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Design Incubation Programme by Hong Kong Design Centre

Design Incubation Programme administered by the Hong Kong Design Centre

The Design Incubation Programme (DIP) is a two-year programme that provides financial support, training and mentorship, and networking opportunities to help design startups thrive. It is administered by the Hong Kong Design Centre (HKDC), a non-profit organisation established by the Hong Kong Special Administrative Region Government to promote design development and excellence in Hong Kong.

The DIP is open to design startups from all over the world that are looking to grow and expand their business in Hong Kong. The programme provides a range of benefits, including:

  • Financial support: Up to HK$1.5 million in funding over two years

  • Training and mentorship: Workshops, seminars, and one-on-one mentorship from experienced design professionals

  • Networking opportunities: Access to a network of potential investors, partners, and customers

  • Co-working space: A dedicated co-working space in the HKDC's Design Centre

The DIP is a competitive programme, and only a select number of startups are accepted each year. To be eligible for the DIP, startups must:

  • Be design-led

  • Have a clear and innovative business proposition

  • Be at an early stage of development

  • Have a strong team with the skills and experience to execute their business plan

If you are a design startup and you are interested in applying for the DIP, you can find more information on the HKDC website.

Why Hong Kong

Hong Kong is a global financial and business hub, renowned for its dynamic economy, strategic location, and pro-business environment. Here are some compelling reasons why Hong Kong stands out as an attractive destination for entrepreneurs and businesses:

  1. Strategic Location: Situated at the heart of Asia, Hong Kong serves as a gateway to Mainland China and other Southeast Asian markets. Its strategic position facilitates access to a vast pool of potential customers and partners, offering immense growth opportunities for businesses.

  2. Free Market Principles: Hong Kong embraces a free market economy, characterized by low taxes, minimal government intervention, and a strong emphasis on free trade. This business-friendly environment fosters innovation, entrepreneurship, and economic growth.

  3. Ease of Doing Business: Hong Kong consistently ranks among the top economies in terms of ease of doing business. Its streamlined regulatory processes, efficient bureaucracy, and robust infrastructure make it a seamless place to establish and operate businesses.

  4. Tax Advantages: Hong Kong boasts a highly competitive tax regime, with a low corporate tax rate of 16.5% for profits exceeding HKD2 million. This tax-friendly environment attracts businesses seeking to maximize their profits.

  5. Talented Workforce: Hong Kong possesses a highly skilled and educated workforce, equipped with the expertise and knowledge necessary to support various industries. This talent pool is a valuable asset for businesses seeking to drive innovation and growth.

  6. International Connectivity: Hong Kong boasts world-class infrastructure, including a modern airport, sophisticated transportation network, and advanced telecommunications facilities. This connectivity ensures seamless connections with global markets and partners.

  7. Legal and Regulatory Framework: Hong Kong's legal and regulatory framework is well-established, transparent, and based on the common law system. This framework provides businesses with a predictable and stable operating environment.

  8. Access to Capital: Hong Kong is a global financial center with a deep and liquid capital market. Businesses can readily access financing options, including venture capital, private equity, and bank loans, to support their growth endeavors.

  9. Government Support: The Hong Kong government actively supports businesses through various initiatives, such as funding programs, incubation centers, and trade promotion activities. This support fosters innovation and entrepreneurship.

  10. Quality of Life: Hong Kong offers a high quality of life, with a vibrant culture, diverse culinary scene, and well-developed healthcare and education systems. This quality of life attracts and retains skilled professionals, enhancing the overall business environment.

In conclusion, Hong Kong's strategic location, free market principles, ease of doing business, tax advantages, talented workforce, international connectivity, legal framework, access to capital, government support, and high quality of life make it an ideal destination for businesses seeking growth and success in the global marketplace.

How Bestar can Help

Bestar can provide valuable support to the Design Incubation Programme (DIP) administered by the Hong Kong Design Centre (HKDC) in several ways:

  1. Financial Management and Accounting Expertise: Bestar's team of experienced accountants can provide comprehensive financial management and accounting services to DIP participants, ensuring accurate bookkeeping, financial reporting, and tax compliance. This expertise will help startups maintain sound financial health and make informed business decisions.

  2. Startup-Focused Accounting Solutions: Bestar specializes in catering to the unique needs of startups, offering customized accounting solutions tailored to the specific requirements of design businesses. This includes understanding the intricacies of intellectual property accounting, revenue recognition, and project-based financial management.

  3. Financial Planning and Budgeting Guidance: Bestar can assist DIP participants in developing effective financial plans and budgets, ensuring they have a clear roadmap for their financial resources. This guidance will help startups manage their cash flow, optimize spending, and make informed investment decisions.

  4. Tax Optimization and Compliance: Bestar's expertise in tax matters can help DIP participants navigate the complexities of Hong Kong's tax system, ensuring they maximize tax benefits and comply with all relevant tax regulations. This proactive approach will minimize tax liabilities and protect the financial interests of the startups.

  5. Business Advisory and Consulting Services: Beyond traditional accounting services, Bestar can provide business advisory and consulting services to DIP participants, offering insights on business strategy, financial analysis, and market trends. This strategic guidance will help startups make informed decisions, enhance their operational efficiency, and achieve their business goals.

  6. Streamlined Accounting Processes: Bestar can implement cloud-based accounting systems and utilize advanced accounting tools to streamline financial processes, reduce paperwork, and enhance efficiency. This automation will free up the startups' time and resources to focus on their core business activities.

  7. Regular Financial Reporting and Analysis: Bestar can provide regular financial reports and analyses to DIP participants, enabling them to track their financial performance, identify trends, and make informed decisions. This timely feedback will help startups stay on track with their financial goals.

  8. Financial Education and Workshops: Bestar can conduct workshops and seminars for DIP participants, providing financial education and training on topics such as budgeting, cash flow management, and tax planning. This knowledge will empower the startups to manage their finances effectively.

By providing these comprehensive services and support, Bestar can play a pivotal role in the success of the Design Incubation Programme, empowering design startups to navigate the financial landscape, make informed decisions, and achieve sustainable growth.

Contact Bestar today!

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