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| No.10 October, 2010 |
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Survey confirms Hong Kong is Asia's preferred business hub |
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 The number of overseas and Mainland Chinese companies running business operations in Hong Kong has increased 2.6 per cent to a total of 6,561 companies, according to a survey released by Invest Hong Kong and the Census and Statistics Department (C&SD).
Director-General of Investment Promotion, Mr Simon Galpin, said, "The results are very encouraging and reflect the rebound of Hong Kong's economy in the wake of the global financial crisis. Hong Kong continues to be an attractive city for these companies to base their operations in this part of Asia."
The "Annual Survey of Companies in Hong Kong Representing Parent Companies Located outside Hong Kong" aims to understand the profile of these companies and their views on the business environment of Hong Kong. Of the 6,561 companies surveyed, 1,285 are regional headquarters (RHQs), 2,353 are regional offices (ROs) and 2,923 are local offices (LOs). This represents a year-on-year growth of 2.6 percent, 1.1 percent and 3.8 percent, respectively.
Mr Galpin said, "We observed the highest increase in the number of LOs. We work with these companies to help them set up and expand their business and to, hopefully, fulfill their potential as the RHQs and ROs of tomorrow."
Of the companies surveyed, 20 percent indicated that they may expand their businesses in Hong Kong in the next three years either by increasing staff, expanding the scope of business functions or increasing office size.
In terms of sectors, finance and banking demonstrated the most robust growth and reinforced Hong Kong's status as a world-leading international financial centre. Finance and banking regional headquarters increased five percent to 135 and local offices increased 13 percent to 622. Other leading sectors are import/export trade/wholesale/retail, professional/business/education services, and transportation/storage/courier services.
With regards to country of origin, roughly half the parent companies come from four countries. The United States tops the list with a combined total of 1,263 RHQs, ROs and LOs, followed by Japan with 1,085, Mainland China with 789 and the United Kingdom with 505.
Mr Galpin said, "We are seeing greater numbers of overseas companies setting up in Hong Kong as a base from which to expand into the Mainland and beyond. The same is also true of Mainland companies that use Hong Kong as a springboard from which to go global. This phenomenon highlights the strategic importance of Hong Kong to access business opportunities in the Mainland as well as offer geographical proximity to north and southeast Asian markets."
When choosing to set up RHQs/ROs/LOs, the top five factors rated as most important include: simple tax system and low tax rate, free flow of information, corruption-free government, absence of exchange controls, and political stability and security.
Mr Galpin said, "We are delighted to see a more optimistic outlook from the companies surveyed this year. Compared to 12 months ago, 77 percent of them now consider Hong Kong's outlook as a business location has improved or not changed."
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