{"id":1815,"date":"2024-04-19T09:42:33","date_gmt":"2024-04-19T09:42:33","guid":{"rendered":"https:\/\/www.rnm.in\/blog\/?p=1815"},"modified":"2025-01-30T10:55:39","modified_gmt":"2025-01-30T10:55:39","slug":"expanding-to-hong-kong-government-funding-support-for-smes","status":"publish","type":"post","link":"https:\/\/www.rnm.in\/blog\/expanding-to-hong-kong-government-funding-support-for-smes\/","title":{"rendered":"Expanding to Hong Kong: Government Funding Support for SMEs"},"content":{"rendered":"

Lauded for its attractive array of business-friendly attributes, such as its simple tax regime, world-class infrastructure, and robust legal protection, Hong Kong has long been the go-to destination for companies of all shapes and sizes. The city\u2019s allure hardly comes as a surprise. It serves as a bustling entrep\u00f4t, global financial hub, and an international maritime centre, among other roles.\u00a0<\/span><\/p>\n

On its doorstep lie the thriving markets in Guangdong-Hong Kong-Macao Greater Bay Area (\u201cGBA\u201d) and the Association of Southeast Asian Nations, such as Indonesia, Thailand, and Vietnam. Hong Kong provides a nexus point for global, regional, and local connectivity to unite under one roof.<\/span><\/p>\n

SMEs Go Global via the Launchpad of Hong Kong<\/h2>\n

By leveraging Hong Kong\u2019s distinctive role as a springboard for expansion, many small and medium-sized enterprises, or commonly known as SMEs, from all over the world have seized the opportunity to enhance their competitiveness. They harness Hong Kong\u2019s strategic location within the GBA to extend operations into the nine mainland GBA cities. At the same time, they use Hong Kong as a launchpad to propel their success elsewhere in Asia and further afield in the world.<\/span><\/p>\n

The rising trend of SMEs going abroad demonstrates that the perks of globalisation are no longer exclusively enjoyed by large corporations. Instead, smaller businesses are also reaping the rewards offered by an increasingly interconnected global marketplace. Despite the benefits of internationalisation, SMEs may come up against various pain points that can hinder their expansion pursuits. These include, for example, difficulties in acquiring the right talent and capabilities, securing funding, and keeping pace with digitalisation.\u00a0<\/span><\/p>\n

2024-25 Hong Kong Budget: Support Measures for SMEs<\/h3>\n

The local government recognises the pivotal role that SMEs play as the backbone of Hong Kong\u2019s economy and the different challenges encountered by them. In the recent 2024-25 Budget Speech delivered by Hong Kong\u2019s Financial Secretary, a wide range of measures were introduced to oil the wheels of SMEs\u2019 operations, some of which are outlined below.\u00a0\u00a0<\/span><\/p>\n

SME Financing Guarantee Scheme<\/h3>\n

The SME Financing Guarantee Scheme aims to help Hong Kong-based SMEs secure financing from participating lenders. It provides guarantees to banks to facilitate lending to SMEs, thereby reducing the risk for banks and incentivising them to continue offering lending facilities to SMEs. In particular, the 90% guarantee coverage scheme enables companies with limited operational history to access funds.<\/span><\/p>\n

To tide SMEs over cashflow challenges, the application period for the 80% and 90% guarantee products under the scheme has been extended for an additional two years, until the end of March 2026, according to the 2024-25 Budget.<\/span><\/p>\n

Dedicated Fund on Branding, Upgrading and Domestic Sales (\u201cBUD Fund\u201d)<\/h3>\n

The BUD Fund provides financial support to non-listed companies registered in Hong Kong. It aims to aid their expansion into mainland China as well as target markets covered by Free Trade Agreements and Investment Promotion and Protection Agreements signed by Hong Kong. The scheme revolves around three main areas, namely branding, operations upgrading and restructuring, and promoting sales. Funding is allocated on a 1:1 matching basis, and the cumulative funding ceiling for each eligible company is HKD 7 million.<\/span><\/p>\n

In the 2024-25 Budget, an additional injection of HKD 500 million into the fund was announced, together with the launch of \u201cE-commerce Easy\u201d to help companies implement e-commerce projects in mainland China.<\/span><\/p>\n

SME Export Marketing Fund<\/h3>\n

The SME Export Marketing Fund provides financial assistance to Hong Kong-registered SMEs in their export promotion endeavours. Activities that fall within scope are wide ranging, including trade exhibitions, business missions, advertisements in trade publications, corporate website improvements, and other relevant activities conducted on online platforms which target markets outside Hong Kong. Funding is provided on a 1:1 matching basis, capped at HKD 100,000 for each successful application. Although there is no restriction on the number of applications, each eligible company can receive a maximum of HKD 1 million in total.\u00a0<\/span><\/p>\n

Digital Transformation Support Pilot Programme<\/h3>\n

To be launched this year, the Digital Transformation Support Pilot Programme will offer subsidies to Hong Kong-registered SMEs operating in the food and beverage or retail industries. The pilot scheme aims to assist SMEs in boosting their productivity and undertaking business upgrading and transformation, with each eligible company receiving up to HKD 50,000 for acquiring basic technology solutions. The three focal areas are digital payment and shopfront sales, online promotion, and customer management solutions. The pilot programme is slated to benefit over 8,000 eligible SMEs.<\/span><\/p>\n

About CW CPA<\/h3>\n

CW CPA is a professional advisory firm, providing a comprehensive range of client-focused and tailored services, including audit and other assurance, tax, corporate secretarial, business process outsourcing, and China consulting services. Headquartered in Hong Kong, CW CPA has offices in Shenzhen, Guangzhou, and Shanghai in mainland China as well as liaison offices in S\u00e3o Paulo and Belo Horizonte in Brazil, Bogot\u00e1 in Colombia, Barcelona in Spain, and London in the United Kingdom. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Lauded for its attractive array of business-friendly attributes, such as its simple tax regime, world-class infrastructure, and robust legal protection, Hong Kong has long been the go-to destination for companies of all shapes and sizes. The city\u2019s allure hardly comes as a surprise. It serves as a bustling entrep\u00f4t, global financial hub, and an international maritime centre, among other roles.\u00a0 […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[14],"tags":[],"class_list":["post-1815","post","type-post","status-publish","format-standard","hentry","category-general"],"yoast_head":"\nExpanding to Hong Kong: Government Funding Support for SMEs - RNM India Blogs<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rnm.in\/blog\/expanding-to-hong-kong-government-funding-support-for-smes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Expanding to Hong Kong: Government Funding Support for SMEs - RNM India Blogs\" \/>\n<meta property=\"og:description\" content=\"Lauded for its attractive array of business-friendly attributes, such as its simple tax regime, world-class infrastructure, and robust legal protection, Hong Kong has long been the go-to destination for companies of all shapes and sizes. 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