The Asian jurisdiction has already unveiled measures to attract family offices and ultra-high net worth individuals, part of plans to bounce back from the pandemic and compete with rival hubs.

The government in Hong Kong has unveiled its “Network of Family Office Service Providers” as it gears up to attract family offices into the jurisdiction, competing against rival hubs such as Singapore and Dubai. 

The network is a platform to promote Hong Kong as a “preferred destination of choice for global family offices,” a statement from the government said earlier this week. 

Besides launching the network, initiatives include a new Capital Investment Entrant Scheme, tax concessions, a new Hong Kong Academy for Wealth Legacy, establishing art storage facilities at the airport, and developing Hong Kong as a philanthropic centre.

The launch event was officiated by the Financial Secretary, Paul Chan, and the Secretary for Financial Services and the Treasury, Christopher Hui. 

The rollout of the network is one of eight initiatives in the government's Policy Statement on Developing Family Office Businesses in Hong Kong, announced on 24 March, 2023. (See a story about the latest developments here.) The family offices market is getting hotter. Yesterday, we reported that DBS Private Bank is tapping into Singapore’s drive to be a prime destination for ultra-high net worth individuals and families. The lender has launched the DBS Multi Family Office Foundry VCC. DBS said this is the world’s first bank-backed multi-family office that uses the jurisdiction’s Variable Capital Company structure which was introduced in early 2020.

Hong Kong's ambitions
The network in Hong Kong aims to “nurture the ecosystem that continues to support local and global family offices as they set up or expand in the Hong Kong market,” the government said. It also “provides a two-way channel for the government to brief the industry on the latest development and provide opportunities for family offices in Hong Kong, and to mobilise their networks around the world to advocate opportunities in Hong Kong for family offices,” it continued. 

"The Network of Family Office Service Providers brings together the relevant professional services providers, including private bankers, trustees, lawyers, accountants, wealth management professionals, etc, to create mutual business opportunities and promote Hong Kong's advantages to target markets,” Chan said. “The network will also provide advice to the government on how we could better facilitate the sector's growth and thrive together."

"Invest Hong Kong's FamilyOfficeHK team strives to make a significant and positive impact on Hong Kong's family office industry. The network underscores our commitment to engage and inspire global family offices to consider setting up and operating in Hong Kong. We look forward to working with the network's partners to further develop Hong Kong into a vibrant and conducive hub for global family offices," Jason Fong, the global head of Family Office of Invest Hong Kong's FamilyOfficeHK, said,