November 28, 2020

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Taking Your Business to Hong Kong: Three Steps for Success

Every entrepreneur dreams of two things: opening a business and growing it into a multinational. To achieve this, the first step is selecting a good jurisdiction that can support the growth you anticipate.

One jurisdiction that stands taller than others is Hong Kong, a proven business paradise that is home to most multinationals that we know of today.

In this post, we will look at the three steps to success when expanding your business to Hong Kong.

Benefits of Incorporating a Business in Hong Kong 

For more than 20 years since Hong Kong gained independence from the British, the primary focus has been creating systems for business success.

Because the island does not have land for agriculture, or minerals, the available options for growing revenue are pretty few. T

his is why the administration opted for a business-based economy to help grow its revenue.

Here are the main benefits to expect for taking your business to Hong Kong:

  • Hong Kong has a straightforward tax regime.
  • A business-oriented administration.
  • Ranked the world’s freest economy.
  • Hassle free business setup.
  • Hong Kong acts as the main gateway to Mainland China.
  • Many trade agreements with other countries that you can use to grow globally.

Three Steps to Success when Expanding to Hong Kong 

Now that you know the main benefits of expanding your business to Hong Kong, the next big question is, “How do you grow and become successful in Hong Kong?” Here are the main steps:

  1. Incorporate Your Business 

This is the first, as mentioned on Guidemehongkong.com, and perhaps the most important step to becoming successful when expanding to Hong Kong.

By registering your business in line with Hong Kong Companies Ordinance, you will have a legal basis to engage in business and grow. The simple, fast, and convenient way to register a company in Hong Kong is by using an agency. Here are the benefits of using an agency to incorporate a company in Hong Kong.

  • Agencies have years of experience in company registration.
  • The agency can serve as your company secretary address in Hong Kong.
  • An agency can help you to register a company without traveling to Hong Kong.
  • Helps you to save money during registration.
  1. Craft a Good Business Entry Strategy 

Once you have acquired a business incorporation certificate, go ahead and craft a good operational strategy.

Make sure to check what other successful companies did and develop a better strategy.

Some great components to consider for your strategy might include partnering with other businesses, studying your competitors, and using special offers.

Remember that no matter the strategy you use for your business in Hong Kong, it should be reviewed progressively to determine its success and the need for changes.

  1. Take Advantage of Bilateral Trade Agreements 

As you target becoming successful in the Hong Kong market, do not forget about the goal of growing into a multinational. Check the countries that have signed bilateral agreements with Hong Kong and look for ways of expanding there.

For example, a business that is registered in Hong Kong will find it pretty easy to expand to Mainland China. Some countries that have signed bilateral trade agreements with Hong Kong include China, South Korea, Japan, Singapore, India, and Australia.

Expanding your business to Hong Kong is like giving it wings to it and setting it off. After registering your business, work with a good agency to craft the best strategies for success, and exploit every opportunity to grow both locally and globally. In Hong Kong, the sky is the limit!