The Hong Kong Companies Ordinance allows foreigners to register business with the help of agencies. These are firms with experts in company registration, which implies they can help you to prepare the documents professionally. An agency will also be very helpful in the following ways:
- It can serve as your company secretary.
- You can use the agency as the company address.
- You do not have to fly to Hong Kong to register a company when using an agency.
- The agency can hold your hand when starting your company.
- Can also help you with filing tax returns and bookkeeping.
If you are planning to register a company in Hong Kong, it is important to follow all the steps outlined in the Companies Ordinance. However, the cheaper and more convenient option is using an agency to register a company. With an agency, you can never go wrong in Hong Kong company registration.
Inside Hong Kong’s Plan to Strengthen its Financial Ecosystem
Hong Kong is a respected financial hub, a position it has held for years because of its open capital market, a reliable legal system, and pro-business environment. To strengthen its position as a global financial hub, Hong Kong administration has adopted a robust and multi-pronged strategic approach.
According to Christopher Hui, the Secretary for Financial Services and Treasury, the Hong Kong financial ecosystem requires more measures in different areas, such as fintech and regulation, to continue being a revered hub for years to come. This post is a closer look at the efforts being made to enhance the Hong Kong financial ecosystem and answer the question, “Are they enough?”
Support for the Development and Adoption of Fintech in the Island
With more than 150 banks running in its shores and mobile subscriber penetration surpassing 250%, the Hong Kong market for digital banking is huge. Compared to other technologies, fintech is like a new industrial revolution with the potential to elevate Hong Kong’s financial hub into the next level. Hong Kong is willing to go to any length to increase uptake and use of fintech. Here are some examples:
- In July 2020, Hong Kong launched a $15.5 million wage subsidy that encourages firms in the financial sector to hire fintech professionals.
- The Hong Kong administration further committed to subsidizing new fintech experts hired by financial services for about one year.
Promoting More Competition in the Industry
To maintain its top position as a financial hub, Hong Kong administration appreciates that it must promote healthy competition. This is why the Hong Kong Monetary Authority (HKMA) has been encouraging the entry of virtual banks to offer retail services. By November 2020, Hong Kong had issued eight licenses for virtual banks.
With more players, the Hong Kong administration wants to achieve the following for the market:
- Promote faster access to financial services.
- Increase the availability of more financial products.
- Attract more financial players into the Hong Kong economy.
A Financial Ecosystem that Leverages a More Sustainable Future
As the world shifts towards more sustainable approaches, Hong Kong is also aligning its financial ecosystem with green goals. In December 2020, the Green and Sustainable Finance Cross-Agency Steering Group acknowledged that climate change is a global problem that requires a global solution. Therefore, the group is focused on stepping up its efforts in addressing climate change in the financial sector while supporting global initiatives. In particular, the group is striving to help Hong Kong achieve carbon neutrality before 2050.
The Steering Group has focused on the following three key areas to help strengthen the Hong Kong financial ecosystem for a more sustainable future.
- Strengthening climate-related financial risk management.
- Capitalizing on available opportunities, especially from Mainland China, to make Hong Kong a green financial center.
- Encouraging the flow of climate-related information at different levels for more effective risk management, investor protection, and capital allocation.
The Hong Kong financial ecosystem is in transition with the primary aim being to retain the island’s global financial hub status. The efforts highlighted in this post reflect a proactive administration that is willing to take any step to improve the available financial services. So, whether you are looking for an offshore investment jurisdiction, live in Hong Kong, or want to tour the Far East, Hong Kong will be a great point for financial services!