Intellectual Property Department: IP Training Programmes “IP302 IP Valuation” and “IP103 Registration and application procedure of IP rights in Hong Kong”

(IP302 will be held at the VTC Tower, Wan Chai on 14 January 2025)
(IP103 will be held at the VTC Tower, Wan Chai on 26 Febuary 2025)

These two intellectual property (IP) courses offered by the Intellectual Property Department are now open for registration here.

“IP302 IP Valuation” aims to introduce the concept of intellectual property (IP) valuation and its application in managing and optimising the IP asset portfolios, providing participants with an overview of the core valuation concepts, key methodologies and relevant strategies related to IP valuation. (The medium of instruction will be Cantonese, supplemented with English terms.)

“IP103 Registration and application procedure of IP rights in Hong Kong” introduces the IP registration system in Hong Kong, enabling participants to comprehend the registration and application procedures of various IP rights and thereby formulate effective IP registration strategies for the enterprises. (The medium of instruction will be Cantonese, supplemented with English terms.)

Interested participants may first enroll in the “IP Manager Scheme PLUS” for free by filling out an online form to get priority in course registration. Registration fee for the courses is waived for members of the Scheme. Participants will receive a certificate upon completion of the respective training course.

79 companies honoured at 2023-24 Hong Kong Awards for Industries (HKAI)

Seventy-nine local companies were honoured on 16 December 2024 at the 2023-24 HKAI presentation ceremony. The Chief Executive, Mr John Lee, addressed the ceremony in a video message.

Press release
HKAI website

Meeting the "BRANDers" – The BUD Fund - Interview with Wing Keung Limited (a manufacturer of parts and accessories for electrical appliances)

To encourage and assist Hong Kong enterprises in developing their own brands and promoting their brands in the Mainland and overseas markets, the Trade and Industry Department (TID) conducts interviews with representatives of local brands and experts so as to share their success stories and business strategies with the industries. The TID has earlier on interviewed Mr William Hung, CEO of Wing Keung Limited (Wing Keung), to understand more about the company’s business strategies, and how Wing Keung has made use of the BUD Fund to develop brand and explore markets.

More Details (in Chinese only)

Public consultation on Budget launched

The HKSARG commenced the public consultation exercise for the 2025-26 Budget on 15 December 2024.

The Financial Secretary, Mr Paul Chan, said, "In light of a continuously uncertain external environment, a complex and changing global political and economic landscape, and the structural adjustments taking place in Hong Kong's economy, we must manage public finances more prudently. Meanwhile, it is equally important to drive our economic development forward. At the present stage, both development and stability are central to our progress.

"I invite members of the community to share their views on the new Budget. As we work together, Hong Kong will reinforce its strengths and achievements, and accelerate advancement towards better goals amid challenging external conditions and evolving socio-economic circumstances."

Members of the public can share their views through various channels, including visiting the website www.budget.gov.hk, or by email (budget@fstb.gov.hk), phone (2810 3768), fax (2147 5770) or post (Budget Consultation Support Team, 24/F, Central Government Offices, 2 Tim Mei Avenue, Tamar, Hong Kong), etc.
 
For relevant press release, please visit https://www.info.gov.hk/gia/general/202412/15/P2024121500151.htm.

Hong Kong's Comprehensive Avoidance of Double Taxation Agreements with Bangladesh and Croatia came into force

Hong Kong signed Comprehensive Avoidance of Double Taxation Agreements (CDTAs) with Bangladesh and Croatia in August 2023 and January 2024 respectively. All signatories have completed the relevant ratification procedures, and the two CDTAs came into force on 20 December 2024. They will be applicable to Hong Kong tax for any year of assessment beginning on or after 1 April 2025.

"Under the two CDTAs, residents of Hong Kong and the relevant tax jurisdictions will not have to pay tax twice on a single source of income. This will allow them to have greater certainty on tax liabilities and save tax when they engage in cross-border business activities, thus helping to promote bilateral trade and investment. To date, Hong Kong has signed CDTAs with 51 jurisdictions," a Government spokesman said.

The two CDTAs are available on the Hong Kong e-Legislation website: the CDTA between Hong Kong and Bangladesh: www.elegislation.gov.hk/hk/cap112DV!en-zh-Hant-HK?INDEX_CS=N; the CDTA between Hong Kong and Croatia: www.elegislation.gov.hk/hk/cap112DW!en-zh-Hant-HK?INDEX_CS=N.

For relevant press release, please visit https://www.info.gov.hk/gia/general/202412/20/P2024122000301.htm.

