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Hong Kong – The new Start-up Hub in Asia Dr. Wing-Hin Chung Head of Investment Promotion, Berlin 21 February 2017
Why Hong Kong ?
1. Strategic location in the middle of Asia
2. Geographic proximity to the Greater Pearl River Delta in Mainland China
3. Rule of Law and high level of IP protection
5hours
4 hours
Hong Kong as a springboard
To Asia’s key markets
From half the world’s population
GDP USD 1.328 Mrd. > Indonesia, Netherlands,
Turkey
Population 68 mn > UK, Italy, South Africa
Land Area 56,000 km2 < Ireland, Latvia, Panama, West Virginia (US), Bavaria
Greater Pearl River Delta
Strategic Location
1. World´s largest and fastest growing markets
2. Proximity to new customers as well as competitors
3. Growing middle class and aging societies also in Asia
• Chinese and English are official languages
• Own currency, legal system and independent judiciary
• Separate immigration controls and issues its own passports
One country two systems
Rule of Law
• Stable business environment
• Foreign and local companies enjoy same treatment
• Zero tolerance of corruption
MainlandChina
Singapore Hong Kong
VAT
Employee SocialSecurityEmployer SocialSecurityPersonal Income
Corporate Income
An Asian Tax Comparison
25 % 17 % 16.5 %
45 %
20 % 15 %
49 %
14.5 % 5 %
23 %
20 %
5 %
17 %
7 %
NO • sales tax or VAT • withholding tax • capital gains tax • tax on dividends • estate tax
Corporate Income
Personal Income
Employer Social Security
VAT
Employee Social Security
Conclusion
Hong Kong is the world’s freest economy.
(Heritage Foundation 2017 Index of Economic Freedom)
Startup Ecosystem in Hong Kong
12
50 2016
FinTech in Hong Kong
• 3rd Global Financial Center - 70 of World's Largest 100 Banks are present in HK
• Major FinTech Hub with growth stage FinTechs • Leading Asset Management Hub & offshore RMB Center • Regional Connectivity • China In / Outbound Gateway • Financial Services Renovation + Innovation • Mature & Stable Regulations
www.hongkong-fintech.hk
Coworking Spaces
Private Sector Incubators + Accelerators
14
RETAIL / DESIGN
• The Cage (Lane Crawford Joyce Group) • Design Incubation Programme (HK Design Centre)
HEALTH / B2B TECH
• AIA Accelerator (NEST) • Blueprint (Swire Properties)
SMART CITIES / IoT
• Brinc • Infiniti Accelerator (NEST)
FINTECH
• Fintech Innovation Lab (Accenture)
• Supercharger • DBS Accelerator
HKSTP operates three incubation programmes for start-ups.
Type of Incubatee
Incu-Tech Incu-Bio Incu-App
Duration 3 years 4 years 18 months
Target group technology start-up companies
biotechnology start-up companies
web/ mobile application technology start-ups
Premises and Office Space
ready-to-use office with free rental in year 1 and reduced rental in year 2 + 3
ready-to-use office with free rental in year 1 and reduced rental in year 2, 3 + 4
two workstations (desk area with partitions, chairs and a locker) free of charge
Financial aid Micro Fund (HKD 45,000), Business Support Fund (HKD 300,000), Technology Support Fund (HKD 300,000) = HKD 645,000
Micro Fund (HKD 60,000), Business Support Fund (HKD 400,000), Technology Support Fund (HKD 400,000) = HKD 860,000
subsidies on R & D expenses & business development with an aid package of up to HKD 300,000
HK Science & Technology Park
Type of Incubatee On-Site Off-Site Network
Programme/Financial Assistance Up to HK$ 530,000
Up to HK$ 330,000
Up to HK$ 30,000
Rent Free Office Space • 24-month rent free office • 12-month special tenancy rate
√ x x
Centre Facilities √ √ √
Technology Support √ √ √
Enterprise Management • 75% subsidies on professional services • up to HK$ 9,000 monthly salary subsidies • 75% training subsidies to incubatees
√ √ √*
Business Development √ √ √
Marketing & Promotion • Up to HK$ 50,000 in subsidies
√ √ √
Cyberport operates three incubation programmes for start-ups.
*Network incubatee: 75% or up to HK$ 30,000 for travelling, accommodation and admission expenses in HK
HK Cyberport
Startmeup.hk - Overview
www.startmeup.hk
Startmeup.hk - Programmes
www.startmeup.hk
Hong Kong
RISE Conference
11 – 13 July 2017
SaaS
Fintech Internet of Things
Marketing
AutoTech
Case Study Soundbrenner
Source: https://www.indiegogo.com/projects/soundbrenner-pulse-wearable-device-for-musicians/#/story
First Wearable Vibrating Metronome
Case Study Seerene
Predictive Software Analytics
Company Registration
1 HKD
Minimum capital
Fees:
HKD 1.720 Managing Director
1
Shareholder
1
Company secretary
1
Processing time: max.
1 week
Setting up in Hong Kong
www.investhk.gov.hk/setting-up-your-business.html
Mobile Connectivity & Social Media
for smartphone penetration rate
>228% (OFCA, March 2016)
in Asia
The world’s second fastest speed for internet access
>105.2Mbps (average peak connection)
Source: Akamai Technologies,Q4 2015
Networking events, introduction
to service providers
PR and marketing support for
launch/expansion
Facilitation of visa applications,
schooling
Information to aid planning and evaluation
What we do
Contact us!
Hong Kong Economic and Trade Office, Berlin Invest Hong Kong
Dr. Wing-hin Chung
phone: +49 (0) 30 22 66 77 223 email: [email protected]
Jägerstraße 33 10117 Berlin
Germany
