Attracting Hong Kong Enterprises with New Government Strategy
Government to encourage Hong Kong enterprises with transformational initiatives
The Hong Kong Government values the importance and role that enterprises play in the economy. As such, the Government will be implementing several new and exciting strategies to encourage and attract Hong Kong Enterprises. The array of initiatives, schemes, and institutional systems will also aim to bring in more talent and investments.
To ensure a seamless adoption, the Government will be establishing several agencies to focus on these plans. Enterprises will fall under the Office for Attracting Strategic Enterprises’ (OASES) purview. The scope of attracting and supporting talents will be within the ambit of the Talents Service Unit. Both these agencies will provide comprehensive and one-stop services and support for their relative stakeholders.
The HK Government will be allocating HK$30 billion from the Future Fund to create the Co-Investment Fund. This scheme aims to encourage enterprises to do business in HK with the Government co-investing. The Government will also establish Economic & Trade Offices (ETOs) with teams specialising in attracting global enterprises and talents.
New Strategies and Initiatives
The Financial Secretary and the Chief Secretary for Administration will be leading OASES and the Talents Service Unit, respectively. OASES will focus on attracting enterprises from all over the world, especially from the Mainland. One of OASES’ strategies is to extend enterprise-friendly measures that will accelerate and streamline the setup of Hong Kong enterprises. Industries will include data science, artificial intelligence, smart manufacturing, and new energy and health technologies.
Similarly, the Talents Service Unit will also be creating specific strategies that drive a talent migration to Hong Kong. The aim is to recruit, nurture, and retain both local and international talents. The Unit will provide a comprehensive multiservice facility to efficiently support and manage the workforce and the workplace. The Unit will also liaise with the Immigration department to ensure a smoother visa process.
The Government will modernise the General Employment Policy and the Admission Scheme for Mainland Talents & Professionals. It will also suspend the Quality Migration Scheme’s annual quota while streamlining the approval process. Other initiatives include the two-year Top Talent Pass Scheme, which facilitates talents in pursuing their careers in HK. Eligible talents who become permanent residents can also qualify for a return of any extra residential property stamp duties.
Talent & Enterprises to Secure Hong Kong’s Economy
By focusing on attracting Hong Kong enterprises and top talent, the Government is firmly futureproofing the economy. These initiatives will work in tandem with the ETOs actively pursuing and encouraging enterprises and talents to come to HK.
Entrepreneurs ready to do business in HK can streamline the process by engaging 3E Accounting Hong Kong. We are an award-winning enterprise solutions firm offering a comprehensive range of business packages. With a global team of professionals and impeccable world-class service, we take care of everything a modern enterprise needs. Contact today to explore customisable options that suit your business needs best.