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Hong Kong has once again one-upped arch rival Singapore in Forbes’ Best Countries for Business 2011. So how did Hong Kong manage to rank so positively in this survey?
According to Cato International’s Economic Freedom of the World (EFW) 2011 Annual Report, Hong Kong is the world’s freest economy and for the 15th year running.
Hong Kong took 30% of the FDI stock pie in 2010, earning it the third position in the United Nations Conference on Trade & Development’s (UNCTAD) World Investment Report 2011.
According to Hong Kong’s Company Registry, 912,242 company registrations were recorded in June. In spite of its challenges, HK has consistently worked to anchor its reputation as a business-friendly environment for enterprises, local and foreign alike.
On the back of the recently-signed FTA with the EFTA states, Hong Kong is making tangible efforts to invest in its economic future. Canadian businesses are well-positioned to tap Hong Kong’s current and impending prosperity as well as China’s growth.
INSEAD Business School has ranked Hong Kong number 4 in its recently published ‘Global Innovation Index 2011’. Hong Kong is a spot behind Singapore (#3) and surpassed countries commonly perceived to be highly innovative like Finland and Denmark.
On the surface, it appears that Hong Kong is on a downward spiral. However, the influx of HNWIs and investors are pushing the economy forward and the trickle down effects will be felt in years to come.
As a home to many HNWIs, Hong Kong incorporation is proving to be a natural choice for luxury brands catering to these individuals.
Recently released statistical data from the Hong Kong Immigration Department asserts that the city’s immigration policies have been adjusted to draw quality talent.
Hong Kong’s position as the world’s most competitive economy is a feather in its cap and serves to reinforce its dominance as a leading global business and commercial hub.