Reasons to start doing business in Hong Kong - The world’s most hospitable futuristic hub
Strategically poised at the intersection between the East and West, this amazingly open economy is the ideal commercial hub to launch visionary business ideas with unbeatable global market access. Here’s why Hong Kong should be your top pick when stepping out of your entrepreneurial comfort zone.
A welcoming economic ecosystem
This dynamic SAR is a vital engine of the One Belt One Road initiative, playing the central role of a “super-connector” between mainland China and the world markets. Hong Kong is also renowned for its operational and financing expertise, allowing easy access to top-notch investment, accounting, and legal services, combined with outstanding infrastructure. A resourceful hub of innovation, not only does Hong Kong proffer one of the world’s most attractive tax policies and living standards, it’s pro-business regime encourages entrepreneurs to be as visionary as they please. For example, innovative projects in strategic sectors such as data-driven “green finance” services, AI-powered “FinTech”, creative industries, and R&D are backed by the government, which is known for strict intellectual property laws and sustainable policies.
Diverse incentives for investors
Recognized as the world’s “freest economy’ by The Wall Street Journal, and along with its illustrious international market access and liberal immigration mandates, Hong Kong has many boons for investors. For instance, not only is Hong Kong uniquely flexible in its maxim of liberal markets with zero trade barriers and free enterprises, this “smart city” run by efficient IoT technology provides checks all the quality of life boxes. For example, Hong Kong’s “open” policy also extends to its embracing of different cultures and work ethics, from its multi-cuisine food festivals and bilingual flexibility to international-level education systems and low crime rate. In this secure and nurturing environment, SMEs can focus on maximizing productivity in peace while making the best use of the world-class infrastructure, logistics, and digital amenities, as well as its skilled multicultural workforce.
A nurturing policy towards SMEs
Yet another factor that makes HK a too-good-to-be-true hub for investors seeking the best of Eastern and Western relations and influences are the generous government-endorsed funding and start-up acceleration schemes. For instance, the Innovation & Technology Fund (ITF) boosts the competitiveness of tech-savvy firms via customized programmes and grants, while the Social Innovation & Entrepreneurship Development Fund (SIE) assists creative social enterprises. The main themes that increase funding eligibility for SMEs include philanthropic social entrepreneurship, purpose-built sector-specific technologies, and creative industries. Therefore, regardless of whether you’re pursuing clean technologies for renewable energy generation or eco-friendly tourism by opening a sophisticated Mongkok hotel similar to the Dorsett Mongkok, this SAR is a springboard propelling start-ups to visionary heights.
A straightforward incorporation procedure
Unlike Mainland China, Hong Kong’s legal system is easier for investors to navigate, and its business set-up process follows a system more akin to the English Common Law. The relatively hassle-free and inexpensive procedure can be completed within two weeks, and the first step is to select the company type, name, and organizational structure. The actual company opening phase involves applying for approval from the CR and submitting other required paperwork, such as a copy of the passport, residential address confirmation (for foreigners), and Articles of Association. Certain businesses must also obtain a permit within one month after starting operation; for instance, an education institute must register with The Educational Bureau of Hong Kong.