Under the theme “Advance with confidence,” the Hong Kong Financial Secretary, Paul Chan, unveiled the Hong Kong Budget 2024–25 on February 28. This budget comes amid persisting pandemic effects and global economic concerns. Seize the chance. Aspire for superior development. The budget proposes initiatives to encourage small and medium-sized businesses (SMEs), promote sector-specific growth, and accelerate economic recovery. In the medium to long term, these steps will be essential for preserving Hong Kong competitiveness and guaranteeing the city sustained growth.
Simplified summary of the article:
Hong Kong initiatives include strategic partnerships attracting HK$40B investment and 13,000 jobs, welcoming 140,000 global talents, extending SME financial aid until 2026, promoting digital transformation for 8,000 SMEs, and boosting tourism with HK$100M for events. Tax incentives for 2.06M taxpayers and 160,000 businesses aim to support economic recovery.
Hong Kong government invests HKD 10 billion in New Industrialization Acceleration Scheme (NIAS) for biotech, AI, and green tech. It supports startups with incubators, accelerators, and venture capital access, led by Science Park, Cyberport, and InvestHK. Hong Kong adapts trade strategies for ASEAN and Middle East markets, enhancing global supply chain management and attracting Mainland manufacturing HQs to bolster its international business role.
The 2024-25 Hong Kong budget focuses on revitalizing businesses through SME support, digital transformation, tax incentives, and investments in high-growth sectors. Emphasizing global talent attraction and business re-domiciliation, these efforts aim to solidify Hong Kong as a leader in innovation and economic development, enhancing its attractiveness to businesses and professionals alike.
Prism Consultancy can leverage its experience and services in guiding clients through the different initiatives in Hong Kong Budget 2024–25. Here is how Prism Consultancy can help:
1. Hong Kong Visa and Immigration: With years of experience as a Hong Kong Visa Agent and Immigration Consultant, Prism Consultancy will be in a position to advise on the easy relocation of global talent to Hong Kong. Emphasizing the attraction of 140,000 global talent in the budget, Prism will be in a position to advise visa categories, eligibility criteria, and application procedures. End.
2. Company Incorporation Services: Prism Consultancy can also offer comprehensive incorporation services to any business looking to expand or start an operation in Hong Kong. It can advise on the most appropriate business structure, assist in the registration process, and ensure compliance with local regulations. This service is of paramount importance to foreign enterprises who seek to take advantage of strategic initiatives by Hong Kong in sectors like NIAS in biotech, AI, and green tech.
3. Consultancy in SME Support and Digital Transformation: Prism Consultancy can help SMEs navigate financial aids extended up to 2026 and how to navigate the digital transformation initiatives. They provide guidance in knowing the criteria for availing government grants, subsidies, or tax incentives offered to encourage digital adoption among SMEs. This kind of support would make SMEs more competitive, adapting them to Hong Kong dynamic business environment changes.
4. Tax Incentives and Business Advisory: The company targets over 2 million taxpayers and some 160,000 businesses. Prism Consultancy provides professional advice on tax planning and compliance in this regard. The appropriate tax position of business clients is thus secured with due regard to regulatory requirements. This advisory service will help businesses maximize the benefits accruable from the tax relief measures instituted in the budget.
5. Strategic Consultancy on Expansion to Global Business: Prism Consultancy provides business strategic consultancy services for expansion or re-domiciliation to Hong Kong. They advise on the market opportunities, help adapt trade strategies for ASEAN and Middle East markets, and enable connections with the relevant government bodies and business networks. All these strategic supports help leverage on Hong Kong position as an international business hub.
In summary, Prism Consultancy is more than just an immigration and company incorporation service provider; it delivers full-fledged consultancy on SME support, digital transformation, tax optimization, and strategic business expansion. Their expertise falls squarely within Hong Kong efforts in attracting global talents and bolstering economic recovery through such innovative initiatives clearly outlined in the 2024-25 budget.
