The Special Administrative Region to the People’s Republic of China has long been established as a gateway to markets in China and South-East Asia, but in more recent years, it has established itself as a thriving, vibrant economic powerhouse in its own right and a magnet for entrepreneurs. According to business reporter Elizabeth Anderson, the amount of British startups relocating to Hong Kong doubled in the first part of this year when compared with the same period last year.
Here are ten reasons why Hong Kong is such an attractive proposition for entrepreneurs:
Government schemes and incentives are proactively encouraging foreign investment into Hong Kong
It‘s pretty easy to start a company in Hong Kong
You can start and register your company within a day, and the monthly cost of company address and phone number is less than the cost of an average meal out with a friend. There are also many co-working spaces you could use, which will also enable you to hook up with other entrepreneurs and explore synergies.
Hong Kong is very welcoming of businesses
It was rated as third top ten of the World Bank’s 2014 “Doing Business” report for “ease of doing business,” a position it has held on to in 2015. Importantly, English is widely spoken in Hong Kong (although it’s a good idea to learn some Cantonese).
Hong Kong is home to many companies’ regional and global headquarters
This is useful for businesses looking to enter into various markets and/or who are in search of funding. Tesco’s international sourcing headquarters is based in Hong Kong, and the company sources more than half of all its clothing and a significant percentage of its non-food items through it.
Opportunities for service specialisms have increased
In recent years there has been an influx of Chinese companies moving to Hong Kong as a means of testing their products prior to international penetration. These companies typically need services such as HR, accountancy, law, internet marketing and design to help them expand internationally.
China is becoming an innovation leader
Although China has typically been viewed as a manufacturing country, Chinese industries are becoming highly innovative and are taking the lead in a number of areas such as e-commerce, micropayments and hydroelectricity. Highly skilled cities such as Hong Kong are incubators for new ideas and products and Hong Kong is strategically well-placed to be at the frontline in innovation.
Hong Kong is the gateway to the second largest economy on the planet
China has a population of around 1.5 billion with an ever increasing market for the West’s products and services.
Hong Kong has an advanced transport system
Public transport is the standard means of getting from A to B, whether by Ding Dings, red taxi or the MTR (Mass Transit Railway), which is super-efficient, fast and clean.
It’s easy to build a business network in Hong Kong
One networking meeting often leads to three others. A good starting point is to get in touch with organisations such as Startups HK and CoCoon.
Rest and Relaxation opportunities abound
Even hard-working entrepreneurs need a rest. There are plenty of ways to let off steam after a hard week’s work. Whether your preference for relaxation is hiring a boat for a few hours stocked with plenty of refection, or island hopping or hiking, you’ll find something to suit you.
If your business could benefit by moving to Hong Kong, then relocating is worth considering. Hong Kong has much to offer the entrepreneur, not least for the reasons mentioned above.
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