in other regions by attending export promotion activities

Target Applicants: SMEs

2. Technology Industry

Reindustrialisation and Technology Training Programme (RTTP): Subsidy to local companies for staff training in advanced technologies, especially those related to “Industry 4.0”

Target Applicants: Enterprises registered in Hong Kong

Technology Start-up Support Scheme for Universities (TSSSU): Provides funding to designated local universities in support of technology start-up businesses and commercialising their research and development (R&D) results

Target Applicants: Locally incorporated technology start-ups established for not more than two years, and the teams of the start-ups having any mix of the students and professors of the designated university

3. Research & Development (R&D)

Innovation and Technology Support Programme (ITSP): Supports research and development (R&D) projects undertaken by designated local public research institutes and R&D Centres.

Target Applicants: R&D Centres and designated local public research institutes

Enterprise Support Scheme (ESS): Encourage investment to research and development (R&D) from private sector

Target Applicants: Locally incorporated companies

Research and Development Cash Rebate Scheme (CRS): Reinforce the research culture among private companies and encourage in the establishment of partnership with designated local public research institutions

Target Applicants: Enterprises registered in Hong Kong

4. Retail

Retail Technology Adoption Assistance Scheme for Manpower Demand Management (ReTAAS): Financial support for retail enterprises to adopt technologies for manpower demand management purposes

Target Applicants: Non-listed enterprises (except catering industry) with substantive retail business operations in Hong Kong

5. Creative industry

Design Incubation Programme: Provide software and hardware support to design start-ups at the early stage of their business development

Target Applicants: Locally incorporated companies for not more than three years (and Hong Kong permanent residents)

Fashion Incubation Programme: Foster local fashion creative economy and strengthen the positioning of Hong Kong design and fashion development in both Indo-Pacific region and global contexts

Target Applicants: Fashion design-oriented business either incorporated in Hong Kong or overseas for more than 3 years

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Tips from WYND Team

6. Travel Industry

Pilot Information Technology Development Matching Fund Scheme for Travel Agents: Support in utilizing information technology among SME-sized travel agents for upgrading service quality and productivity, as well as strengthening their competitiveness in both local and global market.

Target Applicants: Small and medium-sized travel agents (employing fewer than 50 persons in Hong Kong) holding a valid travel agent’s licence under the Travel Agents Ordinance (Cap. 218) with substantive travel agent business in Hong Kong

Development Fund for the Travel Industry: Enhance the competitiveness of the local travel industry through providing subsidy to the training and promotional activities

Target Applicants: Small and medium-sized travel agents (employing fewer than 50 persons in Hong Kong) holding a valid travel agent’s licence under the Travel Agents Ordinance (Cap. 218)

Since tourism is one of the four key industries in the Hong Kong economy, the government proposed the idea of $120 cash subsidy to travel agencies for each inbound tourists.

Tips from WYND team

7. Environmental protection

Recycling Fund (Enterprise Support Programme): Offer funding support for individual Hong Kong enterprises to upgrade and expand their waste recycling operations

Target Applicants: Enterprises registered in Hong Kong and involved in recycling-related operation

Pilot Green Transport Fund: Subsidise the testing of green innovative technologies applicable to the public transport sector

Target Applicants: Existing transport operators based in Hong Kong (including cross-boundary transport) and operating in the relevant transport service for more than 1 year

8. Agriculture, fisheries and conservation

Sustainable Agriculture Development Fund: Support practical, application-oriented projects, schemes or research work that enhance farmers’ productivity and contribute to fostering the sustainable development

Target Applicants: Company incorporated in Hong Kong having a close connection with the agricultural industry in Hong Kong or farmers seeking grants under the Farm Improvement Scheme

J.E. Joseph Trust Fund to grant loans: Grant loans to farmers’ co-operative societies and individual farmers for use either as development or working capital

Target Applicants: Farmers’ co-operative societies and individual farmers

9. Construction

Construction Innovation and Technology Fund: Funding support to enterprises and practitioners of the construction industry to adopt innovative construction methods and new technologies in the construction industry with uplifting built quality, improving site safety and enhancing environmental performance

Target Applicants: Construction-related enterprises in Hong Kong

10. Chinese Medicine

Chinese Medicine Development Fund (Enterprise Support Programme): Offers matching fund to practitioners and institutions to facilitate the development of Chinese Medicine Industry in Hong Kong Target Applicants: Licensed proprietary Chinese medicine manufacturers or proprietary Chinese medicine wholesalers under the Chinese Medicine Ordinance (Cap 549)

Target Applicants: Licensed proprietary Chinese medicine manufacturers or proprietary Chinese medicine wholesalers under the Chinese Medicine Ordinance (Cap 549)

Instead of financial support seeking, working in a coworking space can assist in the reduction of the financial burden. If you are not familiar with the benefits of coworking space, click me to find out the advantages of choosing a coworking space.

Tips from WYND team

In fact, as mentioned before, there are more than 40 kinds of funding, let’s click me or go to Trade and Industry Department to read more information about the funding.

Follow up on WYND’s blog page, keep checking out our latest blogs and we will offer various useful information and tips for Startups, SMEs. We hope you can find some practical resources for your business to overcome global economic hardships.

Come and join us, check out more in WYND and we’re ready to help for start-up all the time.

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