Top Countries for Business Travel in 2019 - Hong Kong

Whilst China barely made the top 50 countries for business travel in 2019, its next-door neighbour, Hong Kong, has moved up 3 places to the third top country for business travel this year. According to Forbes, this is due its ‘free market economy’ and simple tax system.

Why Do Business in Hong Kong?

• Hong Kong is located in Southeastern China but operates under a “one country, two systems” agreement
• Because of its proximity to China, a gateway is open between the two countries, with China being Hong Kong’s largest trading partner as well as Hong Kong continuing expansion into the Greater China market
• Hong Kong’s currency, the Hong Kong Dollar (HKD), is closely linked to the US Dollar (USD) and is the 8th most traded currency in the world. The HKD is currently weaker than the dollar, pound, and euro, meaning more spending money for your business trip (XE)
• Hong Kong’s time zone is GMT+8 which although makes communication back home more difficult, makes communication with major Eastern business cities easier. Beijing, Shanghai, Singapore and Perth are all in the same time zone, with Bangkok, Jakarta, Seoul and Tokyo an hour's difference
• The climate in Hong Kong is hot, humid and rainy. July is the hottest month with an average temperature of 29°C and the coldest month is January at 16°C
• The four main drivers of GDP growth in Hong Kong are its financial services, trading and logistics, professional and producer services, and tourism
• Hong Kong is a global financial hub and its strengths lie within its banking and financial sector. It ranked 3rd within the Global Financial Centres Index for 2019 (Long Finance)
• Hong Kong has sustained its status as the ‘world’s freest economy’ for the 24th consecutive year (Heritage). This is due to its open markets, rule of law, government size and regulatory efficiency
• Hong Kong has a simple tax system with low rates. Most of the taxes found around the rest of the world are not applied here, such as VAT or sales tax
• Hong Kong is a free port with the government collecting an excise duty on only four types of items: hard alcohol, tobacco, oil and methyl alcohol, irrespective of whether they are imported or locally produced (Forbes)
• It has a solid infrastructure and world-class public transport system, with one of the most efficient railways systems in the world
• The port of Hong Kong has been a key factor in its development and prosperity and is one of the busiest ports in the world in terms of shipping movements, cargo handled and passengers carried
• Hong Kong’s official language is Chinese but English is widely spoken, as this is a requirement for most jobs there
• Hong Kong has a stable, highly-efficient, business-friendly environment
• Hong Kong scored within the top 15 least corrupt countries in the world and is known as a ‘clean’ business city (Transparency International)
• Hong Kong is ranked 4th in the world for ease of doing business and 5th for ease of starting a business, with foreign investment and entrepreneurship welcome (World Bank)
• It ranked 12th within KPMG’s technology and innovation report, with its goal to transform into a world-class smart city

If you would like to have your Business Travel Simplified, then speak with a member of our team on (028) 9038 9007 or email hello@selective-travel.co.uk