Setting up in China? Why you should consider Hong Kong as a host location for your assignees working in Asia.
We came across an interesting debate this week at Gerson Relocation covering the future of Hong Kong as a global financial hub, and how this affects corporate relocation into the city, as well as the mobility market into Asia as a whole beyond 2014.
The debate, from Legal Week’s Corporate Counsel Forum Hong Kong, states that the city has major issues to tackle in keeping its position as a regional financial centre – whilst also recognising massive opportunities that are available for those operating in the global mobility market.
One of these issues, which caught our eye, is a current shortage of human capital – opening up opportunities for assignees looking to move into Asia as part of their corporate relocation and career strategy.
Forum panellist Doug Arner, Professor and Head of Law at the University of Hong Kong, commented:
“It’s important to recognise that this is a continual process. Hong Kong is facing a series of major challenges at the moment.”
“One real growth area that we have seen is in mainland companies setting up international operations in Hong Kong. That is massive growth and a huge opportunity and it means that Hong Kong has to have the human capital in place to service those companies as they go out into the Western world.”
Maybe Hong Kong will follow Singapore’s lead with certain tax incentives being given to businesses to relocate there in coming months.
However the regulatory situation develops in Hong Kong – with emphasis from the Forum panellists being placed on the relaxation of certain enforcements, the city is undoubtedly going to be one to watch for the corporate relocation professional in coming months.
At Gerson we have seen a number of Mobility teams choosing Hong Kong as a solution to the environmental question facing assignees wishing to take up assignments in Mainland China.
There is a fine balance between growth strategy and attracting key talent to take up these roles. A Hong Kong based living solution for the family to minimise pollution exposure and a short commute for the assignee into mainland China is proving popular and we would love to hear your comment?
If you’d like to find out more about Gerson Relocation and Unigroup or what we are doing in the region and how we could potentially help you. Please contact our Business Development Team on 01707 649 888, or feel free to contact us here.
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