Hong Kong has always been one of the world's most important international financial centers and a gateway to the world's most prosperous economy. It has always been a huge attraction for ultra-high-net-worth individuals.
As the wealth status in Asia matures, ultra-high-net-worth individuals are increasingly demanding family office services. Hong Kong is planning to take advantage of its geographical advantages to further build Hong Kong's status as a global family office hub.
Recently, the Hong Kong Special Administrative Region Government issued the "Policy Declaration on the Development of Family Office Business in Hong Kong" and launched a series of convenient measures, hoping to attract wealthy overseas families to settle in Hong Kong for development.
01
The Hong Kong Development and Family Affairs Office is at the right time
The family office is an important growth area of the asset and wealth management industry, and it is also one of the financial fields that have focused on development around the world in recent years.
In his first policy address, Hong Kong Chief Executive Lee Ka-chao also regarded the development of family offices as one of the important starting points. The report stated, "The goal is to promote the establishment or expansion of no less than 200 family offices in Hong Kong by the end of 2025." .”
Recently, Silicon Valley Bank and Signature Bank have closed down one after another, and Credit Suisse Bank has also been acquired in a crisis, which has shaken the confidence of the global market in the European and American banking systems.
In contrast, Hong Kong's sound banking system, sound regulatory mechanism and ample liquidity all show clear advantages.
The Hong Kong Special Administrative Region Government issued a policy declaration to develop family office business at this time, which is just at the right time.
02
The advantages of setting up a family office in Hong Kong are significant
As a top international financial center and wealth management center, Hong Kong is the first choice for ultra-high-net-worth individuals to set up family offices, providing many unique advantages for the operation and development of family offices:
01
Huge potential, policy funding support in place
As one of the wealth management centers in Asia, Hong Kong has long paid attention to the development potential of family offices, and has recently made significant efforts in family offices and wealth management.
In the 2023 Hong Kong Budget, Chen Maobo said: "In the next three years, 100 million yuan will be provided to Invest Hong Kong to attract more family offices to Hong Kong."
02
Asia's leading private wealth management hub
As a global financial center, Hong Kong is the largest cross-border private wealth management center in Asia and an ideal springboard for wealthy Chinese families to internationalize their wealth and family inheritance.
According to the 2022 Boston Consulting Group (BCG) ranking of global offshore wealth management centers, Hong Kong ranks second in the world, second only to Switzerland.
03
Diversified product platform meets the individual asset allocation needs of the family office
In terms of asset allocation, the Family Office emphasizes systematic and diversified asset allocation to share risks. Therefore, its investment asset classes are very rich, such as bonds, stocks, fixed income products, trusts, art collections, etc.
From the perspective of products, Hong Kong has a complete banking center, and it is also the world's largest stock fund-raising center and the third largest bond center in Asia (excluding Japan).
04
Mature professional services and talent support
Hong Kong is an international asset management center, and about 70 of the world's top 100 asset management companies have established bases in Hong Kong.
In terms of talents, Hong Kong has excellent talent resources, high-quality professionals and management talents, and actively recruits top talents from all over the world!
05
Sound regulatory framework and legal system
In terms of the home office business environment, Hong Kong has a simple and low-tax environment and offers a variety of tax incentives. At the same time, Hong Kong has a comprehensive Double Taxation Agreement (DTA) network.
In terms of the legal system, taking trust law as an example, Hong Kong's comprehensive trust law gives Hong Kong good privacy protection and asset protection.
03
What can Hong Kong offer family offices?
In the "Policy Declaration", the Hong Kong government proposed eight key measures to improve Hong Kong's attractiveness to global family offices:
? New "Capital Investor Entrant Scheme"
? Provide tax relief
? Provide measures to facilitate the market
? Establish Hong Kong Wealth Inheritance Institute
? Promote art storage facilities at airports
? Develop Hong Kong into a charity center
? InvestHK FamilyOfficeHK dedicated team
? New family office service provider network
Hong Kong brings together global financial capital, elite talents and professional services, and connects the mainland and the world. With its highly open and international market, effective regulatory system, rule of law system, and free flow of information and capital, Hong Kong has abundant investment opportunities. It is the perfect choice for family offices looking for long-term investment goals.
Xingyunhai International is headquartered in Hong Kong, China, occupying regional advantages and possessing strong resources. Professional consultants, senior copywriters, and post-service teams follow up the whole process, providing comprehensive and considerate services such as Hong Kong immigration, further education, and investment.
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