Hong Kong Renews Professional Services Assistance Scheme

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

03 January 2013

The Hong Kong Professional Services Development Assistance Scheme (PSDAS) has invited a new round of applications from non-profit-distributing professional, trade or industrial organizations and research institutes, to be received on or before March 28, 2013.

Eligible projects include conferences, training programs, research studies and promotional events. Grants are given on a dollar-for-dollar matching basis, and the maximum grant for each project is HKD2m (USD258,000).

The scheme, which was started in 2002 with an allocation of HKD100m, aims to enhance the competitiveness of Hong Kong's professional service sectors in external markets, including mainland China, and to upgrade the standard of local professional services.

Professional service sectors eligible for PSDAS funding include accounting-related services, such as auditing, book-keeping and tax services; legal services, including arbitration and mediation; engineering and infrastructure-related services, such as architecture and landscape architecture, design, building and construction, and engineering services; medical, dental and veterinary services; and business, information technology and financial consultancy services.