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Hong Kong is Returning to the Centre of Global Economics

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Hong Kong is Returning to the Centre of Global Economics

Following the new talent fund announcement and an ease in Covid restrictions, the HK region is set to return as the Finance and Fintech capital.

If there was ever a time to expand in Hong Kong, it’s now. Following a powerful new talent fund initiative from the Hong Kong government, a competitive update to Covid restrictions alongside empowering Visa offerings, Hong Kong is returning as an influential leader in the financial space. And Inspire is here to guide you to the best tech talent.

The talent fund announcement
Mid-October saw Chief Executive John Lee’s announcement of the government’s new talent fund. The initiative will put 30 billion Hong Kong dollars into new business, investing directly into companies and seeking to attract new firms to set up operations in Hong Kong to create a fresh influx of global talent.

Lee also announced a new initiative aiming to attract new talent to Hong Kong, including both high earners and graduates from the world’s top 100 universities. The powerful offering will see eligible applicants being issued a two-year pass to explore new opportunities in Hong Kong.

Global talent

This influx of global talent will see the fintech market soar. With the gradual opening of international borders and ease in Covid restrictions, experts predict that Hong Kong’s economy will rebound in the last quarter of 2022 and beyond. We’ve put together a talent map pinpointing the countries bringing this new wave of global talent.

Click to view PDF

With Hong Kong continuing to act as the international base for a long list of multinational companies, including top banks and financial institutions, the space is set to see a surge in opportunities. Also, with blockchain still banned in China, Hong Kong continues to hold the exciting position as a gateway and initiator in the eastern Fintech space.

Hong Kong’s ease of Covid restrictions

After over two years of navigating some of the world’s toughest Covid restrictions, Hong Kong has now moved into the new, easing restrictions on global gathering and scrapping its quarantine mandate that saw a requirement of up to 21 days in a designated hotel.

Today, visitors from abroad are only required to carry out a RAT test 24 hours before departure and a PCR upon landing, followed by three days of medical surveillance with reduced access to restaurants, bars and gyms, meaning people can continue going to work and visiting the shops. This is then followed by four days of self-monitoring with daily RAT tests and another PCR on the second, fourth, and sixth day.

Adding to the update, the cap on the number of people at each table has increased from the previous 8 to 12, and the number of people allowed to gather publicly in one place has risen from 4 to 12. Live performances and dancing at restaurants and bars have also been back since 20 October.

Looking to the future, Hong Kong remains in conversation with the mainland to try and reverse quarantine to safely return to normality, recognising that an ease in Covid restrictions will support the city to stay competitive.

Special Loan Guarantees

Further incentives provided are 100% loan guarantees for enterprises, now extended until June 2023, details: Increase maximum loan amounts to 27 months of employee wages and rents, with repayment period extended to 10 years.

Real Estate Support

Refunds available for property stamp duties for non-permanent resident buyers. And extra funds available once residents become permanent on two separate stamp duties = 15%.

Secondary home prices have dropped to an 8-year low.

Public housing development will see a dramatic increase over the next five years.

Visa Scheme Updates

With global hires looking to soar, we’ve compiled an up-to-date overview of Hong Kong’s current Visa offerings, view PDF