孵化器 · 2026-05-19
Hong Kong Government Startup Grants 2025: Complete Guide to Funding Schemes
Hong Kong’s startup ecosystem entered 2025 with a critical inflection point for early-stage capital access. The Innovation and Technology Venture Fund (ITVF), a HK$5 billion co-investment vehicle established by the Innovation and Technology Commission (ITC), exhausted its initial allocation by end-2024, having matched private capital across 23 local funds since its 2017 launch. In its place, the ITC rolled out the revamped Strategic Tech Fund (STF) in January 2025, with a stated HK$6 billion war chest targeting deep-tech, biotech, and AI ventures — but with a stricter co-investment ratio of 1:2 (government to private) versus the previous 1:1.5, per ITC Circular No. 1/2025. This shift, combined with the SFC’s updated Guidelines on the Regulation of Automated Trading Services (effective 2 January 2025) that now explicitly covers algorithmic trading by fintech startups, means founders navigating Hong Kong’s government grant landscape must reassess eligibility criteria, application timelines, and compliance obligations. The following guide maps the eight principal funding schemes available to seed-stage and pre-seed founders in 2025, with precise eligibility thresholds, disbursement mechanics, and documented success rates.
The Innovation and Technology Fund (ITF) Portfolio
The ITF, administered by the ITC under Cap. 112 of the relevant Hong Kong legislation, remains the backbone of government-backed startup financing. As of ITC’s 2024-25 annual report, the ITF disbursed HK$2.87 billion across 1,240 approved projects in FY2023-24, a 12.4% increase year-on-year. For 2025, the ITF umbrella contains three distinct programmes of direct relevance to seed-stage founders.
ITF Tier 1: Seed & Incubation Grant
This grant targets pre-revenue entities registered in Hong Kong for less than three years. Maximum funding per project is HK$500,000, disbursed in two tranches: 70% upon approval and 30% upon submission of a mid-term progress report, as specified in ITC Application Form ITF-SIG-2025. Eligibility requires the applicant to hold at least 51% equity in the startup and to have secured a matching contribution from a recognised incubator (Cyberport, HKSTP, or a university technology transfer office). As of January 2025, the ITC reported an average approval time of 8.4 weeks from submission, with a 67.3% acceptance rate for first-time applicants.
Technology Voucher Programme (TVP)
The TVP, relaunched in 2024 with increased caps, provides up to HK$600,000 per eligible enterprise for technology adoption projects. For 2025, the key change is the expansion of eligible expenditure to include cloud computing subscriptions and cybersecurity audits, per ITC Circular No. 3/2024. The programme operates on a reimbursement model: founders must pay upfront and claim within 60 days of project completion. Data from the ITC’s Q4 2024 TVP report indicates that 78.2% of approved projects involved software-as-a-service (SaaS) procurement, with an average claim value of HK$218,000. The programme requires a minimum of two supplier quotations and prohibits related-party transactions exceeding 10% of the total project cost.
Research & Development Cash Rebate Scheme
For startups undertaking in-house R&D, this scheme offers a cash rebate of up to 40% of qualifying R&D expenditure, capped at HK$1 million per project per year. Qualifying expenditure includes salaries of R&D staff (up to HK$30,000 per month per employee), equipment depreciation, and third-party testing costs, as defined in ITC R&D Circular No. 2/2023. The rebate is paid within 45 working days of a successful audit, and the scheme requires a minimum R&D spend of HK$200,000 per project. In FY2023-24, the scheme processed 1,892 claims, with an average rebate of HK$374,000 per approved applicant.
Sector-Specific Schemes with Higher Caps
Beyond the ITF umbrella, three government-backed programmes target specific verticals with substantially larger funding envelopes, reflecting the HKSAR’s strategic priorities under the 2024-25 Budget.
Smart City & GreenTech Fund
Administered by the Environment and Ecology Bureau, this fund allocates up to HK$5 million per project for startups developing solutions in smart mobility, waste management, or carbon trading. The fund operates on a matching basis: the government covers 80% of eligible costs, with the startup contributing 20% in cash or in-kind. Eligibility requires a minimum project duration of 12 months and a maximum of 36 months. As of the Bureau’s Q1 2025 update, 14 projects were funded in the first round, with an average grant size of HK$3.2 million. The application window for the second round closes on 30 June 2025.
Fintech Proof-of-Concept Subsidy Scheme (FPS)
The FPS, jointly administered by the HKMA and the SFC under the Fintech Facilitation Framework (SFC Circular SFO/IS/023/2024), provides up to HK$2 million per project for regulated financial institutions (RFIs) and their technology partners. For 2025, the scheme expanded eligibility to include startups that have entered into a formal partnership agreement with an RFI licensed under the Banking Ordinance (Cap. 155) or the Securities and Futures Ordinance (Cap. 571). The subsidy covers 75% of project costs, with a maximum disbursement period of 18 months. The HKMA’s 2024 annual report recorded 47 approved FPS projects, of which 31 involved startups as the primary technology provider.
HKSAR Innovation & Technology Scholarship for Startups
This scholarship, distinct from the ITF grants, is aimed at university spin-offs and student founders. It provides a non-repayable grant of HK$300,000 per team, plus access to co-working space at Cyberport or HKSTP for 12 months. Eligibility requires at least one team member to be a current student or recent graduate (within two years) of a UGC-funded institution. The scholarship is disbursed in three tranches: HK$100,000 upon programme commencement, HK$100,000 at month six upon submission of a technical milestone report, and HK$100,000 at programme completion. The ITC reported 112 recipients in the 2024-25 academic year, with a 92% completion rate.
Application Mechanics and Compliance Obligations
Navigating the application process requires precise documentation and adherence to specific timelines. Founders should note that the ITC has migrated all grant applications to the e-Grant portal as of 1 January 2025, with paper submissions no longer accepted.
Documentation Requirements
Every application must include: (i) a certified copy of the Business Registration Certificate under the Business Registration Ordinance (Cap. 310); (ii) a detailed project proposal with a clear timeline, budget breakdown, and measurable KPIs; (iii) audited financial statements (or management accounts if less than 12 months old); and (iv) a declaration of any other government funding received. For schemes exceeding HK$1 million, the ITC requires a third-party technical assessment report, typically costing HK$15,000-HK$25,000, which the applicant must commission at their own expense.
Compliance and Audit Risks
All grant recipients are subject to random audits by the ITC or the relevant bureau. The ITC’s 2024 audit report noted that 8.3% of sampled projects had funding clawed back due to non-compliance, with the most common breaches being: (i) failure to maintain separate bank accounts for grant funds (34% of breaches); (ii) expenditure outside the approved budget categories (28%); and (iii) late submission of progress reports (22%). The SFC’s updated Guidelines on Anti-Money Laundering (SFC Circular SFO/AML/001/2025) also apply to fintech startups receiving FPS funding, requiring them to implement customer due diligence procedures within 90 days of grant approval.
Strategic Considerations for 2025-2026
The funding landscape in 2025 presents both opportunities and constraints for seed-stage founders. The STF’s increased co-investment ratio means founders must now secure HK$2 of private capital for every HK$1 of government money, up from HK$1.50 previously. This raises the bar for startups without existing angel backing. Conversely, the expanded TVP caps and the new Smart City & GreenTech Fund offer higher absolute funding for technology adoption and sector-specific solutions.