The Best Government Funding for Startups and Entrepreneurs in Hong Kong

Kristina Coluccia
Mar 5
3 min read

Hong Kong has long been recognized as one of Asia's leading business hubs, offering a dynamic ecosystem for startups and entrepreneurs. With a pro-business regulatory framework, low taxation, and strong legal infrastructure, the city also provides a broad range of government funding schemes to foster innovation, growth, and global competitiveness. Understanding the most beneficial funding options can be a key advantage for startups looking to establish or scale their business in this vibrant market.

1. Innovation and Technology Fund (ITF) The Innovation and Technology Fund, administered by the Innovation and Technology Commission (ITC), supports projects that contribute to innovation and technology development in Hong Kong. Key sub-programs include:

Enterprise Support Scheme (ESS): Offers dollar-for-dollar matching funding of up to HK$10 million for R&D projects.
Technology Voucher Programme (TVP): Subsidizes local businesses up to HK$600,000 for the use of technological services and solutions to improve productivity or upgrade operations.
Research and Development Cash Rebate Scheme: Provides a 40% cash rebate on eligible R&D expenditures.

2. Cyberport Creative Micro Fund (CCMF) and Incubation Programme Cyberport, a government-owned digital tech hub, supports startups through its CCMF and Incubation Programme:

CCMF: Provides HK$100,000 seed funding to individuals or teams with innovative tech ideas.
Cyberport Incubation Programme: Offers financial support of up to HK$500,000, as well as office space, mentorship, and access to investors.

3. Hong Kong Science and Technology Parks Corporation (HKSTP) Support Schemes HKSTP operates various funding and support initiatives targeting deep tech and hardware startups:

Incu-App, Incu-Tech, and Incu-Bio: Incubation programs offering funding up to HK$1.29 million, lab facilities, business support, and investor access.
Elite Programme: Helps high-potential startups expand globally with additional financial backing and advisory services.

4. SME Export Marketing Fund (EMF) Offered by the Trade and Industry Department (TID), the EMF assists local SMEs in promoting their products and services overseas. The fund reimburses 50% of eligible expenditures, up to a maximum of HK$800,000 per company.

5. Start-up Express by HKTDC This is a highly competitive, entrepreneurship development programme organized by the Hong Kong Trade Development Council (HKTDC). It offers exposure, mentorship, and global networking opportunities for early-stage startups with high growth potential.

6. Business Support Fund (BSF) and Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund)

BSF: Supports NGOs and industry support organizations to carry out projects that enhance the competitiveness of Hong Kong enterprises.
BUD Fund: Assists businesses in developing brands, upgrading operations, and expanding into Mainland China and ASEAN markets.

How Woodburn Global Supports Startups in Hong Kong Navigating Hong Kong's government funding landscape can be complex, especially for entrepreneurs new to the region. Woodburn Global provides expert guidance on company setup, strategic advisory, and funding applications. With deep experience in the Hong Kong market, Woodburn helps startups identify the most suitable funding opportunities, streamline application processes, and ensure compliance with regulatory requirements.

Woodburn Accountants & Advisors is one of China and Hong Kong’s most trusted business setup advisory firms.

Woodburn Accountants & Advisors is specialized in inbound investment to China and Hong Kong. We focus on eliminating the complexities of corporate services and compliance administration. We help clients with services ranging from trademark registration and company incorporation to the full outsourcing solution for accounting, tax, and human resource services. Our advisory services can be tailor-made based on the companies’ objectives, goals and needs which vary depending on the stage they are at on their journey.