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Today’s Top Headlines




Hong Kong Plugs Its Perks For Venture Capitalists

by Mary Swire, LawAndTax-News.com, Hong Kong

23 May 2014

In his speech to the Asian Business Angel Forum 2014 in Hong Kong on May 21, Financial Secretary John C Tsang pointed to the many ways that the Government is enhancing the business climate for venture capital and angel investors in Hong Kong.

Apart from its low tax regime, low corporate administration costs, "robust" intellectual property rights (IPR) regime, and sound legal system, he said that, according to the Global Innovation Index 2013, Hong Kong ranks seventh among 142 economies worldwide and first in Asia for innovation.

He told attendees that the Government is in the process of establishing the new Innovation and Technology Bureau, which "is a clear and firm indication that Government is according even higher priority to promoting innovation, science, technology, research and design in Hong Kong."

"With a leadership role in policy co-ordination, the new bureau will help foster a positive climate for investment and risk-taking and boost momentum in developing the local IT sector."

In addition, together with Hong Kong's innovation "mother ship," the Hong Kong Science Park, and the more than 440 technology companies already contained therein, the Government is introducing two new measures to provide funding support for the application and commercialization of research and development (R&D).

The first is the setting of a new Enterprise Support Scheme that will raise the funding ceiling from HKD6m (USD774,000) to HKD10m for each project (with each recipient company being able to retain all the project's IPR), while the other initiative is to extend the scope of funding to include development work and system integration, industrial design and compliance testing, as well as clinical trials.

Through these measures, he confirmed, the Government hopes to encourage more Hong Kong companies to upgrade their systems and conduct more R&D activities in the city.

Finally, Tsang also introduced his audience to Hong Kong's new interactive portal, the iStartup website, which was launched by the Government in March this year. It "serves as a one-stop shop for start-ups to promote their ideas and attract the attention of mentors and investors."

TAGS: tax | investment | business | intellectual property | offshore | venture capital | Hong Kong | research and development | business investment

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