Foreign firms seek HK HQs
Hong Kong is one of Asia's leading management consulting centres. With its pool of experienced professionals, easy assess to technology and rich client base, it attracts many of the world's largest consulting firms to establish headquarters in the city.
According to a June 2011 survey, Hong Kong was home to 3,752 regional headquarters and offices, reflecting its excellent position to provide consultancy services to multinational corporations and other companies in Hong Kong as well as on the mainland.
China is regarded as offering the highest growth potential for exports of Hong Kong's management consulting services.
According to the city's Census and Statistics Department, business and management consultancy exports, together with public relations services, amounted to US$3.3 billion (HK$25.7 billion) in 2010. Of this, US$288 million, or 8.8 per cent, was ascribed to the mainland.
As China continues to open up, Hong Kong and foreign enterprises have more opportunities to enter and explore the market.
Local policies, regulations and systems, however, can be difficult to understand, especially when they are frequently updated.
Consulting services are therefore becoming increasingly important because they are able to offer a helping hand to foreign companies looking to enter the vast Chinese market.