Small and medium enterprises (SMEs) form the foundation of the economy of Hong Kong. Without the economic and business activities which are carried out by SMEs in Hong Kong, the economic and business environment of Hong Kong would not be nearly as robust and vibrant as it is.
Classifications of SMEs
The government of Hong Kong divides all SMEs which have been registered there into two different categories. One of these categories is that of manufacturing companies, while the other is that of non-manufacturing companies. To be defined as a Hong Kong-based SME, a manufacturing company must not have employed 100 or more employees. Non-manufacturing companies are not to have employed 50 or more employees if they are to be defined as SMEs.
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Support for SMEs
In order to foster the development of SMEs in Hong Kong regardless of the industry which they inhabit, the government’s Trade and Industry Department (TID) has created certain initiatives for such a purpose. Among these initiatives are the administration of funding schemes, the provision of secretarial support to the Small and Medium Enterprises Committee, the provision of business information to SMEs for their benefit, and participation in activities initiated by the Asia-Pacific Economic Cooperation (APEC) which are intended to be advantageous to the business fortunes of SMEs. In this way, the Hong Kong government through the TID ensures that SMEs all over Hong Kong are likely to prosper.
Breakdown of SMEs by industry
The number of SMEs which conduct business operations in Hong Kong is always increasing. The most recent set of statistics shows that there are approximately 340,000 Hong Kong-based SMEs today. SMEs make up over 98% of all businesses in Hong Kong today.
|Industry||No. of SMEs||No. of Employees|
1 253 555
Mining & Quarrying; Electricity & Gas Supply, Waste Management; and Construction
Import/Export Trade and Wholesale
Transportation, Storage, Postal and Courier Services
Accommodation and Food Services
Information and Communications
Financing and Insurance
Professional and Business Services
Social and Personal Services