Every time that the name Hong Kong is mentioned, investors appear in agreement about one thing: it is one of the best trading hubs on the globe. After gaining its independence in 1997, Hong Kong became a Special Administrative region (SAR) of China, but with a huge deal of autonomy. This independence has been used by the island’s administration to enhance its business environment, which is one of the reasons why art businesses are thriving.
One year before COVID-19 struck the globe in 2020, Hong Kong had set aside 20 billion Hong Kong dollars for culture and arts-related expenditures. Indeed, this momentum was already building up because Hong Kong was using only 840 million Hong Kong dollars two decades earlier. Keep reading for more information on why Hong Kong remains the art paradise that every investor wants to get a share of.
Fast Growth of Art and Cultural Facilities
For art and culture to thrive in Hong Kong, the island’s administration works closely with the private sector to provide the best facilities. No matter where you go in Hong Kong, art is present. The most notable of the art facilities are the international galleries that pool together artists under one roof.
Let us highlight some of these facilities, which offer artists and art businesses the perfect arena to thrive.
- 134 New Street Art Gallery: This is a community-focused space that was formed by a team of designers, artists, and creators to help them showcase their talents. It is a fun place for street art and has hosted some of the top artists in Asia and across the globe.
- Blindspot Gallery: This art centre is mainly focused on contemporary photography and other image-related works. The gallery hosts exhibitions by artists from the island and across East Asia.
- K11 Art Mall: This is one of the most impressive art centres on the island. The outstanding thing about this mall is that it allows visitors to integrate shopping with art. Visitors are also sure to get a wide range of experiences, from mini-concerts to art collections and creative workshops.
Hong Kong Offers a Wide Range of Benefits for Investors
When investors look for a business location, they are interested in a number of things. The most notable is a favourable business environment. Investors in the art business (like Adrian Cheng) always look for jurisdictions that have low tax rates, and Hong Kong stands out in this area. In addition, they want to see well-developed infrastructure, an experienced workforce, and a large market.
Hong Kong is rated excellent in all the attributes.
Hong Kong is an International Junction
For your art business to thrive, you need to have a large market. Hong Kong is the preferred art destination because companies are assured of a large market from both local and international clients. The island is strategically located in Asia, making it easy for your business to reach out to the neighbouring markets.
The island has also signed more than 40 bilateral trade agreements that make it possible for your company to reach out to the global markets for more business.
This post has highlighted some of the reasons making Hong Kong the best place for the art business. The jurisdiction is also growing pretty fast, and your business only needs good strategies to grow. According to Adrian Cheng, the CEO of the New World Development and founder of the K11 brand, art is expected to grow even faster in the coming years because of the rapidly evolving technology.
Therefore, if you are looking forward to opening a new or expanding existing art business, Hong Kong is a paradise that will never disappoint.