After almost three months of ongoing violence, protests and police brutality in Hong Kong, the Europa Group has had to re-evaluated its position with regards to new business within the jurisdiction.
Hong Kong was renowned as one of the safest and friendliest cities in the world. Its work ethic and hi-tech efficiency made it an ideal finance centre . However, Hong Kong has descended into chaos in little under three months and is having its status as a safe and stable financial centre, seriously questioned.
The mass protests in the streets were originally in response to a controversial government proposal to amend Hong Kong’s extradition laws to mainland China. In the weeks that followed, tens of thousands of protesters blockaded government headquarters and soon the protests morphed into anti-government, anti-China and anti-police demonstrations. It culminated in Hong Kong’s airport being occupied with tens of thousands of passengers stranded, innocent bystanders attacked on trains and riot police firing tear gas and rubber bullets at protestors.
Businesses and livelihoods have been severely impacted and disrupted. Even if the protests were to suddenly stop and China’s relationship with Hong Kong stabilises, Hong Kong’s economy is already feeling the result of the global slow-growth period, the ongoing uncertainty of the US-China tariff disputes and the mammoth task of having to reassure businesses that Hong Kong is still a stable financial jurisdiction. The questions remain for businesses and investors, whether this can happen again and, more importantly, when.
It is for these reasons and for the safety and financial concerns of our clients that the Europa Group is now suspending all new business in Hong Kong until further notice.
The Europa Group’s Business Development Director, Brett Bridge said in a statement, “It is with deep regret we have had to take this decision. We have provided Hong Kong services since our Group’s formation nearly 35 year ago. We have made many friends and acquaintances in the region, but the safety and financial interests of our clients come first. Everyone wishes for a speedy and peaceful resolution and we will revaluate our decision when matters stabilise in the region.”
Unsurprisingly, since the troubles in Hong Kong began, there has been a steady stream of enquiries to redomicile companies from Hong Kong to Gibraltar. Gibraltar is British, part of Europe, and financially and political stable. Fortunately, domiciliation of companies from Hong Kong to Gibraltar can be done relatively easily, without too much cost and the Europa Group has already been helping clients to do so.
Should you require assistance, talk to one of our Company Administrators today