Hong Kong as Choice for Global Family Businesses: Family Office Network Unveiled
The Hong Kong government is developing a vibrant family office network to provide holistic support to global family offices.
The government recently launched the network platform through Invest Hong Kong. It will promote the region as a value-added destination for global family-run offices.
Over 100 representatives from various family office service providers participated in the inaugural event. The network is one of the eight initiatives within Hong Kong’s Policy Statement on Developing Family Office Businesses in Hong Kong. It is proof that the family office network in Hong Kong has the commitment and support from the government.
Complete Ecosystem
The network aims to cultivate an ecosystem supporting local and global family offices. It will also assist in mobilising similar networks around the world to advocate opportunities in the city for family offices. Finally, it offers the government a two-way channel to brief the industry on recent developments and offer opportunities for family offices in Hong Kong.
During the launch event, a spokesperson affirmed that Hong Kong is the top choice for international family offices. It is primarily due to its dynamic financial ecosystem, sophisticated financial infrastructure and top-tier professional service providers. With the convergence of investment opportunities in the Mainland and worldwide, the region is well-positioned to attract global family offices.
The Network of Family Office Service Providers pools together professional service providers. They include private bankers, trustees, solicitors, accountants, wealth management specialists, etc. It will also assist in fostering cross-border business opportunities and recommend Hong Kong’s benefits to target markets.
Achievement Unlocked
The network marks a significant achievement of the Hong Kong government in putting in place measures to accelerate the region’s ability as a chosen family office hub for high-net-worth individuals.
In the foreseeable future, it will further collaborate with regulators and industry to implement other new initiatives in the government’s policy statement to facilitate the progressive ecosystem for global family offices and asset owners in Hong Kong.
Various Initiatives
Invest Hong Kong emphasised that the government is undertaking diverse initiatives to create a conducive and competitive environment for global family offices and asset owners’ businesses.
Aside from the network, new initiatives include a new Capital Investment Entrant Scheme, tax breaks, a brand new Hong Kong Academy for Wealth Legacy, art storage facilities at the airport, and the development of Hong Kong as a philanthropic centre.
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