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 deteriorated sharply in 2020 as the economy experienced the most severe recession on record due to the COVID-19 pandemic. The labour force declined by an annual record of 2.2% to 3 884 600 in 2020. The seasonally adjusted unemployment rate surged to 6.6% in the fourth quarter, the highest in 16 years. The underemployment rate stayed elevated at 3.4% in the fourth quarter. 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.