Citizen By Investment Hong Kong

Situated at the southeastern tip of China, Hong Kong is ideally positioned at the centre of rapidly developing East Asia. With a total area of 1,110 km2, the region covers Hong Kong Island, the Kowloon Peninsula, the New Territories, and 235 outlying islands. Hong Kong was established as a British colony in 1841. He reverted to Chinese sovereignty on 1 July 1997, under the terms of the Joint Declaration of the Government of the Great Britain and the Government of the People’s Republic of China on the Question of Hong Kong, 1984. At that time, Hong Kong became a unique administrative region of the People’s Republic of China (HKSAR), retaining its current economic, social, and legal system for at least 50 years after 1 July 1997. Since the transition, Hong Kong has continued running its affairs with complete autonomy.

Hong Kong was ranked 1st by the Heritage Foundation’s 2019 Index of Economic Freedom, making it the world’s freest economy. Hong Kong is also a major trading centre with a population of approximately 7.49 million.

A legal and business environment

The legal system in Hong Kong follows English common law and an increasingly extensive body of statutory law that was passed by the local legislature. Hong Kong is well-populated with law firms, including several overseas firms from Australia, Canada, the UK, and the USA. The language of the law and mainly of business is English. The local language is the Cantonese dialect, and Mandarin is increasingly spoken in Hong Kong. The Hong Kong Government has generally adopted a ‘maximum support and minimum intervention’ policy. It provides business-friendly conditions, including the rule of law, personal liberty, and a clean and efficient administration.

Since October 1983, the Hong Kong dollar has been pegged to the USA dollar at HKD 7.80 to USD 1, and there are no exchange controls. Hong Kong is a regional business center in Asia, with well-established commercial links with most other Asian countries. Hong Kong is in a particular position of business in China. Hong Kong is well positioned to increase its role as China’s prominent commercial and financial link with the international world. Also, Hong Kong has signed a bilateral free trade agreement known as the Closer Economic Partnership Agreement (CEPA) with mainland China.

Communications throughout Hong Kong are excellent; in particular, telecommunications are efficient and cheap.

Economy

Hong Kong is a major international financial and trading centre, with a significant representation of banks, insurance companies, merchant banks, fund managers, venture capital companies, and other financial intermediaries. During the postwar period, the local economy developed rapidly in manufacturing, mainly based on textile and garment production and other consumer goods industries such as toys and electronic products. Hong Kong has little heavy industry, and the economy increasingly depends on services. Civil aviation, shipping, travel and tourism, trade-related services, and various financial and banking services are the main components of trade in services.

Hong Kong is also famous as a location for the regional headquarters of many multinational companies. He has grown substantial local companies in hotel management, property development, and telecommunications. The real estate sector dominates the local economy, active both within the HKSAR and overseas in countries such as China, Malaysia, and Vietnam. Hong Kong has independent membership of several international bodies, such as the WTO. It is and will continue to be treated as a separate entity from China for most international purposes.