Hong Kong is well-known as the world’s freest economy and a unique place to find the best of East and West. Hong Kong is also reputed for its relatively high degree of internationalization, rule of law, business-friendly environment, fair and open competition, free market economy and trade, low tax policy, highly competitive financial market, well-established logistic and transport infrastructure and free flow of information.
Strategically located at the heart of Asia and with its strong links to the Mainland China, Hong Kong serves as a super-connector between the Mainland China and the rest of the world, and plays a crucial role to provide enterprises in the Mainland China with a wide range of professional services in the legal and financial arenas.
What adds to Hong Kong’s competitive edge as a leading international business and financial center, Hong Kong’s package of advantages is not only enhanced by its freest economy and finest business support services but also by the talented people in this city. Hong Kong has long been a major business hub in Asia for expatriates from all over the world. Global talents are attracted to come to this vibrant city to work and to enjoy life. There is a significant size of community of expatriates from different parts of the world in Hong Kong, enjoying a cosmopolitan lifestyle in this fascinating and energetic city.
The labour market was under notable pressure in the first quarter of 2021 as the epidemic continued to weigh on economic activities involving more frequent people contact. The labour force edged down by 0.2% from a year earlier to 3 873 900 in the first quarter of 2021. The rate of decline was narrower than that of 1.4% in the preceding quarter. The seasonally adjusted unemployment rate went up from 6.6% in the fourth quarter of 2020 to a 17-year high of 7.2% in the three-month period ending February 2021, but then declined to 6.8% in the first quarter of 2021. The underemployment rate increased from 3.4% in the fourth quarter of 2020 to a post-SARS high of 4.0% in the three-month period ending February 2021, and then edged down to 3.8% in the first quarter of 2021 . For updated statistics on the labour force, unemployment rate and underemployment rate, please click here.
Hong Kong is one of the world’s top financial, commercial and services centers, and there are a lot of job opportunities in these sectors. The demand for professionals and talent in many trades is substantial in light of this city’s recent economic and infrastructural developments. Hong Kong is a fascinating business hub offering every convenience for talent and professionals to pursue their career development.
The advantage of Hong Kong also lies on its Low Tax System. The maximum salaries tax rate in Hong Kong is at a minimal rate of 15% and only income derived in Hong Kong is subject to tax. Hong Kong is an ideal destination with earning opportunities for professionals. Salaries for professionals and talent in Hong Kong are at a very competitive level which are above the global average. Besides salaries, the remuneration package for an expatriate working in Hong Kong usually includes other fringe benefits such as performance bonuses, housing allowance, medical benefits, tax subsidy, etc.