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Some of you have been showing concern about the political evolution of Hong Kong and the impact it may have on its economic stability and attractivity. A few have even been considering moving out of Hong Kong or choosing another jurisdiction in Asia to establish a business in, in fear of possible risks linked to recent events.
At Orbis, however, we believe there are no such risks or at least none to be feared in the short to medium term. Now it is possible that in the later future, some measures may affect Hong Kong’s attractivity overall so it would not be considered as being the best, or counted among the best, destinations in Asia to establish business. However, we believe it would not be in the PRC’s best interest to see this happen. After all, the PRC’s main concern at the moment, when it comes to Hong Kong, is political and social, not economical, and recent studies show we are right to think so.
First, a recent annual report by a Canada-based research organization, Fraser Institute, hails Hong Kong as the freest economy in the world. Renowned as a long-standing international financial centre, Hong Kong is still being looked upon as a favourable destination for foreign investment for its size of government, legal system, property rights, freedom to trade internationally and regulation.
The above finding echoes with other research from a US-based think-tank Heritage Foundation. Its 2020 report compares the world’s 42 economies in terms of economic freedom and rates Hong Kong as 2nd on the list, with an overall high score of 89.1. The assessment is again based on similar criteria such as the rule of law, government size, regulatory efficiency, and open markets.
Apart from the strengths mentioned above, Hong Kong also has an edge due to its low and simple taxation system, highly skilled workforce, and excellent law and order.
If you wish to obtain more information or assistance about setting up a company in Hong Kong, please do not hesitate to contact us via contact@orbis-alliance.com.
For further details about the research findings mentioned above, please visit: https://www.fraserinstitute.org/studies/economic-freedom-of-the-world-2020-annual-report and https://www.heritage.org/index/?version=38.