VSFG and FamilyOfficeHK of InvestHK join forces to organize roadshows to promote Hong Kong as a preferred destination of choice for global family offices
20 July 2023 (Hong Kong) – To support the development of Hong Kong into a leading Asian family office hub, Venture Smart Financial Holdings Limited ("VSFG") joined hands with FamilyOfficeHK of InvestHK to organize roadshows to promote family office businesses, developing Hong Kong into a leading global family office hub.
In March 2023, the Hong Kong Government (“Government”) issued the Policy Statement on Developing Family Office Businesses in Hong Kong, setting out its policy stances and measures for developing a vibrant ecosystem for global family offices and asset owners. The policy measures aim to create a conducive and competitive environment for the businesses of global family offices and asset owners to thrive in Hong Kong.
To attract more family offices to Hong Kong, VSFG planned to co-organize a series of roadshows in major cities in the Mainland China to promote Hong Kong as a preferred destination of choice for family offices. Organized by VSFG with full support from FamilyOfficeHK of InvestHK, the roadshow series themed “Hong Kong Family Office Dinner Seminar”, has been officially commenced at the beginning of this month.
The first roadshow was held in Shenzhen, which welcomed a group of Ultra-High-Net-Worth Individuals who are interested in setting up family offices in Hong Kong. Experts from different fields were invited to share the unique advantages and opportunities of Hong Kong as a wealth management center, the tax policy of the Government for family offices operating in Hong Kong, as well as the importance of setting up a family office for a family.
Speaking at the dinner seminar, Mr. Lawrence Chu, Chairman of VSFG, said, “VSFG has been working closely with FamilyOfficeHK of InvestHK to proactively promote the development of family office businesses in Hong Kong.” Mr. Chu also thanked FamilyOfficeHK of InvestHK for the continuous support, making the event a great success.
Mr. Jason Fong, Global Head of Family Office of InvestHK explained the policy measures that aim to create a conducive and competitive environment for the businesses of global family offices and asset owners to thrive in Hong Kong.
When sharing the unique advantages of Hong Kong as a wealth management center, Mr. Jason Fong, the Global Head of Family Office of InvestHK, pointed out, “Hong Kong is Asia's greatest and global's second largest cross-border private wealth management center. As of the first half of 2022, Hong Kong is home to over 15,000 ultra-high-net-worth individuals, surpassing New York and Los Angeles, which makes it naturally the preferred choice of location for global family offices.” Mr. Fong also explained how Hong Kong can fully meet the needs of developing a family office business.
Representatives from PwC Hong Kong were invited to explain wealth planning, family office and family governance in detail. “There are many different forms of family offices, but in general, family offices are a professional team dedicated to serving families. By setting up a family office in Hong Kong, profits earned from qualifying transactions can be exempted from Hong Kong profit tax,” said a representative of PwC Hong Kong.
Mr. George Chan, Managing Director of VSFG, explained the importance of family offices.
When elaborating on the importance of family offices, Mr. George Chan, Managing Director of VSFG, said, “Entrepreneurs in China are now facing many family and investment risks. Establishing a family office can help entrepreneurs manage risks and improve their abilities to seize investment opportunities.”
With the full support from FamilyOfficeHK of InvestHK, VSFG will continue collaborating with them to co-organize a series of roadshows in the Greater Bay Area and will gradually expand to other cities in the Mainland China, as well as the participating countries and regions in the Belt and Road initiative. VSFG is determined to actively cooperate with the Government to promote the development of family office businesses in Hong Kong and develop Hong Kong into a premier hub for family offices in Asia.