Incubation, Entrepreneurship and Innovation
The HKFYG encourages young people to explore and find new directions away from the traditional youth job market, liviing up to the theme, "Another Choice. Another Opportunity." We started providing entrepreneurial support and training in 2002, and three years later in 2005 established the "Youth Business Hong Kong" (YBHK) scheme, being the first ever one-stop youth entrepreneurial program in Hong Kong, providing financial and other practical supports to young people to attain their goals.
Providing Seed Money
Supported by Ng Teng Fong Charitable Foundation, a maximum of up to HK$150,000 will be provided to each successful application as an interest-free business start-up loan. The amount of loan will be determined by the Steering Committee who approve of a viable business plan (The amount of the loan will vary according to each case).
Arranging Business Mentorship and Professional Consultancy
Business mentors will be drawn from amongst fellow entrepreneurs, senior executives in corporations and industry, consultants and other professionals. They would volunteer their time, expertise and experiences and thus serve as advisors on business operations. Professional consultancy will be available from trade and industry associations and business service institutions that provide consultancy services especially for young people.
Giving Business Support
YBHK will provide or liaise for suitable business hardware and resources support as well as business network as required for business start-ups.
Information and Networks
YBHK will provide information on industry, trade, finance and laws as basic materials to assist in business operations, while also providing young people with access to local business networks.
1.1 For young people aged between 18 and 35.
1.2 Holder of Hong Kong Permanent Residence Identity Card.
1.3 Have either a viable business idea that can start within one year, OR already be running a business under own name for not more than three years - business plan and report required; demonstrates a commitment to start and run his/her own business, but has no access to seed money.
1.4 Have registered or will register own business in Hong Kong and has own business activities undertaken in Hong Kong.
1.5 If the intended business OR existing business is owned by the Applicant in the form of a sole proprietorship, he/she must fulfill the requirements of items 1.1 to 1.3. 1.6 If the intended business OR existing business is owned by the Applicants in the form of a partnership, all the partners of the business must complete the application form and fulfill the requirements of items 1.1. to 1.3.
1.7 If the intended business OR existing business is owned by the Applicants in the form of a limited company, all the shareholders of the limited company must complete the application form and fulfill the requirements of items 1.1. to 1.3.
2. Application and Vetting Procedures:
2.1 The Applicant(s) must submit the following documents (Please refer to Item 3.2 for the submission method):
- Application Form
- Business Plan (duly signed by all Applicant(s))
- Duplicate copy of Hong Kong Identity Card
- Duplicate copy of education qualification and employment record
- Duplicate copy of existing or past business registration certificate (if any)
- Credit report obtained from the TransUnion Limited within 3 months.
2.2 The viability of the business, the Applicant’(s) determination and ability to start the business, along with the credibility of the Applicant(s), will be vetted by the Youth Business Hong Kong Secretariat. Nominations will then be made towards appropriate Applicant(s) to attend the Vetting Panel interview. YBHK will exercise its discretion in approving the application; approve loan among and supportive service offered with reference to the result of the interview.
2.3 Applications will be considered only if all applicants attend the Vetting Panel interview.
3. Terms and Conditions for Loan and Repayment Arrangement:
3.1 A maximum of up to HK$150,000 will be provided to each successful application as an interest-free business start-up loan.
3.2 Terms and amount of repayment will be recommended by the Vetting Panel according to the nature of the business. Generally speaking, the first installment of repayment would begin 6 months after the disbursement of the loan. Repayment will be on a monthly basis and the repayment period will not exceed 24 months.
3.3 The successful Applicant(s) must utilize the loan granted by YBHK in accordance with the terms and conditions and purposes as approved. Proof of expenses of the approved loan must be made available to YBHK at anytime.
3.4 If the successful Applicant(s) defaults in the repayment of the loan date and in accordance with the terms and conditions herein of any amount outstanding and payable, he/she is liable to pay YBHK an administration fee.
3.5 For each successful application, a guarantor is required to give and sign a personal guarantee in favour of YBHK and guaranteeing the repayment of all the outstanding loans which will be made by YBHK.
3.6 The successful Applicant(s) must regularly submit business and financial reports of his/her business to YBHK. The successful Applicant(s) should authorize the Secretariat of YBHK to conduct its own investigations into the accounts and information related to financial status of the business. He/She/They must adopt coaching from the mentor and maintain close contact with the Secretariat of YBHK and the mentor.
3.7 If there are any changes in the business, type of ownership, shareholding structure of the company, the successful Applicant(s) should give at least two weeks notice to the Secretariat of YBHK informing YBHK of the change. In the event that the actual business that is carried out is different from the approved business plan, OR if the loan is not utilized in accordance with the terms and conditions and purpose of the loan, OR if the successful Applicant(s) refuse to submit or submit false business and financial report, OR is involved in illegal or unreasonable business behavior, YBHK will have the right to suspend, terminate the loan and supportive service or modify the terms and conditions of individual loan and supportive service at its sole absolute discretion.
3.8. In order to ensure that integrity and accountability are upheld and understood, YBHK reserves the right to take any legal action to make a claim on all default payments.
4. Application and Submission Deadline:
4.1 YBHK is now open for applications. Please fill in the application online.
4.2 The application, including an application form, the business plan and related documents, should be send to firstname.lastname@example.org with title ''Application for YBHK_Your Company name'' before 5pm of the deadline.
4.3 All documents submitted will not be returned and all information collected will only be used for the application process of YBHK.
4.4 YBHK will vet applications 4 times a year. Deadlines for submission are as follows: 1 January, 1 April, 1 July and 1 October.
YBHK is open for applications all year round. Please fill in the application here.
The application, including an application form, the business plan and related documents, should be send to email@example.com with title ''Application for YBHK_Your Company name''. All documents submitted will not be returned and all information collected will only be used for the application process of YBHK. Any missing information of the application documents will not be considered.
Applications made on forms downloaded from this homepage have to be submitted in paper format. Any alteration of the terms and conditions on the application forms is NOT permitted. YBHK reserves the right to take legal and/or administrative action against any unauthorized alteration of the application forms and reject the applications concerned.