136 family offices mull setting up or expanding business in HK, says treasury chief

136 family offices are preparing or have decided to set up business in Hong Kong, according to the city's treasury chief Christopher Hui. 

In a written response to legislator Adrian Ho, Hui disclosed that out of the 136 family offices, 82 are from the mainland, 13 from the rest of the Asia, 27 from Europe, nine from the Middle East, four from Oceania, and one from North Africa.

Meanwhile, the dedicated team of Invest Hong Kong, under the Commerce and Economic Development Bureau, has assisted 64 family offices in setting up or expanding their businesses in the city, according to Hui.

Out of the 64 family offices, 49 family offices are from the mainland, eight from Asia, four from North America and three from Europe.

The team has also received more than 650 enquiries on setting up family offices in Hong Kong since its establishment in June 2021. They are from the Mainland, ASEAN countries, the Middle East, Europe and the Americas.

According to the research findings of the consultant commissioned by InvestHK and publicised in March this year, there were around 2,700 single-family offices operating in Hong Kong as of end-2023, with over half of them set up by ultra-high-net-worth individuals having a wealth of US$50 million or above. 

Hui said while the procedures of establishing a family office are no different from those of establishing a company in Hong Kong, professionals of various sectors providing services concerned to family offices will conduct necessary due diligence in compliance with the statutory requirements and relevant guidelines.

The government welcomes all lawful and rule-compliant family offices to set up in Hong Kong and will provide them with necessary and appropriate assistance, he added.

Don’t miss: Dubai prince reportedly denies invitation from SG to set up family office

Recently, Dubai prince Sheikh Ali Rashed Ali Saeed Al Maktoum’s private office has reportedly denied the invitation from the Singaporean government to set up a family office in the country. 

However, the office didn’t respond on whether the plan to establish a family office in Hong Kong by the end of May will proceed.

Sheikh Ali, who claims to come from Dubai's ruling family, had initially planned to hold a press conference in March to announce the opening of his family office in Hong Kong, with an investment of HK$500 million. However, the press conference was suddenly postponed and rescheduled to the end of May.

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