HKMA and CBUAE deepen financial market co-operation between Hong Kong and UAE

The Hong Kong Monetary Authority (HKMA) and the Central Bank of the United Arab Emirates (CBUAE) held the second bilateral meeting in Hong Kong on 20 December 2024, further solidifying co-operation and connectivity between the financial services sectors of the two jurisdictions.

Following the first bilateral meeting in Abu Dhabi in May 2023, the HKMA and the CBUAE have continued engaging in in-depth discussions covering several major areas, including cross-border debt capital market connectivity, financial infrastructure development, and investment outlook and opportunities in both the Middle East and North Africa (MENA) region and Mainland China.

In this connection, a Memorandum of Understanding (MOU) was signed on 20 December 2024 by the Chief Executive of the HKMA, Mr Eddie Yue, and the Governor of the CBUAE, H.E. Khaled Mohamed Balama, to strengthen and formalise the co-operation arrangements. Under the MOU, the two authorities have agreed to establish connectivity of the debt capital markets and the related financial market infrastructures between Hong Kong and the UAE with a view to facilitating cross-border debt securities issuance and investment activities.

Mr Yue said, "We are delighted to welcome the CBUAE delegation to Hong Kong. Today(20 December 2024)'s discussions strengthened the financial collaboration between the two central banks in several important areas. The MOU, in particular, will further enhance mutual co-operation and the exchange of expertise between the HKMA and the CBUAE in debt capital markets, and reinforce Hong Kong's strategic role as a gateway to both the Renminbi and international debt markets. There is significant potential for the financial sectors of both sides to explore new business opportunities. We look forward to our continued collaboration with the CBUAE to strengthen investment and financial market connectivity between the Middle East and Asia."

H.E. Khaled Mohamed Balama said, "I am glad to see encouraging progress made today (20 December 2024) between the two central banks in agreeing on the way forward on debt capital market development and collaboration. We aim at unlocking the potential of the two debt capital markets to allow seamless and cost-effective cross-border debt securities issuance, trading, investment, settlement as well as collateral management. This initiative will help the UAE become the gateway for issuers and investors in the MENA region to have efficient access to the China and Asian debt markets, whilst also, allowing Chinese and Asian issuers and investors to gain direct access to the MENA debt market through the UAE."

For relevant press release, please visit https://www.info.gov.hk/gia/general/202412/20/P2024121800498.htm.

HKSARG sets up Hong Kong Cross-boundary Public Services self-service kiosk and "iAM Smart" self-registration kiosk in Huizhou

To advance the development of a digital government, the Hong Kong Special Administrative Region (HKSAR) is collaborating with Guangdong Province to promote the Cross-boundary Public Services initiative. The Digital Policy Office (DPO) announced on 20 December 2024 the setting up of a Hong Kong Cross-boundary Public Services self-service kiosk in Huizhou to enable residents and enterprises in Mainland cities of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) to access public services of Hong Kong without the need to travel to Hong Kong in person.

Starting 20 December 2024, the public can use the Hong Kong Cross-boundary Public Services self-service kiosk located on 1/F, Building 1, Huizhou Civic Center, to access various public services of Hong Kong. The opening hours of the kiosk in the Center are 8.30am to noon and 2pm to 5.30pm, Monday to Friday (except public holidays on the Mainland). For details, please visit the Hong Kong Cross-boundary Public Services thematic website at www.crossboundaryservices.gov.hk/en/home/index.html.

Following the Hong Kong Cross-boundary Public Services self-service kiosks that commenced operation earlier in Guangzhou, Qianhai and Futian in Shenzhen, and Zhuhai as well as Foshan, the Cross-boundary Public Services self-service kiosks currently provide a total of 70 public services from 11 government bureaux and departments as well as related organisations, encompassing areas commonly used by enterprises and the public including taxation, company registration, property and vehicle enquiry and registration, application for personal identification documents and entry of talent, welfare and education, healthcare, immigration clearance, urgent assistance as well as culture and tourism. Members of the public can use the self-service kiosks to perform data entry, document scanning and result printing to enjoy one-stop access when applying for various public services.

An "iAM Smart" self-registration kiosk is also set up at the Huizhou location to enable Hong Kong residents working and living on the Mainland to register for "iAM Smart+" and directly use the "iAM Smart" mobile app for one-stop public services, such as renewal of a vehicle licence, application for an International Driving Permit and registration for eHealth. For details and registration requirements, please visit the "iAM Smart" thematic website at www.iamsmart.gov.hk/en/reg.html.

