Paul Chan: HK to become IP trading hub

At a reception hosted by the Intellectual Property Department to celebrate World Intellectual Property (IP) Day on Friday (April 26), Financial Secretary Paul Chan said the Government is pursuing a number of initiatives to promote the development of Hong Kong into a regional IP trading center.

The initiatives include grooming a talent pool of patent examiners equipped with technological and professional knowledge, planning for regulatory arrangements on local patent agent services, setting up a World Intellectual Property Organization Technology & Innovation Support Centre, implementing the "patent box" tax incentive to encourage commercialization of research and development outcomes, etc.

Mr Chan said the Government has been recruiting and training patent examiners with wide-ranging backgrounds, from fresh science and engineering graduates to patent and industry practitioners.

"Our goal is to build a team of about 100 strong by 2030. That will help us achieve institutional autonomy in handling substantive patent examinations," he revealed.

On the "patent box" tax incentive, which will reduce the tax on profits derived from qualifying IP from the existing 16.5% to 5% upon implementation, Mr. Chan said the relevant bill to amend the Inland Revenue Ordinance is now being scrutinized by the Legislative Council.

"This is a significant tax concession, but I am confident it will bring in much more return for Hong Kong as a whole."

Secretary for Commerce & Economic Development Algernon Yau also attended the reception with about 150 guests, including stakeholders from the legal community and IP-related associations, academics, consulate representatives, government officials and representatives from the public and business sectors.