Starting a Business (Financing and Planning)
In this article you will learn about the assistance schemes, consultation services and other supports that business starters can obtain from the Government.
Financing a New Business
Government Funding Schemes
Getting financing is the very first step for a new business. There are many sources to consider when looking for financing such as personal savings, capitalizing and loans. One more option is the funding schemes provided by the Government. Check out the various Government Funding Schemes and see which one you can apply for.
Facilitating Trade Finance
Insurance policies issued by the Hong Kong Export Credit Insurance Corporation (ECIC) are accepted by the banking community as useful collateral for discounting export bills. The protection accorded to a policyholder may be extended to the policyholder’s bank by a letter of authority, which enables claims to be paid directly to the bank and can be instrumental in helping a policyholder obtain banking facilities. Please click here for more about ECIC’s services.
Budget Analysis
You need careful planning and realistic budgeting. The “Budget Analysis Worksheet for Starting up Business” provides a general reference for your budget planning. It is a user-friendly tool for business starters to estimate:
- the initial capital required;
- the relation between turnover and profitability;
- payback period;
- assets and liabilities; and
- factors that may affect financial position (e.g. turnover, rent , profit, margin, expenditures, inventory and credit period, etc.)
Youth Entrepreneur
Youth Business Hong Kong (YBHK)
YBHK helps young people between the ages of 18 and 35 to start their own business. The scheme offers 4 core services:
- seed money;
- business mentorship and professional consultancy;
- business support; and
- information and networks.
For details, please visit the website of YBHK.
Support Services for Youth Entrepreneurs by Y.E.S.
“Youth Employment Start” (Y.E.S.) was set up to provide one-stop employment and self-employment support services to young people aged between 15 and 29. Business members aged between 18 and 29 are entitled to enjoy the free services and facilities specially designed for them such as professional consultation service to assist their operation of business. For details, please visit the website of Y.E.S.
Business Planning
The Support and Consultation Centre for SMEs(SUCCESS) provides on its website a comprehensive range of information about starting business in Hong Kong, including methodology in drafting business plans, market information, costing and expenditure analysis, etc. Please click here for details.
SMEs encountering problems related to the starting and running of a business can consult experts on their opinions through the free “Meet-the-Advisors” Business Advisory Service of SUCCESS.
Market Information
When researching for a business idea, you need the latest and reliable information to help you understand the market and then build your strategies. The Hong Kong Trade Development Council provides on its website a range of useful information and business statistics regarding various industries, Hong Kong economy and more.
Recruiting Staff
The Labour Department provides free recruitment services to local employers. Visit the Interactive Employment Service website for details.
The Labour Department also offers employment programmes to take care of the different needs of employers and help them to find the right candidate for a job. The employment programmes can be found here.
For more information, please visit the website of the GOVHK.
Source: GOVHK