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Things to know about opening a business in Hong Kong

Things to know about opening a business in Hong Kong

Hong Kong is one of the top business-friendly countries in the world, especially since the handover of 1997 where the government started to push for a more flexible and liberal market. It is now the perfect platform in Asia that offers a dynamic environment that can help your business flourish.

With the freedom from property rights and government controls, companies can set up here with ease and without worry. Moreover, the growing number of startup companies from all over the world is definitely stimulating the economy and the innovation in Asia Pacific. As a hub in the region, many foreign companies have opted to register in Hong Kong, and the government, in return, has made it even more reasonable to do so, especially with programs that help new businesses to enter the market.

Why opening your business in Hong Kong?
If you’re planning to set up your business in Hong Kong, you’re opening your doors to international opportunities and assets, but that’s not all. At the personal level, this country has also a lot to offer.

From a professional standpoint
A window to the world
Because of its location, Hong Kong is the perfect spot to enter China, especially with its special policy “one country, two systems,” and the Asia-Pacific since Hong Kong is a global hub in Asia. Economy and language are not barriers here as English is officially spoken in most of the companies, and in all the administrative departments, the government provides.

Moreover, Hong Kong offers a wide range of talents from all over the world. You can easily tap into the workforce talent to find exactly the right one to make your business a success. The diversity in culture that’s available to your business will boost your competencies.

While Hong Kong is, most of the time, the first country foreign companies enter to develop their activities in APAC and Mainland China, it also means that it is an international place to grow your business, a window to the world, in short.

A law-friendly country to open a company
Some countries allow for easy business registration, but more often, it involves exorbitant fees and government-mandated investments. You can easily save on these setup costs when registering in Hong Kong. With the help of a legitimate agency, you can set up your company without paying over HK$10,000 (approximated US$1,200) for the first year.

While most of the agencies offer all-inclusive services, from the incorporation of the company to the opening of the bank account and the daily accounting operations, there are ways to save on the cost by traveling to Hong Kong to open a company by your own since nobody will prevent you to open your business here. Incorporation fee will be more affordable, but you will have to do the paperwork and travel to Hong Kong to open the bank account.

The government also sponsored initiatives to attract more foreign companies and startups in the country. HK Invest is one of the great ways to start getting information to launch your project in APAC.

A recognized place
Companies from all over the world are setting up in Hong Kong, from the startups to the international brands, because of its reliable system and safe avenues for business registration. Business infrastructures are able to support global needs conveniently and the country offers plenty of possibilities in terms of offices. Private offices, business centers and co-working spaces are available all over the city.

Moreover, Hong Kong ranks very high in foreign investments as it has become a convenient gateway to China and the rest of Asia. It is the key regional trade center in Asia, and as such, offers a plethora of international investment possibilities.

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From a personal standpoint
Many think that Hong Kong is just about buildings and pavements, but it’s partially true.

Actually, there is no such a place like Hong Kong. It offers a wide variety of activities:

Built between the buildings, with the most innovative technologies yet, the city has a strong respect of its culture and you will be amazed by this unique mix between modernity and tradition.
Located in the south of China, Hong Kong offers lots of opportunities thanks to its access to the sea. Water sports, island hopping, junk boat parties and the contrast between the sea, the mountains and the buildings will be your favorite activities.
Hong Kong is green and blue and the mountains will offer you hikes with breathtaking views. There is no good week-end without proper walks in that outstanding landscape.
Shall we also mention that Hong Kong is famous for its cuisine, from the dim-sum to the noodle soups, and that it’s also a great place to live for a family? Both health and education industries are among the most efficient in Asia-Pacific.