Hong Kong is again pushing for more multinational corporate treasurers to call the city home with a new initiative by local regulators.
Reports Friday (Oct. 21) said authorities in Hong Kong have launched a campaign to promote mainland China treasurers to establish headquarters in Hong Kong as they look for global expansion.
"We hope to reinforce Hong Kong's role as a springboard," said Francis Ho, associate director-general of Invest Hong Kong, after a seminar at the first International Industrial Capacity Cooperation Forum, held in conjunction with the eighth China Overseas Investment Fair. "With our new policies and their related services, we can better exert Hong Kong's role as China's financial and capital raising market to help Chinese businesses as they enter overseas markets."
Invest Hong Kong is the government department focused on direct investment into the city, reports explained, and has launched several campaigns in its efforts to encourage treasurers to establish themselves there.
At the event, government officials promoted their initiative, launched earlier this year, that offers tax breaks for corporate treasurers that set up shop in Hong Kong. Ho reiterated additional benefits that these professionals can gain from the move.
"Firstly, for companies, they are able to utilize the financial platform of Hong Kong, because there are more financial products available here, and it is also easier for them to bring down their costs when it comes to raising capital," he said. "Secondly, by centralizing the management of their overseas currency in Hong Kong, these companies will be better able to use the knowledge of Hong Kong's financial professionals."
"Together with the tax benefits, I believe Hong Kong is an attractive move for mainland companies," he concluded.