A spokesman for the DPO expressed sincere gratitude to the Guangdong Provincial Administration of Government Service and Data for its strong support, and to the Center for its full co-operation. The DPO will continue to discuss with the Guangdong Provincial Administration of Government Service and Data to set up self-service and self-registration kiosks in more Mainland cities of the GBA to cope with the demands of residents and enterprises in the GBA for public services of Hong Kong.

To implement the State Council's Guiding Opinions to all provincial governments on Cross-provincial Public Services and their comprehensive deployment, the HKSARG accepted the invitation of the People's Government of Guangdong Province in 2021 to jointly launch the GBA Cross-boundary Public Services, and worked with Guangdong Province in November 2023 to introduce a dedicated service area/thematic website for Cross-boundary Public Services. The initiative enables enterprises and the public in both regions to enjoy simple and convenient cross-boundary services, with a view to facilitating the provision of public services and investment in the GBA, and enhancing the satisfaction and sense of contentment of enterprises and the public in accessing services across the boundary.

For relevant press release, please visit https://www.info.gov.hk/gia/general/202412/20/P2024122000283.htm.

Companies (Amendment) (No.2) Bill 2024 gazetted

The Government published in the Gazette on 20 December 2024 the Companies (Amendment) (No. 2) Bill 2024 (the Bill) to introduce a company re-domiciliation regime in Hong Kong.

The Bill proposes to introduce a company re-domiciliation regime to enable non-Hong Kong-incorporated companies to re-domicile to Hong Kong while maintaining their legal identities as a body corporate and ensuring business continuity without the need to go through complicated and costly judicial procedures. To ensure the integrity of the re-domiciled companies, the requirements concerning general background, integrity, member and creditor protection and solvency, etc must be fulfilled by the applicants. Generally speaking, re-domiciled companies will have the same rights as any locally incorporated companies of their kind in Hong Kong, and will be required to comply with the requirements under the Companies Ordinance (Cap. 622).

The Government spokesperson said, "The proposal will address the existing market demand for a simple and accessible re-domiciliation mechanism for companies to transfer their domicile to Hong Kong in light of the increasing compliance costs in offshore jurisdictions. While incoming companies may benefit from Hong Kong's strengths in our corporate governance regime, rule of law, taxation system and professional services, they may in turn bring demand for professional services, investment and job opportunities in the local markets."

The Government has conducted a public consultation, and consulted the Legislative Council (LegCo) Panel on Financial Affairs in 2023. The proposal is unanimously supported by the general public and the market. In July 2024, the Government announced the consultation conclusion with the legislative proposal incorporating views collected from the consultation exercise as appropriate.

The Bill will be introduced into the LegCo for first reading on 8 January 2025.

For relevant press release, please visit https://www.info.gov.hk/gia/general/202412/20/P2024121900400.htm.

TD enhances vehicle licence to provide convenience to public and enhances vehicle registration and licensing regime

The Transport Department (TD)  said on 19 December 2024 that, following the passage of relevant legislation by the LegCo, starting from 30 December 2024, it will enhance the vehicle licence (VL) and simplify application documents. In addition, it will enhance the vehicle registration and licensing regime to address the problem of improperly abandoned vehicles by strengthening control and monitoring at the source.

Members of the public may refer to the TD's website for details of the enhanced VL and simplified application document measures, and how to properly dispose of vehicles after the enhancement of the vehicle registration and licensing regime, or call the hotline at 2804 2600.

For relevant press release, please visit https://www.info.gov.hk/gia/general/202412/19/P2024121900309.htm.

Innovation and Technology Venture Fund enhanced scheme invites applications as fund managers (deadline: 19 March 2025)

The Innovation and Technology Commission launched the Innovation and Technology Venture Fund (ITVF) enhanced scheme on 19 December 2024 and invites applications as fund managers for the scheme. The deadline for application will be 19 March 2025.

"Under the ITVF enhanced scheme, the Government will redeploy at most $1.5 billion to set up funds jointly with the market, on a matching basis, to invest in start‑ups of strategic industries. We believe that through the integration of capital raised from the market, it will empower start-ups with more financing support, and help enrich the local innovation and technology (I&T) ecosystem," a spokesman for the Commission said.

