International business support for Hong Kong citizens settling in the UK

As more and more Hong Kong citizens settle in Britain, a survey found 42.5 per cent plan to start their own businesses here.

Most (74.4 per cent) are in the 30 to 50 age group with more than 10 years of professional experience, such as accountancy, banking, education, engineering, finance and IT.

Over 60 per cent of the potential entrepreneurs own a total asset of over £200,000.

Once they are established, trading internationally will open a lot of opportunities and the Government can help new arrivals.

The Department of International Trade (DIT) has a range of support.

The UK Export Academy The DIT’s UK Export Academy is a free online training programme that aims to teach you everything you need to know about selling your goods or services overseas.

You could get specialised courses that are relevant to your industry.

The Internationalisation Fund

Gearing up to trade internationally can be expensive.

If you need assistance with the initial costs, you could benefit from a match-funded grant from the DIT.

These grants are available to businesses in the UK, and range from £1,000 to £9,000. According to the DIT’s guidelines, you could be eligible if:

· Your business is classified as an SME (with up to 250 employees)

· The annual turnover doesn’t exceed €50 million (approximately £42.9 million) or the annual balance sheet doesn’t exceed 43 million (around £36.9 million)

· You have no more than 25 per cent of capital or voting rights owned by another company, or companies, if the total ownership group is over the annual turnover or balance sheet threshold

· You own no more than 25 per cent of another company, or companies, under the same rules as above.

Need advice on relocating to the UK and international business opportunities? Get in touch.

Posted in Business.