Hong Kong Tech scene is looking for a peaceful relocation

The updated security law in Hong Kong leads numerous technology companies to consider their steps towards an indefinite future.

Over the past few years, the Chinese have blatantly used the information of technology giants such as Google, Facebook, and Twitter. They have made extensive use of it in favor of monitoring opposition activists and spying on businesses at various levels.

Although the world tried to demonstrate pluralism and tolerance towards China, it seems that the Hong Kong security law is the last straw, since it will fundamentally change the territory’s legal system, introduce new crimes with severe penalties and will allow the Chinese government to overrule the local government and its legislative system.

The new law is forcing a lot of companies to draw a line and act towards looking for a new business location. Decision-makers say in public that current situation changes the business atmosphere and can cause some serious legal issues with respect to their status back home and their worldwide customer base.

Looking for a new destination in COVID19 era

Relocating a business to a different country is a complex matter to start with, and it requires an in-depth examination of many parameters. The appearance of COVID 19 virus in our lives, makes it an even more challenging task to be performed.

Here are some key issues that should help you shape your relocation policy and create your own business road map:

  • Look for countries that deploy a concrete policy aiming at encouraging international business and facilitate its relocation, including tax benefits. Countries such as Singapore, Australia and Indonesia.
  • Make sure that the new operating location is accessible to the company’s headquarters and main markets
  • Employment issues is crucial to your growth, therefor countries that have a clear and easy legislative structure in this field are the most favorable.
  • Check out for the local workforce: are your potential employees there? Do they enjoy the proper education and are motivated to work for international companies?
  • The COVID 19 virus added a new parameter to our lives and countries that demonstrated a face and efficient strategy for getting out of the crisis, will probably enjoy a more stable economy and political structure.

Singapore continues to attract international companies

Singapore and Hong Kong share the same philosophy toward businesses. British standard law legal systems, low corruption and high ranking for ease of doing business are efficient bureaucracies and regulation. Hong Kong-based companies concerned about the current evolving situation in Hong Kong immediately marks Singapore as a leading destination for transit.

Hence, it is likely that there will be an ability to house many businesses that will choose to relocate to Singapore and still maintain a strong presence in the Chinese market.

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Global People aims to assist its clients to fully focus on their development and success in their target destinations without having to worry about the regulation and compliance involved in the employment of their local and expat employees.

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