Hong Kong announced last week in its 2016-17 Budget a series of support measures ranging from tax cuts to promotional campaigns aimed at helping small and medium-sized enterprises (SMEs).
In light of the new announcements by the Financial Secretary of the Hong Kong Special Administrative Region (SAR) government John Tsang Chun-wah, small businesses in Hong Kong can now expect:
To boost Hong Kong’s position as a leading financial hub, additional measures included:
The attention toward SMEs is part of an effort to elevate the long-term competitiveness of the sector, which accounts for nearly half the nation’s total employment (Support and Consultation Centre for SMEs, 2015).
Currently, business registration fees costs SMEs in Hong Kong HKD 2,000 for a year’s certificate and HKD 5,200 for a three-year certificate plus a HKD 250 levy fee (see the Inland Revenue Department’s Business Registration Fee and Levy Table here).
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