The Professional Services Advancement Support Scheme has recently announced a fresh round of financial support aimed at enhancing the professional services sector in Hong Kong. Applications for this initiative are now open until 31 May, offering substantial funding opportunities for non-profit organizations. The scheme, which has allocated a total of $200 million, is designed to foster international collaboration, promote visibility, and build capabilities across various industries. Since its establishment, it has successfully backed nearly 120 projects, contributing significantly to both local and international markets.

This new funding round aims to bolster industry-led initiatives that can drive innovation and growth within key sectors. The program targets a wide range of fields including accounting, legal and dispute resolution, architecture, engineering, healthcare, information and communication technology (ICT), design, and technical testing. Organizations such as professional bodies, trade associations, and research institutions are eligible to apply. Each approved project stands to receive up to $3 million or 90% of the total eligible costs, whichever is lower. This generous support underscores the government's commitment to nurturing professional excellence and fostering global partnerships.

In addition to the main funding scheme, a supplementary Professionals Participation Subsidy Programme has been established with a budget of $50 million. This initiative seeks to assist major professional bodies in participating in government and Trade Development Council activities both within Mainland China and abroad. The continuous acceptance of applications throughout the year, processed on a quarterly basis, ensures ongoing support for these vital endeavors. A briefing session is scheduled for this month to provide further details on how interested parties can take advantage of this opportunity.

The launch of this new funding round represents a significant step forward in strengthening Hong Kong's position as a hub for professional services. By providing robust financial backing and promoting international engagement, the scheme aims to unlock new opportunities for growth and development. The ongoing support from the government highlights its dedication to advancing the professional services sector and ensuring its continued success on the global stage.