The ITVF enhanced scheme will select professional fund managers to invest in start-ups of strategic industries, namely (a) artificial intelligence and data science, (b) life and health technology, and (c) advanced manufacturing and new energy. The Government, as one of the Limited Partners of the funds, will commit one dollar into the funds for every three dollars of investment raised by the fund managers on a matching basis, with the Government's contribution ranging from $150 million to $250 million for each fund. Each of the selected fund managers shall act as a General Partner and are responsible for setting up limited partnership funds in Hong Kong, with a minimum fund size of $600 million (including the Government's contribution), raising non-Government capital of not less than $450 million for the fund, managing the day-to-day operations of the fund, investing in target start-ups in accordance with the investment mandate, providing support to the investee start-ups and producing regular reports. The Commission will base on the assessment criteria including the fund manager applicant's background, management team's resources, investment strategy and processes, investment performance, its industry network and support in and beyond Hong Kong as well as fees, together with the advice of the ITVF Advisory Committee, to select fund managers.

Details of the application are available on the ITVF website (www.itf.gov.hk/l-eng/ITVF.asp). For enquiries, please contact the ITVF Secretariat (Tel: 3855 7723; email: itvf-enquiry@itc.gov.hk).

To date, the ITVF has invested over $330 million in 40 local I&T start-ups and attracted over $3.1 billion of private investment at an investment ratio of approximately 1:9. The business areas of these start-ups include supply chain management, e-commerce, financial technology, biotechnology and artificial intelligence.

For relevant press release, please visit https://www.info.gov.hk/gia/general/202412/19/P2024121900325.htm.

Partnership Fund for the Disadvantaged and its Dedicated Portion for implementing After-school Learning and Support Programmes open for new round of applications (deadline: 31 October 2025)

The Partnership Fund for the Disadvantaged (PFD), managed by the Social Welfare Department (SWD), is inviting the 18th round of Regular Portion applications and the 11th round of Dedicated Portion applications for implementing After-school Learning and Support Programmes starting from 19 December 2024. Welfare non-governmental organisations (NGOs) and eligible primary and secondary schools can submit proposals from 19 December 2024 to 31 October 2025. The PFD Secretariat will process and grant approval to the applications in two periods in accordance with the chronological order that the applications are received.

Details of the Regular Portion and the Dedicated Portion of the PFD are available on the SWD homepage: www.swd.gov.hk. For enquiries about the applications, please contact the Secretariat of the PFD during office hours on 3468 2710 or 3468 2718, or by email to pfdenq@swd.gov.hk.

For relevant press release, please visit https://www.info.gov.hk/gia/general/202412/19/P2024121900198.htm.

TD issues pilot licence for autonomous vehicles

The TD announced on 19 December 2024 that a pilot licence for autonomous vehicles (AVs) has been issued in accordance with section 4(1) of the Road Traffic (Autonomous Vehicles) Regulation (Cap. 374AA) to allow the applicant to conduct AV trial at the West Kowloon Cultural District (WKCD).

The applicant of this pilot licence is approved to conduct trial for two AVs in the WKCD at a specified time on specified road sections between the WKCD West Gate, the WKCD private road section, the WKCDA Project Site Office, Museum Drive and Cultural Drive. During the trial, the backup operator stationed on board shall take over control of the vehicle if necessary.

Details of the pilot licence have been uploaded to the TD's website on AV trials (www.td.gov.hk/en/public_services/taoav/index.html).

A spokesman for the TD said that upon receipt of an application for a pilot licence, the TD will consider various factors including the design operating range and functions of the autonomous system submitted by the applicant, relevant international or national standards/guidelines, and the road test situations, based on the Code of Practice for Trial and Pilot Use of Autonomous Vehicles before approval. The TD will exercise stringent control with a view to promoting AV trials in Hong Kong in a safe and orderly manner.

The TD welcomes interested organisations or enterprises to submit applications and act in concert to promote the further development of autonomous driving in Hong Kong.

For relevant press release, please visit https://www.info.gov.hk/gia/general/202412/19/P2024121900280.htm.

Adjustment of Base Rate

The HKMA announced on 19 December 2024 that the Base Rate has been set at 4.75 per cent with immediate effect according to a pre-set formula.

The Base Rate is the interest rate forming the foundation upon which the Discount Rates for repurchase transactions through the Discount Window are computed. The Base Rate is currently set at either 50 basis points above the lower end of the prevailing target range for the US federal funds rate or the average of the five-day moving averages of the overnight and one-month Hong Kong Interbank Offered Rates (HIBORs), whichever is the higher.

