The Hong Kong Government just announced the latest budget and we would like to lift some interesting info for our clients.   Some great news for new product development and Mindpsarkz inventions.

(All figures in HK$ so divide by approx. 7.76 for US$)

The Patent Application Grant under the Innovation and Technology Fund provides funding support to Hong Kong companies and inventors in their first patent applications so as to help them capitalise and protect their intellectual work.   To further encourage creativity and innovation, they will raise the grant ceiling for each case from $100,000 to $150,000.   The expenditure ceiling in respect of patent applications in R&D projects funded by the Innovation and Technology Fund will also be raised to $150,000 correspondingly.

To encourage business organisations to increase their investment in R&D and strengthen their co-operation with R&D institutions, the Legislative Council approved in January this year a funding of $200 million to set up a “R&D Cash Rebate Scheme”.   They will launch the scheme in April this year.   More to follow….

Create Hong Kong was set up last year to support local creative industries.  Apart from continuing to tap the Mainland market through CEPA, it will explore strategies to promote the development of creative industries.   The $300 million CreateSmart Initiative launched last June was well received by the industry.

The Government has also waived our business registration fees for one year .  They are also reducing 75 per cent of salaries tax and tax under personal assessment for 2009-10, subject to a ceiling of $6,000.

As an aside, the HK Govt is also very interested in developing our position as a wine hub.  Great that they are giving so much support to wine trade shows given that the ODM Group is very strong in wine related products.

Click here for full budget speach..