Network of Family Office Service Providers launched to promote Hong Kong as preferred destination for global family offices (with photos)

On June 12, 2023, the new Network of Family Office Service Providers was officially launched by Invest Hong Kong and Financial Secretary Mr. Paul Chan. The new network is a platform to support the establishment and expansion of family offices in the Hong Kong market, thereby bringing together „relevant professional services providers, including private bankers, trustees, lawyers, accountants, wealth management professionals, etc, to create mutual business opportunities“. The Network also serves as a channel for the government to update the industry on developments and opportunities. Hong Kong’s Financial Secretary, Mr. Paul Chan, highlighted the city’s vibrant financial ecosystem, sophisticated infrastructure, and professional services as factors that make it an attractive choice for family offices.
The launch of the Network is part of the government’s broader initiative to develop family office business in Hong Kong, with plans to create a conducive environment for global family offices and asset owners to thrive. Additional initiatives include a Capital Investment Entrant Scheme, tax concessions, and the establishment of art storage facilities and a philanthropic center.