A new network of family office service providers is set to attract more rich families to set up their businesses in Hong Kong, the government said on Monday.

Officers from InvestHK said they have gathered together private banks, accountants, lawyers, trusts firms and other professionals to help promote the SAR as a preferred destination for international family offices.

Financial Secretary Paul Chan said he also expects the network to provide policy advice to the government.

"It brings together professional service providers, private bankers, trustees, lawyers, accountants, [and] wealth management professionals so that you can meet each other doing mutual business referrals and at the same time help us as a team promote Hong Kong to our target markets," he said.

The finance chief added that Hong Kong is a safe city which has a lot to offer in terms of its culture, natural scenery, and education system.

"The education diversity here – we have more than 50 international schools covering different jurisdictions. And the law and order – Hong Kong is top class, very safe. So these are all very important for family office owners and their managers in deciding which location to base.”

Chan said he believes many more family offices will set up shop in Hong Kong in the months to come.