Web3 companies apply to land in Hong Kong Cyberport, how to get 1.3 million subsidies and free offices?

The Financial Secretary of Hong Kong, Paul Chan Mo-po, wrote on Father's Day, June 18th, that since the establishment of the "Cyberport Web3.0 Base", more than 150 Web3.0 companies have settled in Cyberport.

The following month, the Hong Kong SAR government released a declaration regarding virtual assets.

In January 2023, Hong Kong established the "Cyberport Web3.0 Base" and the financial budget announced a funding of HKD 50 million to accelerate the development of the Web3.0 ecosystem.

In February, lvan's project DanceFit received an interview invitation. Out of over 100 applicants, approximately 40 projects were selected to enter the interview stage, and around 10 projects passed the interview.

"I looked at the list and there is one, including myself, in the web3.0 category. Most of the others are from other technology categories. The team background includes members from Europe, America, South Korea, Japan, etc., but 30% are Chinese teams," lvan told Techub News.

"Tasks like opening an account will be handled by dedicated personnel at Cyberport," Linda explained.

Due to the fact that the CCMF program mainly targets young entrepreneurs in the early stages of development, applicants must be between 18 and 30 years old. If applying as an individual, a Hong Kong residency is required. If applying as a company, team members must be between 18 and 30 years old.

Entrepreneurs applying for CIP can receive up to HKD 500,000, with a two-year incubation period and four stages of disbursement.

By passing the application, you can receive HKD 100,000. Passing the first round of interviews will earn you HKD 50,000, and passing the second round will earn you another HKD 50,000. After passing both the third and fourth rounds of interviews, you can receive HKD 100,000 at once. There is a six-month preparation period for each round.

In addition, after the six-month or two-year incubation period, entrepreneurs will become graduates. Projects that have graduated for no more than five years can also apply for the CASP (Accelerate Support Program). This program is specifically designed to help projects expand into international markets, with funding of up to HKD 300,000 available for application.

Yan Diyu believes that the resources and ecosystem of Cyberport are very helpful for their future development. At the same time, these relatively mature enterprises will also provide a lot of help for "junior brothers and sisters", and even directly invest in projects that they are optimistic about, such as Animoca Brands, which has already invested in more than 300 Web3.0 projects. This has formed an industry ecosystem with internal driving force.

The application for Cyberport's funding program has entered its second phase, with a deadline of July 3, 2023. Applicants can register on the official website.

Linda told Techub News that the threshold for applying for talent introduction plans will be lowered for companies that settle in Cyberport. This can help companies recruit employees from other regions and provide convenience for them to apply for work visas or Hong Kong identity.

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