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A vibrant, dynamic and cosmopolitan city, Hong Kong combines 150 years of colonial influence and 5000 years of Chinese tradition. Hong Kong has transformed from a fishing village to a world class financial trading centre that acts as a gateway to China.
After 150-plus years of British occupation ended in July 1997, Hong Kong became a Special Administrative Region of China. This means China takes care of defence and foreign affairs, while Hong Kong's own modern-capitalist government looks after everything else, including the monetary system. CPA Australia Greater China division promotes and represent the interest of members in this region with a range of products and services, including CPA Program workshops, continuing professional development seminars and networking events.
Local professional accounting body
Hong Kong Institute of Certified Public Accountants
The Hong Kong Institute of Certified Public Accountants (HKICPA) — formerly known as the Hong Kong Society of Accountants — is the only statutory licensing body for accountants in the Hong Kong Special Administration Region.
HKICPA is responsible for registering accountants and issuing HKICPA practising certificates, regulating the professional conduct and standards of members, and setting codes of ethics and standards of accounting and auditing. HKICPA is also responsible for overseeing the educational standard of academic institutions teaching accounting courses and promoting the accounting profession in Hong Kong and internationally.
Employment opportunities
Many companies in Hong Kong offer accounting-related jobs for recent graduates throughout the year. International firms, such as the big 4, will start their graduate recruitment processes in March and April. As the demand for graduates and experienced accountants grows, the average salary packages have increased for accountants at all levels.
Employers generally assess graduates through a number of criteria, including assessment exercises, written tests and manager interviews.
Working conditions and lifestyle
With a population of over 7 million, Hong Kong's labour force is around 3.5 million. The Employment Ordinance is the primary piece of legislation governing conditions of employment in Hong Kong. The ordinance covers a comprehensive range of employment protection and benefits for employees including: wage protection, rest days, holidays with pay, paid annual leave, sickness allowance, maternity protection, severance payment, long service payment, employment protection, termination of employment contract, and protection against anti-union discrimination.
Work permits
An employment visa is required for foreigners working in Hong Kong. If you're aged between 18 and 30 and you're an Australian or New Zealander, or Irish, you can apply for the working holiday scheme. This gives you the chance to live and work in Hong Kong for one year. The annual quota is 1000 for Australia, 100 for Ireland and 200 for New Zealand.
You could also apply for the quality migrant admission scheme, which operates on a points system and is also quota-based. Applicants are required to fulfil a set of prerequisites before they can be awarded points under one of two tests, and then compete with other applicants for quota allocation.
With the signing of the Closer Economic Partnership Arrangement with China, many opportunities now exist for Hong Kong-based accountants to travel to or be seconded to China for short term assignment. Hong Kong accountants are able to assist with a transfer and implementation of international accounting practices that are currently being adopted throughout China.
Information about visas is available on the Hong Kong's Immigration Department website.
