HKUST Business School Magazine

Level the playing field Noting that Hong Kong has now made it a policy priority to attract more family office business, she suggests a few steps to help to level the playing field with Singapore and capitalize on advantages that already exist. For instance, Hong Kong’s taxation rules are fairly straightforward, but more thought could be given to connecting the set-up of new offices to the approval of immigration status and residency permits for close family members. This would provide a “total package”. In addition, it makes sense for financial institutions, trust firms, law firms, and accountants to establish tailor-made training to ensure designated staff can meet needs and expectations. That must go beyond basic regulations and product knowledge to develop a mindset that can anticipate and circumvent possible difficulties. “We need to build up the infrastructure and train personnel,” Shih says. “There are things you should say and do, but these families are special, so the most important part is listening.” Harmony is created when there is transparency, fairness, trust, and shared values Banking legend Kathryn Shih Biz@HKUST 31