Following the 25-basis point downward adjustment in the target range for the US federal funds rate on 18 December (US time), 50 basis points above the lower end of the prevailing target range for the US federal funds rate is 4.75 per cent, while the average of the five-day moving averages of the overnight and one-month HIBORs is 4.20 per cent. The Base Rate is therefore set at 4.75 per cent according to the pre-set formula.

For relevant press release, please visit https://www.info.gov.hk/gia/general/202412/19/P2024121900119.htm.

Government welcomes passage of Construction Industry Security of Payment Bill

The Government welcomes the LegCo's passage of the Construction Industry Security of Payment Bill on 18 December 2024 to improve the longstanding payment problems in the construction industry and provide better protection for the stakeholders in the supply chains of the construction industry to receive their entitled payment on time, while also seeking to help reduce occurrence of wage arrears of workers. The Government also expects that the project procurement cost could be reduced over time as price premiums for risk in association with payment problems will gradually decline following improved security of payment.

The Construction Industry Security of Payment Ordinance (the Ordinance) will improve contractual payment terms, prohibiting the use of unfair payment terms such as "pay when paid". It also introduces an adjudication mechanism to provide a speedy, cost-effective and binding resolution process for payment disputes in the interim.

The Ordinance applies to main contracts for carrying construction work (with contract values not less than $5 million), and main contracts for the supply of goods (e.g. materials and plant) or services related to the construction work (with contract value not less than $0.5 million). If the main contract is covered, subcontracts along the same supply chain, regardless the amount, are also governed by the Ordinance. The Ordinance applies to both public and private projects, with a wider scope of application for the former. For instance, the Ordinance does not apply to: (1) contracts for works on existing private residential buildings (e.g. interior renovation, building maintenance, etc); and (2) contracts for relatively minor works on existing private non-residential buildings, i.e. those works not requiring approval and consent of the Building Authority under the Building Ordinance (Cap. 123) (e.g. maintenance and repair of building services installation, shop renovation, etc).

The Ordinance will be gazetted on 27 December 2024, while the power of the Secretary for Development for registration and administration of Adjudicator Nominating Bodies (ANBs) will take effect on the gazettal date, the remaining provisions will come into operation on the expiry of eight months (i.e. 28 August 2025). Construction contracts entered into on or after that date will be governed by the Ordinance.

Prior to the implementation of the remaining provisions of the Ordinance in August 2025, the Government and the industry will undertake a series of preparatory work, including registering ANBs, training a sufficient number of adjudicators, reviewing and revising the standard contract and subcontract templates, and conducting publicity and promotion activities. The Government strives to publish relevant documents and accept ANB applications in January 2025, allowing the relevant organisations to submit their applications in a timely manner to align with the implementation timeline of the Ordinance.

For relevant press release, please visit https://www.info.gov.hk/gia/general/202412/18/P2024121800627.htm.

Government welcomes passage of Inland Revenue (Amendment) (Tax Deductions for Leased Premises Reinstatement and Allowances for Buildings and Structures) Bill 2024

The Government welcomed the passage of the Inland Revenue (Amendment) (Tax Deductions for Leased Premises Reinstatement and Allowances for Buildings and Structures) Bill 2024 by the LegCo on 18 December 2024. The Bill gives effect to two enhancement measures for deduction of expenses under profits tax in the 2024-25 Budget, which will take effect from the year of assessment 2024/25, including:

1. introducing a tax deduction for expenses incurred for reinstating the condition of leased premises to their original condition (reinstatement cost); and
2. removing the time limit for claiming annual allowances in respect of industrial/commercial buildings or structures.

A Government spokesman said, "Taxpayers only need to meet simple and clear conditions to claim tax deduction for the reinstatement cost. Removing the time limit for claiming annual allowances in respect of industrial/commercial buildings or structures will enable taxpayers to enjoy the same tax treatment when purchasing old buildings as when purchasing new ones. Both measures will alleviate the tax burden of taxpayers and enhance the business environment."

The Amendment Ordinance will be published in the Gazette on 27 December 2024. Relevant information and frequently asked questions and answers have been uploaded to the Inland Revenue Department website (www.ird.gov.hk) for reference by the public.

For relevant press release, please visit https://www.info.gov.hk/gia/general/202412/18/P2024121800199.htm.

Open call for funding applications for investigator-initiated research projects and health promotion projects under HMRF begins (deadline: 6pm, 31 March 2025)

Revision of limits of liability in Montreal Convention gazetted

Government announces Green Transformation Roadmap of Public Buses and Taxis

Intangible Cultural Heritage Funding Scheme 2024 opens for application (deadline: noon, 27 January 2025)

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