Hong Kong Ranked As 14th Most Expensive Place For Business
Of the 31 countries surveyed by the Economist
Intelligence Unit (EIU), Hong Kong has been ranked as the 14th most expensive
place in the world in which to conduct business, and regionally was placed
third behind Japan and Australia. Although Hong Kong has one of the lowest
corporation tax rates it is more expensive to create or do business there
than in most other areas in Asia including South Korea, Taiwan, Singapore,
Malaysia, India, China, Thailand and Indonesia. According to the EIU report, the favourable
corporation tax rate was offset by the labour costs of workers in Hong Kong
which were considered moderate compared to the high executive pay for
senior positions. In addition housing costs in the territory were found
to be the most expensive of all the 31 places surveyed; office occupancy
costs in Hong Kong were the third highest after London and Tokyo at around
US$991 per square metre per year. Overall, the top three countries considered
to be the most expensive in the world for businesses are Japan, the United
States and Germany (in that order) due to high labour, rents and expatriate
costs. .
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