Q&A

 

 Frequently Asked Questions

About Applying

1.          Q: I am 35 years old. Am I too old to be eligible for the programme?

A: You are you eligible for applying for the programme. Applicants must be less than 36 years old at the time of the deadline (30th April 2017).

 

2.          Q: I have a business idea but I do not have a registered business. Can I apply for the programme?
A: Yes. Applicants must have a sound business plan. However, anyone who already has a registered company cannot apply.

3.          Q: When must I complete my business registration?  
A: A successful applicant is required to complete the registration of his/her business within 2 months after the final results announcement. Evidence of company registration must be submitted to the Secretariat.

4.          Q: Are there any restrictions on the types of industry?
A: No, as long as the business is legal under Hong Kong law.

5.          Q: My business will be based in Hong Kong but the operations will mainly be held in Mainland China. Can I still apply for the programme?
A: Yes. The programme does not restrict the area of operations of a business. However, applicants must register the business in Hong Kong and obtain the necessary licences/permits.

6.          Q: Can I apply for the programme if I am not a permanent Hong Kong resident but have lived in Hong Kong for five years?
A: No. Only permanent Hong Kong residents may apply.

 

Training

1.          Q: When will the training start?
A: The course is expected to start in May and June. Most of the classes will be held during the evening on weekdays and on Saturday mornings/afternoons. The Secretariat will announce further details of the training timetable in due course.

 

2.          Q: Where are the classes going to be held?
A: Most of the classes will be held at the HKFYG Jockey Club Social Innovation Centre (SIC). The SIC is conveniently located: it takes only 7 minutes by MTR from Admiralty Station to Wong Chuk Hang Station. The address of the SIC is 11B-E, Genesis, 33-35 Wong Chuk Hang Road, Hong Kong.

 

3.          Q: Will I still need to attend training courses if I have joined the HKFYG’s Youth Entrepreneurial Course before?
A: Yes. Shortlisted applicants will be able choose the training courses that match their personal interests and industries.

 

Mentorship

1.          Q: How many mentors will be provided?
A: Successful applicants will enjoy the privilege of having two mentors. One of these will be a successful entrepreneur, a senior executive in a corporation or a professional consultant. Their business expertise and experience will enable these mentors to provide invaluable professional business advice and guidance to the successful applicants. The other mentor will be an entrepreneurial ‘buddy’, who will be a young entrepreneur; these buddies will provide extra support and guidance to the successful applicants throughout their start-up journey. The industry-specific expertise of both kinds of mentor will be taken into account when the mentors are allocated to the applicants.

 

2.          Q: How are the mentors and buddies going to be allocated to successful applicants?  
A: They will be matched according to their industry-specific expertise. Furthermore, the HKFYG has an extensive network of various partners that will be ready to provide additional support.

 

3.          Q: Will my business idea be kept confidential?
A: Yes. The applicant and both of his/her mentors will be required to sign a legal document with clauses on non-disclosure.

 

Seed Fund

1.          Q: Will I be able to accept the HK$200,000 grant but not the HK$100,000 interest-free loan?
A: No.

 

2.          Q: How will the loan and grant be disbursed?
A: Please refer to the table below.*

 

        Phase 1

Phase 2

Disbursement of grant

3 months after an applicant is notified of the success of his/her application

9 months after an applicant is notified of the success of his/her application

 

Disbursement of loan

HK$100,000 grant and HK$100,000 interest-free loan

 

HK$100,000 grant

 

 

In order to receive the seed money, a successful applicant will need to provide evidence of the official registration of his/her company within two months after the result announcement; he/she will also need to have a company bank account.

 

*The disbursement is also subject to several factors, including performances of the business.   

 

Q: How is the interest-free loan to be repaid?
A: There will be a grace period for the first 6 months following the disbursement of the loan. It must be repaid in 24 monthly instalments, from the 7th month onwards.

 

3.          Q: Will the programme require a guarantor for the loan?
A: A successful applicant must be backed by a guarantor with a secure income. The guarantor will be required to repay the loan if the borrower is unable to do so.

 

4.          Q: Will the loan be to the individual or to his/her company?
A: The interest-free loan will be conditional on approval of the submitted business plan and will be to the individual, not his/her company. The applicant and his/her guarantor must agree to pay back the loan even if the business fails.