Hong Kong’s favorable tax regime for investors, where capital gains and offshore profits are not taxed, and dividend income is generally not taxable, make it an attractive destination for family offices.
Any eligible family office in Hong Kong with a minimum asset threshold of HK$240 million will be exempt from profits tax for qualifying investments (Source: AsianInvestor, August 2023)
Further, family offices that enjoy tax relief will be required to employ a minimum of two people in Hong Kong and spend HK$2 million on related expenses.
Back in March 2023, the HKSAR Government announced they ‘expected to attract at least 200 family offices by 2025’ (Source: The Standard, 28 March 2023).
There are two key places where family offices are established in Asia: Singapore and Hong Kong. According to an article in Forbes, there are 400 family offices in Hong Kong and 1,100 in Singapore. (Source: Forbes, July 9 2023).
In this article, we will explore the importance of public relations for family offices and how it can build and protect their reputation, communicate their values and objectives, and ultimately, enhance their overall success.
Whether you are a family office looking to enter Hong Kong or strengthen your brand, this article will provide valuable insights and guidance in navigating this crucial aspect of the financial industry.
[For readability, we will refer to single and multi family offices as family offices throughout this article.]
Sector Overview
Family offices have become an increasingly prevalent and influential force in the financial world.
However, with the growth of family offices comes the need for effective communication and reputation management.
In today’s interconnected and fast-paced society, maintaining a positive public image and handling media attention is crucial for any successful organization.
This is where family office PR comes into play.
Maximizing Exposure For Your Family Office
A well-managed PR strategy can help your family office stand out and differentiate itself from others in the industry, attracting potential investors and valuable partnerships.
By showcasing your unique expertise and values, you can position your family office as a leader and trusted advisor in the financial world.
With the rise of Asian family offices, implementing a targeted PR strategy can help you tap into this rapidly growing market and establish your brand globally.
Using family office PR effectively can not only increase your visibility and credibility but also contribute to the long-term success and growth of single or multi family offices.
Establishing Thought Leadership In Family Office Circles
Thought leadership has been criticized over the years for not meeting the standards of true thought leadership.
However, when done right, thought leadership is a powerful way to share insights and best practices with industry peers and experts.
This can provide family offices with a platform to showcase their expertise, build their reputation and credibility, and attract new clients and business opportunities.
With a strong PR strategy tailored to the unique needs of family offices, a family office can solidify its position as a leader in the industry and attract the attention and trust of potential investors.
Enhancing Brand Reputation
With the growing competition in the family office industry, maintaining a strong brand reputation is more important than ever.
This is where strategic PR comes into play.
By leveraging the power of media and communication, family offices can enhance their brand image and showcase their expertise to a wider audience.
Through targeted messaging and thoughtfully crafted campaigns, family office PR can help build credibility and trust among potential clients and partners.
Media Selection
A family office, as a private wealth management firm, may opt for more exclusive and Tier 1 media outlets to reach their target audience of ultra-high-net-worth individuals.
A family office PR campaign aiming to increase awareness and attract potential clients may use a mix of traditional and digital media to reach a wider audience.
It’s crucial to select the appropriate media channels and platforms to convey the desired message and cater to the unique needs and goals of each individual family office.
Associated Press, Wall Street Journal, The Economist, Bloomberg Wealth, CNBC, BBC, Financial Times, AsianInvestor, Hubbis, Asian Private Banker, S&P Global, Reuters, are just some Tier 1 media with a presence in Hong Kong and Singapore.
Leveraging PR To Drive Growth And Success
As the world of finance becomes increasingly competitive, family offices and PR is an effective strategy to drive growth and success.
By utilizing a strategic mix of traditional and digital media, family offices can effectively communicate their unique value proposition and reach their target audience.
With the rise of Asian family offices, it is more important than ever to have a strong PR presence to differentiate from competitors and to establish and elevate a strong reputation in the market.
Family offices have become a prominent player in the world of wealth management and their public relations strategies play a crucial role in shaping their image and reputation.
By effectively using PR techniques and strategies, family offices can build trust, credibility, and positive relationships with their stakeholders, ultimately leading to long-term success.
As the industry continues to evolve, incorporating PR into the overall strategy of a family office is essential for maintaining a strong and positive presence in the public eye.
Eight PR and Family Offices
Eight PR, a PR agency in Hong Kong, offers a range of services and deliverables to clients in Hong Kong and Singapore and is uniquely positioned to provide family offices with public relations, media relations, content writing, thought leadership programmes, and business growth services.
Every client is provided with customized solutions to meet the unique needs of each family office.
Whether these solutions include developing a comprehensive public relations strategy, creating compelling content, or designing a thought leadership programme, Eight PR has the expertise and experience to deliver results.
Besides its core services, Eight PR also offers business growth services to help family offices expand their operations and achieve their strategic objectives.
These services include B2B introductions, LinkedIn audits and training, and trusted vendors from market research to photography and from legal advice to accounting, and more.
In conclusion, Eight PR is well positioned to provide family offices in Hong Kong and Singapore with a range of services to help them achieve their business objectives.
With its expertise in public relations, media relations, content writing, thought leadership programmes, and business growth services, Eight PR can help family offices navigate the challenges they face in the current economic climate and position themselves for success.
Frequently Asked Questions
How can family offices effectively manage their public relations to enhance their reputation and brand image?
Family offices can manage their public relations by developing key messaging, engaging in media relations, using social media to communicate, and taking part in industry events to establish thought leadership.
What are some key strategies for family offices to communicate their values and mission to the public?
Family offices can communicate their values and mission by establishing a strong online presence, engaging in thought leadership, collaborating with like-minded organizations, taking part in philanthropic activities, and leveraging media and PR channels to share success stories.
How can family offices navigate media relations to ensure positive coverage and manage potential reputational risks?
By hiring experienced PR professionals, family offices can build relationships with journalists, monitor media coverage, spot potential issues and secure positive coverage through proactive media outreach.
What role does social media play in family office PR, and how can it be leveraged to engage with stakeholders and build a strong online presence?
Social media is crucial for family office PR as it allows engagement, sharing of content, and showcasing values. A well-defined social media strategy aligned with PR goals is important for effective engagement and a strong online presence.
What are some common challenges faced by family offices in their PR efforts, and what best practices can overcome these challenges?
Challenges in family office PR include privacy, credibility, and reaching the target audience. Best practices include a clear communication strategy, thought leadership, multiple channels, and working with experienced PR professionals.
About Eight PR (www.eightpr.com)
At Eight PR, we have the expertise and experience to develop customized strategies tailored to you and your firm’s specific needs with the objectives of building trust, helping you attract new clients, and establish your brand as a credible authority.
Contact us today at eight@eightpr.com to learn more about how we can help enhance your profile in Hong Kong and the Asia Pacific region and take it to the next level.
Other sources for this article came from the following:
- HK's Securities and Futures Commission: Circular on the licensing obligations of family offices
- Press Release: Government welcomes passage of Inland Revenue (Amendment) (Tax Concessions for Family-owned Investment Holding Vehicles) Bill 2022
- www.familyofficehk.gov.hk/
- VISTRA (not a client) blog post: Hong Kong and Singapore: The rush to attract family offices