Where Business Goes to Grow

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1 Where Business Goes to Grow Investment Opportunities in Hong Kong for European Tourism Companies Jimmy Chiang Head of Tourism & Hospitality

2 Presentation Outline I. Introduction of InvestHK II. Overview of Tourism Industry From Global to Regional Perspective III. Advantages and Opportunities of Setting up Tourism Business in Hong Kong Why? IV. Procedure of Setting up Tourism Business in Hong Kong How? V. Conclusion Takeaway Messages

3 About Invest Hong Kong Established in July 2000, InvestHK is the HKSAR Government Department responsible for Foreign Direct Investment Our mission is to strengthen Hong Kong as Asia s leading international business and financial centre by attracting overseas, Mainland and Taiwanese companies to invest in Hong Kong Our Achievements (as at 4 Sep 2013): 33,950 jobs created International Recognitions: 3,000 th completed project Ranked TOP in Asia, 6th in the world in World Bank Global Investment Promotion Best Practices 2012 We assist our clients in partnership approach Jimmy Chiang Head of Tourism & Hospitality UNCTAD Investment Promotion Award 2010

4 International Tourism Global Market Share % International tourist arrivals (ITA): 1,035 million International tourism receipts (ITR): US$1,075 billion (bn) +4% Americas ITA: 16% ITR: 20% +5% +6% Africa ITA: 5% ITR: 3% Europe ITA: 52% ITR: 43% +3% Middle East ITA: 5% ITR: 4% -5% Asia Pacific ITA: 23% ITR: 30% +7% China as No. 1 source market, spending US$102 bn Source: UNWTO Tourism Highlights, 2013 Edition

5 World s Top Tourism Destinations (ITR) 2012 US$ bn % +9.7% ,2 125,8 +1.2% +6.7% ,9 53,7 +3.8% +6.2% +5.2% -0.2% 41,2 38,1 36,4 31,5 0 US China Spain France Italy Germany UK Australia Source: UNWTO Tourism Highlights, 2013 Edition

6 Average Annual Growth of Tourist Arrivals Americas +2.9% Africa +6% Europe +2.5% Middle East +5.2% Asia Pacific +6.2% Source: UNWTO Tourism Highlights, 2013 Edition

7 Tourism Forecast Towards % 16% 30% 22% 51% 41% Source: UNWTO Tourism Highlights, 2013 Edition

8 A Snapshot of HK Outbound Tourism 33,5 33,0 32,5 32,0 31,5 31,0 30,5 31,4 Departure Trips (million) 32,7 32, By Destination Markets 2011 Japan 1% Taiwan 3% Thailand 1% Macau 11% Other Countries 7% China 77% Source: Euromonitor International, Tourism Flows Outbound Hong Kong, August 2012

9 A Snapshot of HK Outbound Tourism 50,5 50,0 49,5 49,0 48,5 48,0 47,5 47,0 46,5 46,0 Outgoing Tourist Expenditure (HK$ billion) 49,9 48,2 47, By Destination Markets 2011 Taiwan 6% Japan 6% Macau 12% Thailand 5% Other Countries 23% China 48% Source: Euromonitor International, Tourism Flows Outbound Hong Kong, August 2012

10 A Snapshot of HK Inbound Tourism 60,0 50,0 40,0 30,0 20,0 10,0 0,0 (HK$) Visitor Arrivals (million) 36,0 41,9 48, Per Capita Overnight Visitor Spending Europe, Africa & the Middle East 5% North Asia 5% South & Southeast Asia 7% Source Markets 2012 The Americas 4% Taiwan 4% Macau SAR 2% Mainland China 72% Australia, New Zealand & South Pacific 1% Top 3 Spenders 2012: 1.Mainland China $8,565 2.Australia, New Zealand & South Pacific $7,943 3.Europe, Africa & the Middle East $7,414 Source: Hong Kong Tourism Board, A Statistical Review of Hong Kong Tourism 2012

11 Inbound Tourism Forecast Millones Visitor Arrival Estimates % p.a. 105, , f 2014f 2015f 2016f 2017f 2018f 2019f 2020f Sources: HK Tourism Board; The HK Tourism Demand Forecasting System 2012, HK Polytechnic University

12 Hong Kong is the Ideal Base for Tourism Marketing and Sales in Asia Pacific

13 4hr Most of Asia s key markets within flight time 5hr From half the world s population Heart of Asia and connectivity to China

14 Free Flow of People, Goods, Capital and Information People About 170 nationalities may visit HK visa-free for days >Over 100 airlines operating about 900 flights daily to 180 destinations worldwide Capital No foreign exchange control Goods World s largest international air cargo hub Information Fastest broadband globally 49.2Mbps Mobile penetration rate >232.7% Sources: State of the Internet Report by Akamai, Aug 2012; the Office of the Communications Authority, HK International Airport

15 Low and Simple Tax System Percentage * There is no standard rate across the Mainland China. Shanghai is used as an example NO VAT/GST/Sales tax Capital Gains Tax Withholding tax on investments Estate duty Global taxation Wine duty

16 Human Capital - Quality Education x 2 Two universities in the world s top 100 (Times Higher Education World University Rankings 2013/14) HKUST MBA 1st in Asia and 8th in the world (Financial Times Global MBA Ranking 2013) World s Top EMBA in 2011: Kellogg HKUST EMBA Programme (Financial Times 2012) x International schools 3rd in the Global Index of Cognitive Skills and Educational Attainment (Economic Intelligence Unit 2012) Hong Kong students ranked first in reading literacy globally (Progress on International Reading Literacy Study 2011)

17 One of the Safest Cities in the World Source: Hong Kong Police 2012 Note: Rate per population

18 How to Set up a Tourism Business in Hong Kong?

19 Marketing & Sales Office Setting-up Procedure InvestHK Assistance Feasibility study Provision of market information Company formation and opening bank account Introduction to accounting firms 2-3 months Finding business premises Applying for work visas Recruiting staff Grand opening in Hong Kong Introduction to property agencies Introduction to visa consultants & liaison with Immigration Department Introduction to Labour Department, HR agencies, other recruitment channels Publicity support: e.g. press releases, company profiles, case studies Travel Agency will need to apply for Travel Agent Licence

20 Some of InvestHK s Clients We picked Hong Kong to start because the city allows access to a large number of affluent people in the region, which provides a good source of clients for our company. Andrzej P Cetnarski Founder, Chairman and Chief Executive Officer Rediscovered USA Luxury hospitality membership club Hong Kong s location is also unique because it is strategically located at the heart of Asia and also proximate to China. Moreover, the pool of multilingual talent in the market was a big factor for us when deciding to set up our regional headquarters in the city. Simone Hildebrand Managing Director Quantitative Industries Ltd New Zealand Resort Operator Korea Travel Agency UK Prestigious Hotelier India Travel Agency Australia Boutique Hotel Booking Engine

21 Takeaway Messages 1. Asia Pacific is growing fast as a region for international tourism, relative to other regions 2. China is No. 1 outbound tourism spender and will soon become No. 1 inbound tourism destination in terms of expenditure 3. For tourism product suppliers (e.g. hotels, attractions etc.), it makes sense to set up a sales & marketing office or even tourism facilities in Asia 4. For tourism service providers (e.g. travel agencies, consultants etc.), it makes sense to set up a branch office in Asia 5. Hong Kong is the ideal base. InvestHK is here to help!

22 Get in Touch Our Office in Hong Kong Jimmy Chiang Head of Tourism and Hospitality Tel: (852) /F, Fairmont House, 8 Cotton Tree Drive, Central, Hong Kong

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