HK$137.5 billion Financial Relief Package offered for Hong Kong SMEs

Government announced a HK$137.5 billion (US$18 billion) financial relief package on 8th April, in addition to save ailing businesses and their workers. The package is divided into 4 parts: Job retention; Job creation; Sector-specific aids; Rental concessions, fee waivers, loans  1. Financial Relief on Job retention (HK$80 billion)       Employment Support Scheme First …

SPECIAL 100% LOAN GUARANTEED SCHEME FAQ

1/ What is Special 100% Loan Guaranteed Scheme? The Special 100% Loan Guaranteed Scheme is a loan guarantee scheme launched by the Government aims to help SMEs to secure loans from participating lending institutions. Thereby, help minimise enterprise shutting down and layoffs during the pandemic.    2/ Who are eligible to apply for the Special …

Hong Kong BUD Fund

The BUD Fund stands for “Dedicated Fund on Branding, Upgrading and Domestics Sales”. BUD fund is to help Hong Kong enterprises capture the opportunities arising from the National 12th Five-Year Plan. The Hong Kong Special Administrative Region Government set up the BUD Fund of $1 billion in June 2012. To help SMEs. Allowing Hong Kong start-ups, further …

Government further clarifies eligibility criteria of Retail Sector Subsidy Scheme

New government subsidy to Retail businesses announced recently. On the following day, many retail business owners rushed to the Business Registration Office of the Inland Revenue Department.  They went to apply for a change the nature of business. From as stated in the business registration certificate to “retail” in order to apply for the subsidy under the …

HongKong Post Services to Certain Destinations Suspended

It is coIt should be noted the substantial reduction in flight frequencies or even cancellation of flights to destinations in the below list by airlines. The results in no provision of air traffic capacity, Hongkong Post announced on 31st March.2020. There is a service suspension of Airmail (including Speedpost). Public can consider using surface mail service …

Special 100% Loan Guaranteed Scheme for SMEs in Hong Kong

In the Budget 2020-2021, the Financial Secretary announces that HKMC Insurance Limited (HKMCI) will introduce special 100% Loan Guaranteed Scheme. The load Guarantee is under the SME Financing Guarantee Scheme (SFGS). The new measure aims to alleviate the burden of paying employee wages and rents by small and medium-sized enterprises (SMEs).  For those are suffering …

Government announces second measures to support Hong Kong SMEs

Chief Executive Carrie LAM, called a Press Conference last evening (8 April 2020).To support Kong Kong SMEs, a new series of measures involving over $130 billion to help businesses stay afloat, keep workers in employment, relieve financial burdens of individuals and businesses and assist the economy to recover once the epidemic is contained. Along with the …

Checklist for Accounting and Auditing in Hong Kong

If you are interested in running a business in Hong Kong, the first thing you need to know about are accounting, auditing standards, and tax filing. In order to stay away from any penalties for incorrect tax filings and any legal issues down the road. The Inland Revenue Department ( IRD)  financial year starts on …

Company Secretarial Services for a Hong Kong Limited Business

Centre O offers many Hong Kong Limited business on Company Secretarial Services. We received numerous requests on a consistent basis to take over the role as appointed company secretary. The entrepreneurs were angry with the unsatisfied secretarial practices with their pervious suppliers. The reasons may be varied, but the common reasons can be concluded as hidden …