Posted in: Press Releases
April 30, 2018
Director of the Hong Kong Economic and Trade Office (Toronto) (HKETO), Miss Kathy Chan, attended the Discovery 2018 Conference hosted by Ontario Centres of Excellence on April 30 in Toronto.
Speaking at the “Innovation Partners Overview” session of the Conference, Miss Chan first gave an account of the vibrant start-up scene in Hong Kong. “In 2016, Hong Kong saw a steady upward trend in the number of startups. According to the latest survey, there were nearly 2,000 start-ups in Hong Kong, involving 5,600 workstations and 5,000 staff,” she said.
The growth has been driven by the city’s incubators and accelerators such as Hong Kong Science and Technology Parks Corporation as well as the unique business advantages offered by Hong Kong including the free and open economy, the common law system, the English and Chinese bilingual proficiency, the highly efficient workforce and the proximity to Mainland China.
Miss Chan went on to highlight the competitive corporate profits tax system of Hong Kong, under which the first HK$2 million profits of enterprises are only subject to a tax rate of 8.25%. In addition, tax deductions up to 300% for expenditure incurred by enterprises on research and development would also be introduced.
On top of these, Hong Kong SAR government rolled out a HK$2 billion Innovation and Technology Venture Fund Scheme last year to co-invest on a matching basis with private venture capital funds in local technology start-ups .
“Looking ahead, we are working with Shenzhen to jointly develop a mega innovation and technology park at the adjoining border so as to develop Hong Kong into an important international innovation and technology hub,” Miss Chan concluded.
Two speakers from Hong Kong also spoke at the session. They included Head of StartmeupHK at Invest HK, Ms Jayne Chan, who spoke on the startup ecosystem in Hong Kong, and Chief Technology Officer of Hong Kong Science and Technology Parks Corporation, Mr George Tee, who introduced how the corporation helps businesses grow and expand in Asia.
Director of the Hong Kong Economic and Trade Office (Toronto) (HKETO), Miss Kathy Chan, speaks to the audience at Discovery 2018 Conference hosted by Ontario Centres of Excellence on April 30.
Chinese version on next page.
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