The number of family offices based in Hong Kong could exceed that of Singapore “within a few years,” an investment group predicts.

InvestHK said on Friday it will support 382 mainland Chinese and overseas companies to set up or expand operations in Hong Kong in 2023, an increase of 27% year-on-year, bringing in HK$61.6 billion (US$7.9 billion) to Hong Kong and Hong Kong. added. 4,100 jobs were created.

The agency’s investment promotion director Alpha Lau Hai Hsuen said he was confident Hong Kong’s portfolio growth was gaining “good momentum” despite facing global financial instability. Ta.

“As companies have been able to resume their Asian strategies post-pandemic, Hong Kong has become the natural first choice as a business location for many global multinationals and entrepreneurs,” she added.

“Frankly, there are already so many family offices opening in Hong Kong because there are better deals, a better tax environment and it is very supportive.

Mr Lau, who took office in November last year, did not disclose the number of family offices based in Hong Kong, but Financial Services and Treasury Secretary Christopher Hui Tsing Yew said in July last year that the government would be based in Hong Kong. He said his goal is to have 200 family offices. By 2025.

InvestHK said that since its establishment in 2021, it has contacted 800 family offices around the world with the aim of attracting them to Hong Kong.

The Monetary Authority of Singapore said more than 1,500 family offices will be operating in the city by 2022, with a further 200 awaiting approval to open in 2023.

According to InvestHK’s latest statistics, 382 new businesses from 45 jurisdictions have entered the market.

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China topped the list with 136 companies, followed by the UK with 48 and the US with 34.

Most companies focused on finance-related activities.

90 were in financial services and fintech, 82 in innovation and technology, and 45 in professional services.

Mr Lau said the agency will continue to prioritize innovation and technology, financial services and family offices, and strengthen efforts to promote the ASEAN economy in strategic markets such as the Middle East.

Last year, the agency signed a memorandum of understanding (MOU) with the sovereign wealth funds of Saudi Arabia and Egypt regarding cooperation in investment promotion exchanges and support.

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Other memorandums signed include those with the Indonesian Chamber of Commerce and Industry and the commercial authorities of mainland Zhejiang and Jiangsu provinces.

Lau added that InvestHK wants to open economic and trade offices in Egypt and Turkey, one of which is expected to open this year.

He dismissed concerns that foreign investors would be deterred by the prospect of enacting Hong Kong’s own national security law, required under Article 23 of the Basic Law, Hong Kong’s mini-constitution.

Lau said all the overseas chambers of commerce and consulates she spoke to had no particular concerns about the bill and were not worried about it impacting the business environment.