The 2016/17 Budget has launched recently, there will be much more entrepreneurs benefited from the government as there are more supporting funds and schemes focusing on Startups (especially for Small-and medium-sized enterprises). Several important benefits for SMEs are shown below:
1.The decrease of profit tax
In order to reduce the burden on SMEs, government will reduce 75% of profit tax in 2015/16. It will benefit about one hundred and thirty thousand taxpayers.
2.To waive business registration fee in 2016/17
Every business owners will not have to pay the Hk$2250 business registration fee.
3.Allocate additional funds to attract tourists
The government will allocate HK$ 240 million funds to major Hong Kong events in 2014/17, in order to rebuild the cosmopolitan image of Hong Kong via Hong Kong Tourism Board and subsidizing SMEs travel agents.
4.Enhance SME Financing Guarantee Scheme
The application period for SME Financing Guarantee Scheme will be extended . Therefore, more small and medium-sized enterprises (SMEs) can obtain financial support from participating lenders to meet their working capital and business needs, in order to enhance their productivity and competitiveness in the rapidly changing business environment.
5.The Launch of Pilot Technology Voucher Programme
The government will allocate 500 million to the Innovation & Technology Fund to subsidise SME’s use of technological services and solutions, to upgrade and improve their productivity and upgrade of business processes through Information Technology.
6.License fees waived for hotels, travel agents and restaurants
In order to reduce the operation cost of the tourism industry, Hong Kong Government has proposed to waive the license fee for 1,800 travel agents for a year; waiving license fees for 2,000 hotels and guesthouses for one year; and waiving the license fees for 27,000 restaurants ,hawkers and operators with restricted food permits for one year