Details

1. Requirements


1.1

For young people aged between 18 and 35 (Those who have not reached the age of 36 by the application deadline are considered).
1.2 A Hong Kong Permanent Identity Card holder.
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 proof of residence
  • 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 Limted within 3 months
    (Enquiry hotline: (852) 2577 1816; website: www.transunion.hk)
  • Duplicate copy of Certificate of Incorporation (if any)
  • Incorporation Form – Form NNC1 (for company limited by shares) or Form NNC1G (for company not limited by shares)  (if any)

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./span>

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.

 
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