Companies are moving to Hong Kong at a faster pace than the same period last year, according to director-general of InvestHK Mike Rowse. InvestHK helped 30 companies set up operations in the first quarter.

Mr Rowse said many companies set up operations without assistance and would not be included in the official figures - which indicates that one new foreign-owned regional headquarters opens in Hong Kong each week. There was over US$22 billion in foreign direct investment in Hong Kong last year.

Boeing Capital Corp., an asset-based finance company owned by aerospace giant Boeing Company, opened an office in Hong Kong in June to be closer to its Asian customers. “Hong Kong offers the right locale when considering the city’s financial reputation, central location and available intellectual capital,” said president of Boeing Capital James Palm.

Another company choosing Hong Kong is WestAM, the fund management arm of leading European bank Westdeutsche Landesbank Girozentrale (WestLB).

“In the long term, Hong Kong will be the springboard for our regional expansion in Asia,” said the director of WestAM’s Hong Kong office, Rupert Rucker. “There is enormous potential for our business from a base in Hong Kong. I have been most impressed by the efficiency and openness of Hong Kong. One can achieve things in this city which would take twice as long as Europe. Additionally, there is a large and varied pool of qualified fund management professionals.”