HONG KONG ECONOMY AND IMMIGRATION

Many Indians are applying for Hong Kong visas more frequently to relocate to Hong Kong permanently or temporarily. What draws a large number of people to Hong Kong each year?  Have you ever thought? It is because of the advantages and benefits of Hong Kong migration, especially the opportunities they get in a free market economy.

FREE ECONOMY:

The main advantage of moving to Hong Kong is that the country fully supports a free economy. The government has imposed meager tax rates. For citizens, there is no inheritance tax. In addition, there are no restrictions on foreign exchange in the nation.

HONG KONG RESIDENCY

Since immigrants must stay in the country for a short period before filing for residency, citizenship can be obtained much more quickly and simply.

AFFORDABLE LIVING

Living costs are lower than in other industrialized nations, making it more attractive to educated immigrants. These amenities include cheaper travel, food, healthcare, telecommunications, and entertainment. Furthermore, Hong Kong offers affordable habitation.

FREE EDUCATION 

Hong Kong’s government provides free education to all dependent children of its citizens or migrants. After entering the country, you may avail free schooling for your wards for nine years.

DEDICATED GOVERNMENT

Hong Kong’s administration is renowned for providing residents and citizens with unrivaled services. While defending public interests, it respects public opinion. 

LEGALIZED SYSTEM

Hong Kong supports an equitable legal system. You can be entirely confident in asserting your human rights, personal property protection, and other rights. International businesspeople have numerous chances to invest in flourishing firms in the nation’s varied industries.

There are multiple benefits that you get to avail yourself of after moving to Hong Kong to start your business and settle there permanently. When it comes to foreign migrants, however, a major percentage of total immigrants prefer this country because of the free business policies of hong kong. 

HONG KONG ECONOMY OVERVIEW: WHAT IS THE HONG KONG ECONOMY TODAY?

Hong Kong Economy now is self-regulating and is based on supply and demand. It is a completely free market in which no aspect of Hong Kong economy is governed by a central government body. The very structure of the free market forces companies to offer improved goods and services that cater to customer requirements by removing government regulations. A free market system of trade also enables vendors to set prices that are affordable for all customers.

Hong Kong is regarded as a modest open economy and shows several positive traits. Wide-ranging business prospects, a low tax system, unrestricted money and information flow, top-notch infrastructure, and effective marketplaces are just a few of the factors that are seen to be crucial to Hong Kong Economy today. Hong Kong’s “one country, two systems” arrangement helps the region create significant economic growth for the Hong Kong economy.

HONG KONG ECONOMY TYPE: SALIENT FEATURES OF A FREE MARKET ECONOMY 

If you are still confused about the Hong Kong Economy Type, then you must know that Hong Kong has adopted Free Market Economy. In this type of economy, there are no obstacles for vendors of various items in a free market economy. In essence, everyone can set their own price and sell whatever item they choose. However, such an economic structure is uncommon in the real world. A free market is hindered by taxes levied on imports and exports as well as by regulatory restrictions like the legal drinking age.

PRIVATE CONTROL OVER RESOURCES

Free economies flourish because the private sector, as opposed to a single government agency, owns a substantial percentage of the resources. This gives the proprietors complete control over the methods of product production, distribution, and exchange. They are in charge of hiring as well.

VIBRANT FINANCIAL MARKETS

The existence of financial institutions is a crucial element in the development of a free market economy. In order to provide people and businesses with an avenue to exchange products and services and offer financial services, banks, and brokerages were created. Following that, financial institutions generate a profit by adding interest or other charges to transactions.

AUTONOMOUS PARTICIPATION

Hong Kong Economy has an additional feature that anyone can participate in it. Making the choice to create or use a certain product is entirely up to the individual. It implies that organizations or people have the freedom to generate or acquire any quantity of a good they so choose.

