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Hong Kong: An Overview

Hong Kong stands as a dynamic global financial hub, renowned for its strategic location, robust economy, and vibrant multicultural society. As one of the world’s foremost trade and investment centres, it serves as a crucial gateway between China and the international market. With its strengths in finance, logistics, and technology, Hong Kong plays an instrumental role in driving global commerce.

As a Special Administrative Region (SAR) of the People’s Republic of China, Hong Kong operates under the unique “One Country, Two Systems” framework, granting it a high degree of autonomy while maintaining strong economic and cultural ties with mainland China. For instance, Hong Kong issues its own Passport, Visa and Currency. Since its transition in 1997, this system has enabled Hong Kong to sustain its thriving capitalist economy, cementing its status as a globally recognized financial centre and a vital conduit between China and the world.

India-Hong Kong Relations

The relationship between India and Hong Kong is deeply rooted in history, dating back to the 1840s when Hong Kong became a British colony. What began as trade ties in the mid-19th century has since expanded into a multifaceted partnership encompassing investment, finance, services, maritime trade, shipping, logistics, culture, education, and commerce.

The Indian community in Hong Kong, estimated at approximately 44,140 individuals, contributes significantly to the city’s economy. A growing number of Indian professionals are establishing themselves in Hong Kong, working in sectors such as banking, finance, information technology, shipping, and various service industries. The presence of over 40 Indian associations, led by the Indian diaspora and individuals of Indian origin, further reflects the vibrant ties between the two regions.

Over the years, senior leaders from both Hong Kong and India—including Chief Executives, Chief Ministers, and Union Ministers—have engaged in high-profile visits, strengthening diplomatic and economic relations. As of FY 2023-2024, Hong Kong ranks as India’s 11th largest import destination and 12th largest export market. Several bilateral agreements, including the Double Taxation Avoidance Agreement (DTAA), reinforce the strategic partnership between India and Hong Kong.

The ICAI Hong Kong Chapter

The Institute of Chartered Accountants of India, Hong Kong Chapter (ICAI Hong Kong Chapter), registered in Hong Kong under the Societies Ordinance Cap. 151, serves as a distinguished professional body dedicated to its members, fostering both professional and personal growth among chartered accountants based in Hong Kong. Functioning under the esteemed Overseas Chapter Network of ICAI India, the Chapter is instrumental in connecting the global Chartered Accountant community with its members in Hong Kong.

Hong Kong’s Chartered Accountant fraternity is remarkably diverse, with professionals ranging from investment bankers to diamond merchants. Recognizing the need for a united platform, the Chapter was inaugurated in 2018 by the then ICAI President CA Nilesh Vikamsey and the then Consul General of India in Hong Kong, Puneet Agrawal.

Since its establishment, the Chapter has witnessed remarkable growth, surpassing key membership milestones.

To enrich its members’ professional and social experiences, the Chapter actively organizes:

* Professional Development and Knowledge Events – Covering an extensive range of topics, including financial reporting standards, economy, finance, investments, governance, ethics, ESG, taxation, technological advancements, digital trends, fintech innovation, regulatory frameworks, leadership, and more. These events feature expert speakers, thought leaders, and industry specialists, offering invaluable insights while enabling members to earn structured and unstructured CPE credits.

* Engaging Social and Networking Events – Strengthening bonds among members and fostering a dynamic sense of community. Signature events include the grand Diwali celebration, the Chapter’s flagship annual gathering, as well as various sports tournaments such as cricket and badminton, invigorating cycling expeditions, nature treks, and exclusive networking meet-and-greet sessions. These activities provide opportunities for professional networking, collaboration, and camaraderie.

Through these initiatives, the ICAI Hong Kong Chapter continues to play a pivotal role in empowering its members, bridging global connections, and fostering excellence within the Chartered Accountant community in Hong Kong.

Unilaterally, the Hong Kong Institute of Certified Public Accountants (HKICPA) offers ICAI members in good standing, International Affiliate membership of HKICPA. This enables our members to keep abreast with local legislative and regulatory changes that affect our profession.