Hong Kong’s tourism industry was one of the favored industries after the 2017 Budget was drawn up. The relief measures planned for this sector include an important one-year waiver for travel agents
. The entire tourism industry, however, will benefit from the new Budget measures: the waiver will also apply to hotels and restaurants in Hong Kong. Investors who want to start a travel business in the city or open a Hong Kong company
can benefit from this change in 2017.
Aiding the tourism industry
The Hong Kong Government had been looking for ways to encourage several industries, tourism included when planning the Budget for this year. The measures target economic and social development.
The one-year free waiver will apply for travel agents, guesthouses or hotels as well as restaurants. Moreover, the Government has already planned a separate amount to promote Hong Kong as a tourist destination and enhance its attractiveness as one of the top destinations in the Asia-Pacific region. As of now, Hong Kong is popular mostly among Chinese tourists who come here for recreational purposes and shopping.
Investing in tourism in Hong Kong
Foreign investments in tourism are encouraged in Hong Kong. Like in many other business fields, full foreign ownership is permitted. One of the requirements for opening a travel agency
in Hong Kong was obtaining the special travel agent’s license (applicable for both individuals and companies). membership in one of the existing travel associations is needed for independent travel agents or travel agencies operating in the city.
Travel agencies must be registered as a legal entity with the Hong Kong Companies Registry, must appoint key staff members and operate within a suitable office.