Many races in the region (usually outside of Hong Kong) require a UCI licence to race. Macau is one example. The below is intended as a guide for your options:
To obtain a UCI license from the HKCA:
Before applying, sport insurance is required by the applicant -purchased independently.
Advantage: Cant think of any.
Disadvantage: Sport insurance obtained this way will cost an arm and a leg
Advantage: easy, can phone and its issued that day, will fax/email a copy instantly as well so you don't have to wait. Cost is £68.00 / year (£36 Silver membership + £32 UCI race license). See http://www.britishcycling.org.uk/web/site/BC/Bridge/member_type_check.asp
Disadvantage: in theory you need a UK address, apparently Brits racing abroad all have the same problem and the BCF don't mind as long as you make up some UK address. Other issue is if you want it issued in the name of a British team (as opposed to registering without a team name) then the licence is actually sent to the team manager.
Advantage: easy to get if you are from Oz. Ok for a particular event which you need an UCI licence - AUD$280 for a 14 day licence
Disadvantage: AUD$1800 for 9 months of licence! More info here: http://www.cycling.org.au/?Page=35640&MenuID=Membership%2F20013%2F0