Hong Kong has experienced significant turbulence over the past year due to political and economic headwinds. To aid stability and foster growth, the HKSAR Government has announced a new budgeting initiative for 2019/2020 with measures aimed towards stabilising the economy.
Enterprises in Hong Kong will enjoy a waiver on business registration fees during the period, as well as a raised funding ceiling of up to HK$400,000 under the regularised Technology Voucher Programme. Furthermore, enterprise as a whole will receive a HK$1 billion from the government’s Dedicated Fund on Branding, Upgrading and Domestic Sales – enabling businesses to better develop and explore new opportunities in free trade agreement markets and Mainland China.
The government also plans to diversify Hong Kong’s economy by targeting the financial services industry – through the introduction of the first batch of government green bonds to foster the development of green finance, and a potential limited partnership regime and new tax arrangements for private equity funds entering Hong Kong.
For a highlight of Hong Kong’s new budgetary measures and how they may benefit your business, click here.