HONG KONG ECONOMY RANKING: ENTIRE WORLD LOOKS TOWARDS ITS POLICIES

• The World Trade Organization ranked Hong Kong as the eighth-largest exporter of goods and the fifteenth-largest exporter of commercial services worldwide for 2018.

• According to the UNCTAD World Investment Report 2019, Hong Kong received USD 115.7 billion in total FDI inflows for the year 2018, placing it third internationally after Mainland China (USD 139 billion) in Asia.

• With Japan coming in first place with USD143.2 billion and Mainland China coming in second with USD129.8 billion in terms of FDI outflows, Hong Kong was rated third in Asia.

• When FDI stock was included, Hong Kong was number two as a host, accounting for USD 1,997.2 billion. The United States, with USD 1,870.1 billion in investments worldwide for 2018, was used as the benchmark for comparison.

• Hong Kong Economy Ranking according to the Bank for International Settlements is the second-largest foreign exchange market in Asia and the fourth-largest in the world for 2019. The average per day turnover for forex transactions increased by 44.8 percent from USD436.6 billion in April 2016 to USD632.1 billion in April 2019, placing Hong Kong in second place overall in Asia and fourth globally.

• One of the most significant international offshore Renminbi or RNB business hubs is Hong Kong. According to SWIFT, Hong Kong handled almost 79 percent of all RMB payments sent worldwide in 2018, making it the largest offshore Renminbi (RNB) clearing center.

• When measured in terms of market capitalization at the end of December 2018, Hong Kong’s stock market came in third in Asia and fifth overall. 

HONG KONG ECONOMY FACTS

• The world’s freest economy, according to research, is in Hong Kong. be the service sector accounts for more than 90% of the overall GDP, it is frequently referred to be the most service-oriented economy in the world.

• In the region known as the Asia-Pacific, Hong Kong is regarded as a significant financial and banking hub. In addition, Hong Kong’s economy has been ranked as the third-largest global financial center, after global behemoths like New York and London, according to the Global Financial Centre Index.

• Since 1996, reports have listed Hong Kong as having the busiest container ports in the world and the busiest airport in terms of international aviation cargo. When comparing container throughput across the globe in 2018, Hong Kong came in seventh. Regarding container throughput, Hong Kong placed seventh in the world for the year 2018. 

HONG KONG ECONOMY NEWS: LATEST ANNOUNCEMENT BY GOVERNMENT

The govt. of Hong Kong has initiated several schemes to boost immigration to attract highly skilled employees and business investors to gradually increase Hong Kong Economy size.

• Give those technological companies pursuing R&D efforts access to the Researcher Programme, Public Sector Trial Scheme, and Postdoctoral Hub. 

• To encourage social innovation, invest $500 million in the Social Innovation and Entrepreneurship Development Fund.

• Invite Hong Kong and Mainland companies to participate in integrated advertising campaigns for the B&R economies by setting up delegations and conferences.

• Set up conferences and delegations, and invite companies from Hong Kong and the Mainland to execute integrated marketing campaigns for the B&R industries.

CONCLUSION

You can find answers to all of your concerns on immigration to Hong Kong by consulting the Basics of Immigration. You can get in touch with us and one of our professionals will talk about your Hong Kong PR Visa issue. Our advisers who are knowledgeable in immigration rules will explain the procedure. Allow BOI to guide you through your immigration journey to Hong Kong so you can fulfill your desire.

WHY ALWAYS CONSIDER BASICS OF IMMIGRATION?

1. Expert Visa counselors provide Step-by-step guidance through a secure, online process.  
2. Apt evaluation of credentials and faster visa processing. 
3. Identifying all potential hazards and roadblocks in securing a visa. 
4. Assistance with documentation, immigration rules, citizenship, and border control procedures.
5. Multiple case assessment for better conflict resolution.
6. Designated process managers to provide personalized guidance.

Just like the basics of anything act as “building blocks” forming a strong foundation for constructing complex structures. The Basics of Immigration serve as the foundational elements of moving abroad, for any aspiring immigrant.