G. Owners’ Corporation Formation Subsidy
The duty to manage and maintain a building, in the end, lies with the owners, but the individual owners will probably find it difficult to work together without a collective entity to help them collaborate and to represent their interests. The existence of an owners’ corporation is, therefore, of prime importance in building management. To encourage building owners to form an owners’ corporation, the Government offers the Owners’ Corporation Formation Subsidy.
A cash subsidy of $3,000 is available to help pay for the expenses of setting up an owners’ corporation. If the attempt to set up an owners’ corporation fails, the expenses involved in the attempt will be reimbursed to the applicant subject to the upper limit of $3,000.
The Subsidy is applicable to both residential and composite (i.e. residential and commercial) buildings. To be eligible to apply for this Subsidy, the applicant has to be the owner of one of the units in the subject building. Both individual owners and company owners are eligible for this Subsidy.