Besides the unexpected setbacks of the emerging covid variants at the end of 2021, the entire global economy has recovered rapidly from the epidemic, and the progress of economic reconstruction is overall optimistic.
Notwithstanding the affection from the macroeconomic environment, Hong Kong is still an ideal place for companies to set up or expand their business, regardless of the business scale, industry sector, and stage of business development. Businesses from different sectors are gradually adapting to the new normal, and even taking this crisis as an opportunity to explore business opportunities from the niche.
As a free economy, with a solidified legal system and a highly diversified and internationalized business environment, Hong Kong is capable of maintaining its core competitiveness and will continue to assist individuals, privately owned businesses, small and medium-sized enterprises, and listed companies to seize the enormous business opportunities brought by Mainland China, as well as its progressive integration with regional and global markets.
Hong Kong is the 5th largest stock market in the world and the 2nd largest in Asia in terms of market capitalisation at end-June 2021. According to the Global Transaction Forecast for 2020, Hong Kong’s IPO and M&A attractiveness rank 1st in the world. Benefits from the emerging needs of biotech-related services and businesses, Hong Kong seizes the Biotech IPO Markets in the APAC region and become the regional and international Biotech funding center.
Possessed one of the most comprehensive and simplest taxation systems in the world, with no tariffs imposed on import or export except four types of goods particularly, Hong Kong once again ranked as the freest economy in the world according to Fraser Institute. As located at the heart of Asia-Pacific and shares an identical time zone with other pivotal financial markets in the region, Hong Kong can safeguard its significant economic presence through its inherent strategic advantage and enable to predominate the opportunities from west to east.
Looking ahead, 2022 will be a year when economic growth exceeds its potential. The resilience of companies when confront with disruption during the pandemic will become significantly important in the decade ahead. At the same time, companies that embrace sustainable value creation and benefit the wider society will be rewarded in the long run. There is no time like the present for the company to reshape its business and navigate the long-term sustainability and continuity throughout the crisis.
Our Doing business in Hong Kong 2022 guide has been prepared to assist those who are interested in starting a business in Hong Kong. It features various topics for companies to focus on shaping the path ahead, such as setting up business entities in Hong Kong, import issues, tax and financial systems, financial reporting and audit standards, and labour and employment.
By working through this guide, you will be able to identify which you should prioritize to create a clear business plan tailored to your business. Mazars in Hong Kong is always your trustworthy business partner alongside your journey despite any challenges.