The biomedical field in Hong Kong
The
biomedical sector in Hong Kong is becoming more attractive for research and development activities as well as start-ups. Investors who
open a biomedical company in Hong Kong can choose from a variety of sub-sectors in this field:
biotechnology,
pharmaceutical companies,
medical devices and equipment, medical services and even traditional medicine.
Hong Kong is a favourable location not only because of its
low tax regime but also because the Government encourages and supports investments in this business field. A high-quality infrastructure also supports the
biomedical development and the expansion of companies in this business field.
How to open a biomedical company
China has one of the fastest growing
healthcare markets in the world. Hong Kong's proximity to the Mainland makes it an excellent location to
base a biomedical company. Significant resources and incentives are available for
foreign investors who choose to enter this business field.
A
biomedical company can be incorporated in the form of a
private limited liability company or a public limited liability company. The registration procedure is the same as for companies in other business fields. Depending on the type of services provided or the laboratory research the
biomedical company will undertake, investors will need to obtain special permits and licenses. Approvals are also necessary for conducting
clinical trials in Hong Kong and the Mainland.
Biomedical companies that want to hire employees will need to conclude employment contracts or obtain
work permits for foreign scientists in Hong Kong.
Companies in the biomedical sector need to observe the requirements for filing annual financial statements. Our CPA in Hong Kong offers complete services for preparing these statements, as well as for ongoing bookkeeping and the payment of the due taxes. We tailor our services to suit the accounting needs of the company according to its size and industry. You can reach out to us for details.
The Hong Kong Science Park
The
Hong Kong Science & Technology Parks Corporation (HKSTP) is located in the middle of the city. It provides an area of approximately 24,430 sqm of laboratory space, either furnished or unfurnished. Special utilities relevant for research are available here. Companies involved in various
biotech and biomedical sectors can set up in the Science Park and have access to the facilities provided herein.
Biotech companies can also use the
Biotech Support Centre, a very well equipped facility designed to support research and development activities.
