Hire a remote team in Hong Kong

Hiring a remote team in a country as Hong Kong comes with a lot of overhead, such as compliance, local laws, taxes, etc. As a company, you don't want to worry about knowing all the local laws. Instead you want to focus on your remote team and the business. Rivermate's Employer of Record (EOR) solution helps companies hire remote employees in Hong Kong. We take care of global payroll, taxes, benefits, compliance and HR activities. So you can focus on growing your business.

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1. Hire a remote team in Hong Kong with Rivermate

Payroll, benefits, taxes, and compliance can be difficult to manage in Hong Kong, particularly if you don't have established local relationships. You can hire employees in Hong Kong effectively, conveniently, and in full compliance with all relevant labor laws using Rivermate's global Employer of Record (EOR) solution. We handle the responsibilities and legal risks associated with foreign employment so you can concentrate on growing your company.

Table of contents

Hire a remote team with Rivermate
Introduction
Hiring a remote team in your country
Cost of living
Cost of renting
Major industries
Hiring cost
Employment laws
Top skills
Economic landscape
Market size
Minimum wage

2. Introduction

Rivermate is a global employment solutions company that provides Employer of Record services in Hong Kong.As an employer of record, we help you hire employees and run payroll services in Hong Kong, allowing you to avoid the necessity of first establishing a branch office or subsidiary in Hong Kong.It is not necessary to establish an entity in order to hire an employee. We can hire your employee in any country with a few mouse clicks. Using our Employer of Record solution, you can have full compliance, benefits, and automated payments.If you wish to hire a remote team in Hong Kong or individually hire remote employees in Hong Kong, Rivermate’s global employer of record services will make sure that the process will be as seamless as possible for you.Send us a message so we can talk about how Rivermate’s Employer of Record Hong Kong services can best help your company!

3. Hire a remote team in Hong Kong

Hong Kong is well-known for its advanced free-market economy. The country's market is distinguished by open port commerce, cheap taxes, and a robust international financial sector. Hong Kong is regarded as one of the world's most prominent business hubs. As a result of the pandemic's aftereffects, Hong Kong's unemployment rate has risen to 6.8%, with a population of roughly 7.45 million people.Financial services, tourism, commerce and logistics, and professional services have all grown in the recent decade. These industries are the major pillars of the country's economic growth and the development of other sectors. The nation offers the most appealing business climate and the world's seventh-largest port. Surprisingly, in Hong Kong, you can launch a company in one and a half days.

4. Cost of living in Hong Kong

The average cost of living in Hong Kong is $2822, placing it in the top 0.5% of the world's most expensive cities, ranking 51st out of 9294 on our worldwide list and first in China.The average after-tax earnings is $3076, which covers living costs for 1.1 months. 91st (TOP 1%) on the list of the finest places to live in the world, and first in China. Hong Kong is China's 44th biggest city, with an estimated population of 7.5 million people.

5. Cost of renting in Hong Kong

The cost of living in Hong Kong might vary depending on where you live and the size of your home. Depending on where you live, a one-bedroom apartment might cost you about 17,230.77 HK$. The rent is subject to rise based on the requested amenities.

6. Major industries in Hong Kong

The finance and insurance business was least impacted since it is internationalized and highly modernized. The financial sector is a significant pillar of the economy, accounting for 21.7% of the country's GDP in 2019.The Covid-19 has a significant impact on the tourist sector. It is one of the country's most important industries. It accounts for around 4.5% of the country's GDP. Due to the pandemic, the total number of visitors that visited the nation fell by 88.2% in 2020. According to May 2020 estimates, the average hotel room occupancy has likewise declined to 79%.In 2019, Hong Kong's goods commerce industry fell 5.7% to US $1,073 billion (HK $8,404 billion). Offshore commerce has surged by 8.3% year on year. In the first quarter of 2020, the import and export industries, particularly exports, demonstrate development and gain.Hong Kong's healthcare business is sophisticated, and the people have the greatest life expectancy in the world when compared to other nations. According to 2018-19 data, private and governmental health services account for 6.2% of the country's GDP.

7. Hiring cost in Hong Kong

In order to conduct a seamless recruitment process, you need to focus on several important factors. Some of the essential aspects of a hiring process are:- Onboarding and training cost- Cost of conducting interviews and hiring processes- Time invested in the process

8. Employment laws Hong Kong

The Government of Hong Kong has put in place proper laws and benefits for employees. It also protects worker health and safety. The Employment Ordinance establishes a code of conduct for employees based on the following factors:- Maximum work hours- Paid and unpaid leaves- Workplace surveillance; and- Anti-discrimination- Free employment and recruitment services

9. Top skills Hong Kong

Hong Kong has an advanced free-market economy. The primary industries are finance, tourism, and professional services. As a result, it is eager to hire competent persons and highly educated experts who have been schooled in a variety of hard and soft talents. There are several career options accessible, ranging from architects to animators.The major skills in Hong Kong which witnessed a recent growth rate are the following:- Architecture- Language (creative opportunities)- Advertising- E-Commerce- Digital Marketing- IT/Computer ScienceHong Kong is famous for its floating islands and distinctive skyline. It is the most expensive city in the world to live in, yet it has excellent career opportunities. It provides opportunity for both immigrants and expats. Victoria City is Hong Kong's capital city, and it houses all of the government's headquarters. It is one of Hong Kong's most developed cities. Opportunities exist in software and networking engineering, as well as human resources.Kowloon is a well-known metropolitan neighborhood in Hong Kong. It has more career possibilities in financial services, education, advertising, and information technology.

10. Economic landscape in Hong Kong

According to National Bureau of Statistics data, the Hong Kong economy recovered significantly in the first quarter of 2021 after the pandemic imposed constraints. The substantial expansion in goods exports has contributed to the rise in GDP. The tourist sector, which was one of the most important, has been impacted by the epidemic and will take time to recover. The unemployment rate has risen to 6.8% from 4.2%.

11. Market size in Hong Kong

The COVID-19 epidemic has mostly impacted Hong Kong's tourist business, as well as the labor force industry, commerce and logistics, and other technical services sectors. In 2021-22, the economy is predicted to increase by 3.5 to 5.5%. Financial and professional services, health care, and exports were the least affected industries. And the rising businesses include e-commerce, advertising, and software.