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Professional Services Development Assistance Scheme

A $100 million Professional Services Development Assistance Scheme was launched in 2002 to provide funding support, on an equal matching basis, for professional service sectors to organise projects that enhance their external competitiveness and standards. These include capacity building programmes (such as international conferences and training courses), market research and promotional activities (such as road shows and exhibitions). Of the 251 projects that received funding under the scheme up to the end of 2011, about 37 per cent were related to enhancing the competitiveness of local professional services in the Mainland market.

Business Facilitation

The Government has pledged to cut red tape and simplify regulations to facilitate and sustain a vibrant business environment in Hong Kong. The Business Facilitation Advisory Committee (BFAC) was set up in January 2006 to advise the Government on the development and implementation of business facilitation measures. The BFAC is made up of representatives from the business, academic, professional and political sectors and senior government officials from the relevant bureaux. Trade representatives and industry experts provide their input through. participation in the sector-specific task forces.

Advised by the BFAC and its task forces, the Government has been conducting regulatory reviews to make the existing regulatory regimes more business-friendly and reduce compliance costs to business while safeguarding the public interest. The BFAC and its task forces also serve as an effective platform for the Government and the affected trade to thrash out implementation details of regulatory proposals.

In February 2007, the Government launched the 'Be the Smart Regulator' Programme as a major regulatory reform initiative to further improve Hong Kong's business environment and long-term competitiveness. The aim is to enhance the efficiency, transparency and customer-friendliness of business licensing services. Around 30 Government bureaux and departments, providing licensing services to various business sectors, participate in the programme. The Government has made good progress on various fronts in improving the overall licensing environment for doing business in Hong Kong.

Business Liaison Groups have been established for major business sectors to foster communication between the Government bureaux and departments and the trades and help resolve regulatory and licensing matters at the operational level. A business consultation e-platform (www.gov.hk/bizconsult) has been set up under the GovHK portal to facilitate business community to access to relevant consultation information on proposed regulations, administrative measures and procedures that would impact on business, and to offer their views or comments.

The Business Facilitation Division of the Economic Analysis and Business Facilitation Unit under the Financial Secretary's Office co-ordinates the Government's