Despite the controversy surrounding Hong Kong in recent years, the region is quickly on the rise, and stability has returned. This is once again making Hong Kong an enticing prospect for businesses looking to take advantage of the beneficial laws, taxation, and banking rules.
Although the COVID-19 pandemic has had a devastating effect on the global economy, in Hong Kong, the national security law and the social distancing measures helped to halt protests and bring stability to the region. This stability is once again helping Hong Kong to establish itself as a gem on the global stage for businesses.
As the pandemic gripped the world, China continued to develop the Greater Bay area of Hong Kong, aiming to transform the region into a new Silicon Valley-style technology hub. With continued investment and an influx of new businesses, the area looks set to become the world’s largest bay area in terms of GBP by 2031.
In a telephone conversation with Get Started HK, the leading company formation agent in Hong Kong, its Chairman said that “We are yet to see how the Greater Bay Area will develop in the coming years, however, we already received a large number of inquiries from Tech companies per day. Businesses want to register their offices in Hong Kong and deploy resources in this region early”.
Of course, it is not just the recent developments that have made Hong Kong such an attractive prospect for businesses. The region is renowned for adopting its own currency, legal, and political systems, all of which are designed to encourage commercial growth and development. Alongside this, the Hong Kong government also allows free movement of talent, capital, goods, and information, making the region a highly attractive opportunity for any modern business.
With rules and regulations aligning with international standards, Hong Kong has long been a destination for business success. However, now follow a period of stability, the region is quickly becoming the gem in the international business world. As these developments continue to encourage foreign investment, there has never been a better time to discover how Hong Kong can help to expand your business.