Jobs in Hong Kong For Foreigners 2022:
There are many different ways to find jobs in Hong Kong. Most people begin their search by looking online for big corporations. If you want a job in the financial sector, HSBC and Citibank are obvious choices. If you want to work in sales, retail, or finance, you may consider joining these two companies. These companies offer attractive compensation packages, competitive salaries, and an excellent private healthcare system. However, if you have no experience in these fields, there are many other options.
Competition for jobs in Hong Kong from locals and Chinese
There is an increasingly stiff competition for jobs in Hong Kong for foreigners, as the Chinese talent pool is much larger. In addition, many expatriates have difficulty securing lower-level jobs because of the Chinese talent pool. However, the main sectors of employment for expatriates are finance, accountancy, human resources, IT, legal, telecommunications, logistics, and sales and marketing.
Historically, Hong Kong has attracted foreigners for a variety of reasons, including its low tax rate, stable government, and geographical location. But even after the recent economic slump in mainland China and the subsequent tightening of the work permit regulations, Hong Kong still offers a range of work opportunities for expatriates. However, the competition for jobs has increased over the past few years, in part due to a higher proportion of locals, and a booming stock market.
There is also a growing shortage of qualified, experienced Western workers, as more of them are returning to mainland China to continue their careers. While Western high-fliers are increasingly valued, many Asian employees are reluctant to go on assignment because they fear they may miss out on promotions and valuable contacts. To counter this, companies should create robust repatriation “promises” and support for families of expatriates.
If you are looking for a job in Hong Kong, you will be pleased to know that the salaries are competitive. You can make up to HKD 2 million as the head of HR for a Financial Services company. Consumer spending in Hong Kong was strong in 2021. With a growing online retail industry, Hong Kong residents are becoming more accustomed to shopping online and the number of online transactions increased by 41.7% during the first 10 months of 2021.
If you’re looking for an executive role, you might want to consider the property and construction sector. The CFO position pays HK$2.68 million per year, which is very close to the HK$2.5 million salary of a Regional Chief Financial Officer – Accounting in the Banking & Financial Services sector. Hong Kong’s banking industry has proven its resilience in recent times, and the pay is also competitive.
If you’re a foreigner looking for a low-income tax environment in Hong Kong, there are a number of options available. The SAR doesn’t impose a general income tax, but residents can elect to be assessed at progressive rates on their aggregated income. Income taxes in Hong Kong are calculated on a 2%-to-17% progressive scale. If you want to avoid paying high income taxes while in the city, use a currency broker like Currency Fair. Currency Fair offers low-margin FX rates for Hong Kong residents.
In Hong Kong, the tax year runs from April to March. Income tax is not withheld at the source, but instead must be reported by the employee. Moreover, the employer is responsible for reporting the remuneration paid to its employees. Non-residents must file a tax return if they work in the city for more than 60 days a year. However, they must report their earnings to the government, so this can be a complex process.
Private healthcare system:
The aging population in Hong Kong is a significant issue for the country’s medical system. Because the public sector does not subsidize medical care, patients must pay the full cost of their treatment. This has resulted in long waiting times at public hospitals. Increasingly, patients turn to the private hospital network, which offers high-quality medical care at reasonable prices. In addition, Hong Kong’s government has set up a Comprehensive Social Security Assistance Scheme to provide free healthcare to large numbers of people.
The private healthcare system in Hong Kong can be expensive, but many multinational companies provide private health care to their employees in HK. Those employees who prefer this option can obtain health insurance from their employer or purchase private health plans on their own. The cost of private healthcare depends on the type of medical treatment received, the facility, and the insurance plan. In a private facility, the doctor may be a specialist in a specific area.