QuickBytes: How OASES supports companies in making their Hong Kong debut

For two long years, Hong Kong has been on the bench due to Covid-19. Now, it’s back in action.

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Regarded as a thriving financial and business hub that bridges the East and West, the city is welcoming new businesses onto its shores. Experts are optimistic about Hong Kong’s economic prospects in 2023 and are anticipating a sharp influx of startups and companies looking to set up in the city.

With this in mind, the government of Hong Kong is rolling out a slate of measures to support new businesses making their entry into the city. One such initiative is the Office for Attracting Strategic Enterprises (OASES).

In this interview, Charles Ng, executive director of OASES, talks about what the organization aims to do, what new opportunities Hong Kong holds for businesses and their growth, and the role OASES will play in driving that growth.

The following interview has been edited for brevity and clarity.

What is OASES? Why was it established?

The government is adopting a new targeted approach to attract high-potential, strategic enterprises from around the globe to set up or expand their businesses in Hong Kong.

OASES was established to support this. It reaches out to these enterprises proactively and carries out negotiations, formulating attractive bespoke measures. It also plans to facilitate their operations in Hong Kong as well as provide their employees with support in areas such as visa applications and education arrangements for their children.

What are the verticals or industries that OASES is interested in and why?

OASES’ efforts will focus on four major industries that are strategically important to Hong Kong, namely life and health technology, artificial intelligence and data science, financial technology, and advanced manufacturing and new energy technology.

These are areas where we see plenty of opportunity for Hong Kong to support the growth of these industries. For example, we are the largest biotech fundraising hub in Asia and have a strong healthcare infrastructure that can facilitate the development of new health technology.

We also have a very well-established financial regulatory environment as well as a close connection to China, which is home to some of the world’s biggest manufacturers and is also a global leader in clean energy.

What opportunities does Hong Kong hold for businesses?

Hong Kong has a diverse, multicultural population. There is lots of capital available for businesses, and we are in the perfect position to connect China and the rest of the world, offering companies the best of both worlds. Plus, Hong Kong is home to some of the world’s leading universities – there is lots of great talent available in the city across all disciplines.

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The city also has a comprehensive list of government facilitation measures and incentives for businesses.

Through the Enterprise Support Scheme, companies can receive up to HK$10 million (US$1.2 million) in funding support for R&D efforts. They can also receive tax deductions and rebates on their R&D expenditure, and there are wage subsidies for research talent and opportunities for companies to connect with government agencies to trial new solutions in the public sector as well.

On the startup front, organizations like the Hong Kong Science and Technology Park and Cyberport provide plenty of avenues for startups to succeed through pitching events, networking opportunities, and even lab resources.

How does OASES help businesses who want to enter Hong Kong?

Whether enterprises are considering Hong Kong as an investment destination or looking to expand and grow their existing business in the city, OASES provides a wide range of customized services, covering everything from tax matters and financing to actually setting up operations in Hong Kong.

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This includes providing guidance in strategic implementation and evaluation of business decisions, connecting these companies with critical stakeholders, and offering market insights into specific industries. We also offer business support in areas such as licensing, visas, and intellectual property protection, while also connecting businesses with the relevant funding and talent schemes that they can tap into.

On top of that, OASES also facilitates the relocation of any employees, supporting them in necessary things like finding housing and figuring out healthcare and insurance.

Beyond this initial phase, we also continue to work with these companies even after they’ve found their footing in Hong Kong to explore further expansion opportunities.

What roles does OASES want to play in the larger story of Hong Kong’s business growth?

We want to be a one-stop shop to assist companies throughout the whole process – from planning, setting up, and launching, to further expansion. If you want to come into Hong Kong, turn to OASES.

The Office for Attracting Strategic Enterprises (OASES) facilitates the entry and operations of strategic businesses making their entry into Hong Kong.

Keen on learning about the opportunities Hong Kong holds and how OASES can help you on this journey? Check out its website to find out more.

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This content was produced by Tech in Asia Studios, which connects brands with Asia’s tech community. Learn more about partnering with Tech in Asia Studios.