News Category: Hong Kong News clear

Published in Hong Kong News on 10.12.2020

Hong Kong's Mandatory Provident Fund (MPF) pension scheme turns 20

In the 1990s, as financial security in old age became an ever-greater problem due to the increasing number of older people, a falling birth rate and the disintegration of extended families into nuclear families, the British government planned a mandatory pension scheme from 1993.

This was finally introduced on December 1, 2000, and since then has been the only compulsory social insurance in Hong Kong.

In mid-2020 a total of HKD 1 trillion (approx. 107 billion euros) in assets was managed for Hong Kong citizens.

Published in Hong Kong News on 08.05.2020

Hong Kong News: Measures to support individuals and businesses affected by COVID-19

The Hong Kong government has put together a massive aid package to cushion the impact of the crisis on businesses and individuals. A core element is the support of salary payments from companies to retain jobs.

Published in Hong Kong News on 14.04.2020

COVID-19: Subsidies in Hongkong

In Hong Kong, as in many other parts of the region, the COVID-19 pandemic is slowing down. This provides the opportunity to address the economic consequences .
Due to the economic impact of the global shutdown, the Hong Kong government has taken measures to stabilize the economic situation and established a Pandemic Response Fund to mitigate the negative effects of the corona crisis.

Published in Hong Kong News on 13.09.2019

Hong Kong News: The Key Facilitator for US and European Firms Venturing into the Greater Bay Area

A poll of 55 US and European companies with operations in Hong Kong indicated that optimism is rising with regard to the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) development, despite the escalating trade dispute between the US and mainland China.

Published in Hong Kong News on 06.08.2019

Hong Kong News: Is there finally an end to the problems and difficulties regarding bank account openings in Hong Kong?

Leading banks in Hong Kong allegedly reduce account opening requirements for start-ups and SMEs.

Published in Hong Kong News on 13.06.2019

Hong Kong News: ASEAN-Hong Kong Free Trade Agreement enters into force

The ASEAN – Hong Kong Free Trade Agreement (AHKFTA) entered into force on 11 June 2019 for Hong Kong and five ASEAN Member States, namely, Lao PDR, Myanmar, Singapore, Thailand and Viet Nam. Under the AHKFTA, Hong Kong and Singapore will grant tariff free access and will bind their customs duties at zero upon entry into force of the agreement. B… » read more

Published in Hong Kong News on 02.05.2019

Hong Kong News: Hong Kong plans to house 1 million people on artificial islands

Year after year, Hong Kong SAR has topped the rankings for the world’s least affordable housing markets. The city’s sky-high property prices have pushed residents into tiny living spaces, including the notorious subdivided apartments known as “coffin homes”.

Published in Hong Kong News on 24.01.2018

Hong Kong News: December inflation up 1.7%

The Census & Statistics Department announced that the overall consumer prices rose 1.7% year-on-year in December. Netting out the effects of the Government's one-off relief measures, the underlying inflation rate was also 1.7%, slightly higher than the 1.6% rise in November. Year-on-year price increases were recorded for meals bought away from… » read more

Published in Hong Kong News on 09.12.2016

Hong Kong News: New SME Initiative - Technology Voucher Programme

In an effort to strengthen the competitiveness of Hong Kong businesses the Hong Kong Government launched a 500 million Dollar Pilot "Technology Voucher Programme" (TVP) under the Innovation & Technology Fund. This programme aims to subsidise SME’s use of technological services and solutions to improve productivity and upgrade business processes.

Published in Hong Kong News on 01.11.2016

Hong Kong News: Stable job market makes employees evaluating opportunities

Hong Kong’s unemployment rate stays extraordinary low. Last figures show the rate at 3.4% for the third quarter 2016 with a seasonal adjustment with a voluntary fluctuation of about 15%. From an employer’s view, the stable job market brings challenges in keeping employees with the company as many opportunities for demanded talent are inviting. The… » read more

Published in Hong Kong News on 10.08.2016

Hong Kong News: New guidelines shall aim to ease the opening of bank accounts for foreign companies and investors in Hong Kong

The Hong Kong Monetary Authority (HKMA) plans to release new guidelines to simplify the opening process of bank accounts. Several banks made the account opening for start-ups and foreign SMEs very difficult. The HKMA urges all banks to strike a balance between compliance requirements and the providing of basic services for the public. The… » read more

Published in Hong Kong News on 17.06.2016

Hong Kong News: Why is it so difficult for small businesses to open an account at some banks in Hong Kong?

Arthur Yuen (is deputy chief executive of the Hong Kong Monetary Authority) in an insight opinion for the SCMP says that banks’ due diligence checks on customers need to be stringent but not prohibitive, so that SMEs – particularly start-ups and foreign companies – can access the services they need.

Published in Hong Kong News on 01.06.2016

Hong Kong News: Hong Kong reclaims crown as world’s most competitive economy

City’s efforts to create business friendly environment give it edge over rival Singapore and former champion, the US.

Published in Hong Kong News on 19.10.2015

Hong Kong NEWS: Hong Kong no longer on ECs list of non-cooperative jurisdictions

In June the European Union has named Hong Kong as one of the international territories and countries that are not cooperating in efforts to fight tax avoidance and included HK in its list of ‘non-cooperative’ jurisdictions for tax purposes. The EC named any jurisdiction that was, at the time of publication, blacklisted as a tax haven by at least 10 EU member states.

Published in Hong Kong News on 08.11.2011

Hong Kong News: Hong Kong and Malta sign tax treaty

The Secretary for Financial Services and the Treasury, Professor K C Chan, signed in Hong Kong today (November 8) an agreement with the Republic of Malta for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income on behalf of the Hong Kong Special Administrative Region Government. The Ambassador of… » read more