The fintech sector is undergoing rapid development in Hong Kong, as these types of services gain wider use and investments in the field are gathering way. The total value of investments in financial technology companies in Hong Kong nearly doubled compared to 2016, as shown in a report from Accenture.
The conditions for company formation in Hong Kong remain favorable as the city maintains its business hub status with a low and convenient taxation regime. Investors interested in gaining special assistance for fintech start-up can talk to one of our local company formation agents.
Hong Kong’s fintech community, more attractive
The higher acceptance rate for fintech companies and their services has significantly increased the value of investments in this business field in Hong Kong. A key difference from 2016 is that banks in Hong Kong turned their attention to financial technology services and have started to implement fintech solutions. This is beneficial not only for the banks themselves and their clients in Hong Kong but also for fintech start-ups which, in light of a new acceptance rate, have a better client base in the form of banks.
The budget allocated to the fintech sector has also made a difference in the evolution of the business field. Hong Kong’s financial secretary has already stated that in 2018 the city plans on allocating some 500 million HK$ to the development of financial services. The budget is to serve a five-year development plan.
Opening a Hong Kong fintech company
Entrepreneurs who wish to start a fintech company in Hong Kong need to follow a few simple steps concerning legal entity registration and compliance as well as the conditions for managing a company in Hong Kong.
A fintech start-up in Hong Kong needs to have a unique name and it is recommended that the chosen type of company reflects the business interests, budget and potential for later expansion. Our team of Hong Kong company formation agents can help you handle the process of drawing up the company documents and the mandatory registration with the Companies Registry in the city.
Please feel free to contact us if you have any questions about how to open a Hong Kong company.