(Policy Address 2023) Hong Kong develops ‘Headquarters Economy’ to attract firm to base in SAR

Hong Kong will develop a “headquarters economy” to attract enterprises from outside the SAR to set up headquarters and/or corporate divisions in the city, bringing in quality enterprises to explore the immense opportunities brought about by the national and international dual circulation, Chief Executive John Lee Ka-chiu said. 

“We will facilitate foreign enterprises to tap into the mainland market, and also assist Mainland enterprises in expanding abroad,” the city leader added. 

The government will also explore, with the relevant central authorities, feasible measures to facilitate mainland enterprises in setting up headquarters and/or corporate divisions in Hong Kong, such as arrangements for investments relating to capital account. 

Lee also announced that starting tomorrow, foreign staff of companies registered in Hong Kong can apply with the Chinese Visa Application Service Centre in Hong Kong for “multiple-entry visas” valid for two or more years to the mainland, enjoying priority processing. 

The “multiple-entry visa” is to attract more overseas companies to set up operations in Hong Kong and facilitate foreigners working in these companies traveling to the mainland for business purposes. 

The move also serves to reinforce Hong Kong’s role to connect mainland China with the world, Lee pointed out.