The Philippine Trade and Investment Center in Hong Kong SAR (PTIC-HK), together with the Philippine Consulate General in Hong Kong SAR (PCGHK) and Invest Hong Kong (InvestHK), conducted its seventh Trabaho Negosyo Kabuhayan (TNK) webinar entitled “Doing Business in Hong Kong 1.0” to help overseas Filipinos navigate the regulatory landscape and seize opportunities to start their own business in Hong Kong on 19 September 2021 via Zoom.
During the opening remarks, Consul General (CG) Raly L. Tejada emphasized that the Philippines and Hong Kong SAR are important trading partners with strong bilateral ties. He cited government statistics that recognize Hong Kong as the Philippines’ fourth largest trading partner just behind China, the United States, and Japan. The Philippines, on the other hand, is Hong Kong’s 13th largest trading partner in 2020.
“With one of the fastest-growing economies in the world plus the help of the 220,000 strong Filipino community who are living and working in Hong Kong I have no doubt that the Philippines – Hong Kong economic partnership will only grow stronger in the coming years,” said CG Tejada.
Three officials from InvestHK, a government unit responsible for attracting foreign direct investment, shared relevant insights related to starting a business in Hong Kong. King Chung Lam, Head of Chamber and Consulate Engagement, presented the tax regime in Hong Kong and went over the prerequisites in establishing a company in the territory. Angelica Leung, Head of Consumer Products, identified e-commerce, physical retail, and sourcing as the three types of business models that overseas Filipino investors (OFIs) may consider when entering the Hong Kong market. Lastly, Sindy Wong, Head of Tourism and Hospitality, explained the process of registering a company as a food importer or distributor and encouraged Filipino companies to set up a presence in Hong Kong and leverage the territory’s strengths as a springboard to expand to Mainland China.
During the question and answer portion, the participants asked about the different initiatives and funding schemes offered by the Hong Kong government. In his closing remarks, Vice Consul (Commercial) Roberto B. Mabalot, Jr. called on OFIs to champion Filipino products in Hong Kong by starting their own businesses.
The seventh Trabaho Negosyo Kabuhayan webinar organized by PTIC-Hong Kong attracted 55 OFIs and recorded 3,299 views on the simultaneous Facebook livestream.
For more information on the TNK webinar series or investment opportunities for OFIs, visit our microsite or email hongkong@dti.gov.ph. You may also follow PTIC-HK on Facebook.♦
Date of Release: 20 September 2021