Innovation and Technology Commission to Launch R&D Cash Rebate Scheme

For more information, please contact:
Melissa Ng / David Hsieh at 212-752-3320
Daniel McAtee at 202-238-6360
Wing Yan Tong at 415-835-9315

March 30, 2010 - Hong Kong’s Innovation and Technology Commission (ITC) announced today that the Research and Development (R&D) Cash Rebate Scheme will be launched on April 1.

To encourage companies to invest more in R&D and to collaborate with public research institutions, the program provides a cash rebate equivalent to 10% of a company’s investments in two types of applied R&D projects, comprising projects funded by the Innovation and Technology Fund and projects funded entirely by companies and conducted in partnership with designated local research institutions.

In his 2009-10 Policy Address, the Chief Executive announced the introduction of a new Cash Rebate Scheme to reinforce the research culture among companies and to encourage them to establish stronger partnerships with local public research institutions. In January 2010, the Legislative Council Finance Committee approved a funding commitment of HK$200 million (US$25.64 million) for the program.

The ITC will start accepting applications from April 1. Details of the program will be available on the Web site [crs.itc.gov.hk].