New Round of Application Called for Professional Services Advancement Support Scheme
The Hong Kong Government has announced the commencement of a new round of applications for the Professional Services Advancement Support Scheme. Non-profit-distributing organizations, including professional bodies, trade and industrial organizations, as well as research institutes, are invited to apply until May 31.
With a generous allocation of $200 million, the scheme aims to subsidize industry-led projects initiated by non-profit organizations, thereby fostering increased collaboration and exchanges between Hong Kong’s professional services sector and its external counterparts. The scheme seeks to promote relevant publicity activities, enhance the standards and external competitiveness of professional services, and contribute to the growth of Hong Kong’s overall economy.
Helpful for Several Ventures
The Professional Advancements Support Scheme encompasses a wide range of professional services, including accounting, legal and dispute resolution, architecture, engineering, healthcare, information and communications technology, design, as well as technical testing and analysis. It welcomes projects from various sectors, both specific to a particular industry and those with cross-sectoral collaborations.
The funding for each approved project under the scheme is subject to a maximum grant of $3 million or 90% of the total eligible project cost, whichever is lower. Since the scheme’s inception, nearly 90 projects have received funding, with their deliverables extending beyond the borders of Hong Kong.
In addition to the support scheme, the Government has allocated $50 million for the launch of the Professionals Participation Subsidy Programme. This initiative aims to subsidize major professional bodies in Hong Kong, enabling their participation in activities organized by the Government and the Trade Development Council. The program will be implemented once the pandemic situation stabilizes, with the intention of promoting Hong Kong’s competitive edge and professional services in Mainland cities and overseas markets.
Both the Professional Services Advancement Support Scheme and the Professionals Participation Subsidy Programme accept applications throughout the year, with a quarterly processing schedule. Organizations interested in applying for funding can attend a briefing session scheduled for this month or contact the secretariat via phone at 3655 5418 or email for registration and further inquiries.
Conclusion
The professional services advancement support scheme and program open doors for collaboration, growth, and promotion of Hong Kong’s professional services sector, further reinforcing its position as a leading global business hub.
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