Hong Kong is Back in Business

Last month, Hong Kong’s Financial Secretary Paul Chan announced the 2023-2024 Budget. A budget that is set to boost, develop, and recover the cities economy after covid.

Hong Kong have now lifted all covid restrictions, after easing the worlds longest running covid restriction, mask wearing. Making them the last financial centre in the world to lift the policy.

In this article we look at the opening of Hong Kong, doing business with mainland China, visas, and registrations fees.

Covid Restrictions

Since the beginning of covid, Hong Kong has largely followed Mainland China’s lead to tackle the virus with a “ Zero-Covid strategy”. By the end of 2022 almost all of their covid restrictions eased:

  • No more vaccine pass system
  • No limits to the amount of people allowed to gather outside
  • No more Covid hotel quarantine
  • Reopening of cinemas, beauty salons, gyms, hospitality opens with no bans/restrictions
  • Travel restrictions ease, allowing non-residents to enter

In January 2023, the requirement to report covid results via the online platforms of the Centre of Health Protection (CHP) had stopped. Secondary school pupils no longer needed to take tests before classes.

After 3 years since lockdowns started across the globe, it was announced by Chief Executive John Lee on the 26th of February 2023, Hong Kong citizens no longer need to wear face masks from the 1st of March.

Back in July 2020 the face mask policy began to stop the spread of the virus on public transport, it was then expanded to include indoor and outdoor venues. The mandate enforced fines up to $5000 if seen without a face covering in public areas. After 959 since the transport rule came into place, the policy has finally been lifted. However, mask wearing is still required in certain venues to protect high risk groups, such as medical facilities and care homes.

Open for Business

Hong Kong is now ready for business and leisure travellers, seeing many events take place this year, from a variety of different festivals, fairs, shows, trade shows, awards ceremonies, to Exhibitions.

Anyone traveling to Kong Hong is now allowed to enter without any Covid restrictions. The Hong Kong Government are actively trying to attract business, investment, and talent to the area by implementing several policies and schemes:

  • Top Talent Pass Scheme (TTPS)
  • Office for attracting strategic enterprise
  • Strengthen the connection between universities and businesses
  • Relaxed immigration plans
  • Suspension of the annual quota of the Quality Migrant Admission Scheme
  • Expanded IANG
  • TechTas Scheme
  • Other permits and visa renewal arrangements

The government are also promoting new skills development and employment opportunities for talents in multiple fields:

  • Fintech internship scheme for post-secondary students
  • Pilot program to enhance talent training for the insurance sector and asset and wealth management sector.
  • Maritime and aviation training fund (MATF)
  • GBA Youth Aviation industry internship program
  • First-hire-then-train subsidy scheme

Visas with ILS World

You may require a visa open entry into Hong Kong depending on your country, reasons for visiting, and length of stay.

Our ILS Hong Kong team has extensive experience in applying for various visas under the General Employment Policy (GEP) and GEP for Entrepreneurs. We can also assist with:

  • Admission Scheme for Mainland Talents and Professional (ASMTP)
  • Top Talent Pass Scheme (TTPS)

Those admitted as professionals under the GEP are granted an initial stay of 36 months on employment conditions, or in accordance with the duration of the employment contract upon entry.

Doing business with China

On the 6th of February 2023,  the government announced all border entry points between Hong Kong and Mainland China have reopened without any restrictions. The lifting of these restrictions allows Hong Kong to facilitate the international business for China and the rest of the world.

Since the lift, there has been a rise in traffic, seeing such a high demand from mainland China, HSBC are extending their opening hours to seven days a week across three branches in Hong Kong. According to a survey conducted by HSBC at the start of 2023, the results show that handling personal financial matters was the second highest priority since post-reopening visits. The survey also showed that 98% of mainland China residents are looking to open or hold investment products within the city.

For further information on conducting business in Hong Kong, check out our article “Why do business in Hong Kong”.

Business Registration Fees

It is required by law that any business owner looking to do business in Hong Kong has to register their incorporation with Inland Revenue Department (IRD) Hong Kong. Business registration allows companies to operate the legal rights, benefits, and obligations that come with operating in Hong Kong. Business owners must ensure their business remains legal, therefore should keep business registrations up to date and paid consistently.

In order for you to receive your Business Registration Certificate, the company must pay HKD150. As of the 1st of April 2023, this registration fee is increasing to HKD2150. Now is your chance to open a Hong Kong company with a discounted fee before the increase.

Why Choose ILS World

As a leading provider of independent fiduciary services to professional advisors, corporate groups, private and digital clients, we are here to help you achieve your financial goals.

Our experts in Hong Kong have a great deal of knowledge and experience in assisting with private clients, investors, and entrepreneurs on the appropriate structures, company formation, the opening of bank accounts, compliance, administration and much more.

Our professionals can also support you in fluent English, Cantonese, and Mandarin.

Your Specialist
Lilian Cheung
Managing Director
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