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COUNTRY GUIDE » HONG KONG
Hong Kong is one of the world’s largest financial hub, with ever-evolving economic policies and politics. We help you navigate their incredibly detailed labour and employment laws so you can enjoy financial benefits when growing your business in Hong Kong.
Brief Overview
Hong Kong has come a long way since the UK handover and has mixed the Eastern and Western economies and has positioned itself as an Asian powerhouse. However, most organisations venturing into Hong Kong face roadblocks that often make the processes we take for granted elsewhere a challenge here. Basic necessities like employment of a foreigner, administering of payroll, paying taxes are not that straightforward
Navigate through Hong Kong’s exhaustive labour and employment laws
Stay compliant with worker benefits and other provisions
Overcome local talent shortage and access global talent in Hong Kong.
Specialized support for both expatriates and local consultants in Hong Kong.
Local Expertise
Hong Kong foreign talents must obtain a business visa and a work permit before starting work. Types of work visas:
We help you manage wages and compensation according to Hong Kong’s labour law. For example, minimum wage in Hong Kong is HK$40 per hour. You will also incur interest on outstanding salaries past seven days from the due date. Working with us helps you avoid pitfalls when navigating local labour mandates.
All income derived from work performed in Hong Kong is subject to tax payment, regardless of payment location based on the reported monthly payroll. We shall deduct the respective tax amount each month accordingly for your expat staff as tax management service and subsequently filed and paid annually to the Hong Kong Tax Office.
Hong Kong wages attract an employer social security premium of 5% of the salary. Employee premium contribution is 5% of the salary as well. Maximum contribution is HKD1,500 per month.
Hong Kong has 17 public holidays. Leave entitlement is often based on years of service e.g. One year of service has 7 days of paid annual leave, three years of service has 8 days and so on.
There are other statutory policies applied to sick leave, maternity and paternity leave. Other common leave benefits include:
Innovare’s insurance policy in Hong Kong (subject to terms and conditions) includes Professional indemnity insurance and Public liability insurance and is inclusive in our management fee. Workman compensation insurance is charged at cost.
Needless to say, all Employee of Record consultants are required to have adequate medical insurance to cover them throughout the entire contract. Medical insurance is a must for expatriates working in Hong Kong.
Hong Kong is a world renowned financial hub strategically positioned in the heart of Asia. The Hong Kong Stock Exchange is the 6th largest in the world.
Hong Kong’s GDP is expected to grow from 2024 to 2027, mainly due to its services sector. The services sector includes travel, trade, finance and transportation.
There is robust government support for businesses in the form of grants, easy access to government services and streamlined visa arrangements.
Global Reach
Yes, through our extensive network with other expertise in company set-up. Innovare does provide direct payroll calculation and social insurance management service after establishing your company.
After initial assessment, Client to confirm on the eligibility of the candidate and sign contract with Innovare. Innovare will then proceed for onboarding preparation depending on the nationality or current visa status of the candidate. if required. Work Permit could be applied based on statutory rules if justified by the Immigration Department (IMMD). Innovare will provide guidance.
Innovare will provide free initial assessment for Client on candidate’s eligibility for Work Permit. There are also various Talent Schemes such as GEP, TTPS, ASMTP, IANG etc which Innovare will recommend the one deemed suitable.
The required documents for applying Work Permit from the candidate include:
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