The construction industry has always been an important role in economic growth and social development, makes Hong Kong one of the most well-known, dynamic and highly regarded cities in the world. Although the industry has achieved brilliant achievements, the construction industry is facing different challenges. The huge amount of workload will be a major challenge for the construction industry. Overall project investment will increase substantially from HK$1.9 trillion in the past ten years to HK$2.5 trillion to HK$3 trillion in the next ten years. With the continuous growth of the construction volume, the carrying capacity of the construction industry will be put to the test.
In addition to this, we face an aging workforce in Hong Kong and the highest construction costs in the world. To face these challenges and drive the future development of Hong Kong, maintain and strengthen the leadership of the construction industry in Hong Kong, the Hong Kong government will enhance the construction industry in Hong Kong through innovation, specialization and youth. For example, the government has established a HK$1 billion construction innovation and technology fund for SMEs which aims to provide financial support.
"A building of ten thousand feet starts from the ground" is a classic saying in a movie. Perhaps, incorporation / set up your own company is to create a classic through your ideas, but to fulfill the vision often requires persistence in belief; especially if the entrepreneurial project is the construction industry, it needs a foresight to build a home in your heart. Entrepreneurs hope to have financial freedom, but also hope to bring new ideas to the industry through their own experience and professionalism, and create a more ideal living environment for Hong Kong people.
The company's operations can include construction consulting services, as well as engineering hardware leasing. Among them, the leasing of engineering hardware includes the design and approval and signing of aluminum workbenches and steel structures according to the needs of the site, as well as the design and construction of concrete components. Developers pay more attention to flexibility and flexibility. Through tailor-made customized solutions, it can help contractors and developers to save time, effort and money to achieve their goals. In addition, companies also need to have a registered professional engineer membership in Hong Kong and an accredited professional contractor. Commercial license, including site formation works and foundation works supervision works, to ensure the professional quality of the entire project services. If you are interested in company formation / incorporation and joining the construction industry, please call 3575 6888 or Whatsapp OneStart professional consultants for more details on setting up a company!
One of the main reasons for Hong Kong's emergence as the world's most expensive city to build is the sharp rise in costs in recent years. Between 2007 and 2017, the compound annual growth rate (CAGR) of the Hong Kong Building Works Tender Price Index (BWTPI) and Civil Engineering Tender Price Index (CEWTPI) were 7.23% and 4.62%, respectively. If the growth rate of construction costs is maintained at this or even higher level, Hong Kong will become the most expensive construction market in the world, with negative impacts on Hong Kong's economy and society. These include the increase in the cost of developing real estate and infrastructure projects, the decline in investment profitability, and the possible rise in property prices, which affects the affordability of home ownership and employment opportunities in construction-related industries. On-time completion, cost control and good project quality are all key parameters for evaluating project performance. Compared with on-time completion and cost control, the criteria for evaluating project quality are more complex, as project quality not only refers to the quality assurance of finished project products, but also includes proper supervision, notification mechanisms, safe construction procedures and the use of new technologies to improve construction quality.
Enhancement of construction site safety is an important part of the industry innovation-related plan. The Government is implementing a series of important measures to improve the safety performance of the construction workforce. Some of the measures are as follows:
Research on Workers' Behaviour - This research is mainly to explore certain types of behaviours that may lead to accidents, as well as other factors that affect the behaviour of workers, and most importantly, to find ways to help workers avoid some high-risk behaviours that may lead to accidents.
Safety training – The Construction Industry Council conducts safety training using reality simulation and virtual reality (VR) methods in locations such as the Kwai Chung Training Centre. Only persons who have undergone basic safety training and hold valid certificates are allowed to undertake construction work.
Construction Safety Design – The Development Bureau promoted “Construction Safety Design” in 2016, aiming to promote the industry to enhance safety awareness, identify potential risks, and more effectively incorporate safety measures into planning and asset operation during the design stage of engineering projects to prevent accident happened. During this period, the government published the "Building Safety Design" guide, which aims to:
l More clearly delineated roles and responsibilities;
l Identify risks and key impacts during construction, maintenance and asset operation
l Develop methods to eliminate, reduce and control risks
l Propose health and safety plans to enhance the level of asset operation, maintenance and management
Faced with the issue of construction site safety, in addition to actively implementing various measures to solve the immediate problem, it is also necessary to continuously develop the direction, specific method and practice of dealing with the problem to ensure that the performance can be improved. Construction site safety will still be the top concern of the industry in the future, and the construction industry should think more and come up with innovative ideas.
If you are interested in company formation so as to join the construction industry, please call 3575 6888 or WhatsApp our professional consultant to learn more about company formation, accounting audit, taxation and more!