Thriving in Hong Kong: The Ideal Destination for Financial Services Companies

By leveraging Hong Kong’s robust financial market, New Region is poised to expand its family office and alternate investment options within its asset management division.

The prowess of Hong Kong as an international financial hub has nurtured many financial institutions over the years. A combination of factors including government initiatives, geographic location, rule of law, low taxation and access to the right talent enrich the fertile soil that seeds thriving businesses. Over the past half century, New Region has steadily flourished in this hothouse environment. In keeping with the city’s push towards growing family office businesses, New Region is expanding to assist multi-family offices from Mainland China and Southeast Asia. Further, it is strengthening its hedge fund portfolio alongside alternate investment options for intrepid clients.

Hong Kong’s Unique Advantages

Kavi Wong, CEO and Fund Manager with New Region, has confidence that Hong Kong continues to be the best place to be based. “It is the ideal choice because Hong Kong is an international financial centre with a developed financial system and a stable political environment,” he said. “Serving as an Asian hub, Hong Kong facilitates business expansion throughout the Asia-Pacific region. Notably, Hong Kong’s exemption from capital gains tax for investors offers a distinct advantage. Additionally, its favourable tax rates on salaries and profit taxes further contribute to a robust business environment.”

New Region plans to expand its workforce in the coming two years to Singapore and Mainland China. Wong feels that having a presence in Hong Kong with close ties to the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) encourages smooth and seamless dealings with clients across the border. “Hong Kong shares a close cultural background with the GBA, making it the preferred destination for Mainland Chinese clients. The geographical location of Hong Kong allows us to fully benefit from opportunities in the GBA, a region that serves as a crucial engine for the country’s economic development,” he noted. “Recently, our management team was joined by private banking executives from Europe, the United States, and Singapore.”

Wealth of Skilled People

Wong believes that Hong Kong’s rich talent pool not only in finance but also in law, technology and other industries make it the perfect place to source suitable staff members. “When expanding the operation in Hong Kong, the first consideration should be the abundant talent pool and diversified labour market,” he stated. “As an international financial centre, Hong Kong attracts a plethora of professionals. Our legal professionals are very knowledgeable regarding international law. Our universities are renowned. In addition, many private banks and investment firms have branches in Hong Kong, providing rich talent resources and further strengthening the city’s allure.”

As for the city itself as a place to call home, Wong offers high praise: “Not only does Hong Kong boast a high quality lifestyle including advanced healthcare, rich cultural activities and top-notch educational resources, but the city’s public transportation system is highly convenient. The city is filled with opportunities. For those who enjoy urban living and pursue career advancement, here is an exciting place.”