What is a Cover Bid?

Cover Bid

The Competition Commission lodged a case on 22nd March 2023 in the Competition Tribunal against 4 IT companies. The case told that these companies unfairly obtained 189 projects in “D-biz” with cover bids and the corresponding amount is about 13 million dollars. This is the very first case, and what is cover bidding? Cover bidding … Read more

Budget 2023: Corporate

2023 Financial budget

Financial secretary Paul Chan announced the first financial budget after normalcy. As the deficit is serious, many measures have been cut or cancelled. We have the summary here: BizMagnet government fund consultant helps Hong Kong companies to apply for TVP, BUD Fund and EMF etc. We also recommend quality suppliers to help you to brand, upgrade and sell.

Anti Money laundering tech

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In recent years, the compliance requirement in financial industry gets stricter and stricter. Here are the reasons: 1. technology allows easier international laundering, 2. political figures sanction due to geopolitical issues, 3. terrorism. Financial institutions such as banks, exchange shops, insurance companies etc pay extra attention to ensure compliance fulfillment. Offences can result penalty or … Read more

Budget 2022 support for commerce

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Financial secretary Paul Chan announced the last financial budget of his term. Due to the serious impact of the 5th wave of COVID-19, the budget provides a series of support to local commerce and this is the brief: Reduce 100% of profit tax for the year of assessment 2021/2022 (Maximum: HKD 10,000) Reduce non-residential rate … Read more

Budget 2021: Special 100% Loan Guarantee

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Announced in the 2021-22 Budget, the government will enhance the Special 100% Loan Guarantee of the SME Financing Guarantee Scheme (SFGS) to relieve further SMEs’ cash flow pressure. The improvement measures are as follows: Maximum amount of loan: the total amount of employee wages and rents for 18 months, or HK$6 million, whichever is lower … Read more

The 2021-22 Budget: Improvement Measures on BUD Fund

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Announced in the 2021/22 Budget, the government proposed to improve further the BUD Fund, including the following measures: Additional injection of $1.5 billion Expansion of geographical coverage to 37 economies (previously 20 economies) Increase of the funding ceiling for each company to $6 million (previously $4 million) According to sources, the Secretariat of the BUD … Read more

The 4th round of Anti-epidemic Fund

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Previously the Chief Executive Carrie Lam announced that the government seeks injection approval to the Anti-epidemic Fund before Christmas. The fourth round of the Anti-epidemic Fund will assist those sectors impacted by the social distancing measures. For instance, restaurants, beauty salons, fitness centres etc. The application is simple and even raised by the government. Nevertheless, … Read more

ESS finished and layoff coming

Poor business

Under the Anti-epidemic Fund of the HKSAR Government, the Employment Support Scheme (ESS) had two phrases, June to August and September to November this year. Companies accepting the ESS subsidy cannot cut jobs during the period. Therefore some enterprises such as Cathay Pacific didn’t apply for the second phrase. The ESS completed on 30th Nov … Read more

Commentary: US election influence to HK economy

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Up to now (8/11/2020), the US presidential election doesn’t have a final projection yet. Democrat candidate Joe Biden won most of the swing states and more than 270 electoral votes. Republican candidate Donald Trump (the present president) doesn’t agree to lose and about to appeal to the Supreme Court. It is likely that another case … Read more