Qianhai Company Registration
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Qianhai is becoming more and more attractive for HK investors, thanks to the complementary relationship between Qianhai and HK.
Chinese consumers are also keen on buying insurance and other financial services in Hong Kong, besides consumer goods. Hong Kong can be upgraded to be a financial shopping paradise and meanwhile leveraging Qianhai’s unique positioning as a “shop front” for selling Hong Kong’s financial products. The great wave of China’s capital outflow in the next few decades could propel Hong Kong into a new role as the gateway for Chinese overseas investment, in contrast to its roles as the gateway to attract foreign capital into China since 1978. This will also provide Hong Kong with a new model for tourism while allowing the city’s financial industry to take advantage of the tremendous demand for quality financial products from mainland consumers.
As tensions over “parallel trading” in Hong Kong continue, traditional businesses in the city’s tourism industry are losing out. On the other hand, mainland tourists are increasingly interested in purchasing insurance products in Hong Kong because of the larger number of choices and higher quality of the insurance products not available at home. Financial products and services can be a unique competitive niche to upgrade Hong Kong’s tourism industry.
In fact, new insurance policies sold to mainland tourists have seen a significant increase over the past few years, growing by 63.7 percent from 2013 to 2014. Premiums sold to mainland tourists made up more than one-fifth all insurance premiums sold during the same period.
We can leverage Qianhai—being a pilot zone for China’s financial reform, to give it the role of a “shop front” for selling to mainland residents insurance and other financial services available in Hong Kong, while the latter is the “back office” providing the research and design of financial products.
According to the Ministry of Commerce in China, as much as 57 percent of China’s outward direct investment was directed to or channeled through Hong Kong by the end of 2013. According to estimation, outward investment by individual investors in mainland China would rise to US$5 trillion by 2020. If half of that would go to Hong Kong, then the total investment by mainland individual investors in Hong Kong would amount to US$2.5 trillion—a substantial sum. Thus the potential for Hong Kong to benefit from Qianhai as a front desk facing domestic investors is huge.
While it is currently illegal for mainland customers to buy Hong Kong insurance products and sign contracts in the mainland, some experts propose setting up O2O platforms for customers and financial services companies to find matches online through social media channels and using big data. Once they find a match, they can then sign contracts offline, for example, in an office in Qianhai. O2O can go the other way too. They can find matches offline and manage their business and relationships on the platform.
With the Shanghai-Hong Kong Connect in operation and the Shenzhen-Hong Kong Connect slated to be rolled out later this year, many experts regard these as a part of the Hong Kong financial shopping paradise and foresee an even greater cross-border demand for other financial products and services, such as private banking and wealth management services, tax and legal advisory services, due diligence, risk assessment and valuation services. Qianhai, with its strategic positions as a modern service industry cooperation zone and a pilot zone for financial reform and opening in China, would be a perfect place for expanding the financial shopping field.
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