Many people who have just immigrated to Hong Kong or are about to do so, are often faced with deciding on a business opportunity or setting up a business in Hong Kong as a foreign individual. The latter option can be tempting compared to starting up a new life in a new country; mainly English is not the primary language. However, Hong Kong business set-up benefits should encourage even highly skilled foreigners to consider the former option over the latter.
For one, setting up a business in Hong Kong as a foreign individual is typically more straightforward than in many other countries. It is often less expensive to do so than in many developed countries. It is especially true if one decides to open a small-scale business with limited staff. By contrast, in many countries, including in Europe, Asia, and North America, setting up a business can be a complicated and expensive, often involving large financial outlay and years of legal requirements ahead.
Setting up a business in another country may also be preferable for ex-pats looking to make some quick money. There are many jobs available in China – both in the private and public sector. By choosing to work in China instead of commuting to an English-speaking country, it is possible to cut a few thousand dollars off relocating costs. Of course, the benefits come from working in a Chinese economy where culture is one of the world’s most welcoming.
In addition to the economic benefits, there are many social benefits too. While living in a new country can feel like a foreign concept first, once familiarized with its way of life, many ex-pats find that their new life begins to blossom. Starting a business offers the opportunity to meet others who have similar interests and passions as one’s own. The experience of being amongst people with similar business ideas and ambitions can prove extremely beneficial.
Many people who begin setting up a business in Hong Kong choose to set up a local business. It is particularly true for those who have lived in China or Hong Kong their entire lives. It is convenient and cost-effective in these circumstances, but it is likely to be easier to integrate with the local culture. Local businesses tend to run much more smoothly than international ones, and there are often more local services available. It is possible to get business advice tailored to one’s own family’s specific needs and set up a local business can give an immediate local advantage.
Another route into this type of business is to look at investment opportunities in other parts of the world. Globalization has meant that there are now many countries where business investment opportunities are better than in previous years. There is also the potential to make large profits through international expansion. Those wishing to start a business in Hong Kong should consider the options available in other parts of the world and evaluate the extent to which they are likely to benefit from such an investment.
The final option for those wishing to start a business in Hong Kong as a foreigner is to create a company in the Chinese legal system. The difficulty in this approach is that it is difficult to verify a company’s integrity and legality in another country. The best option may be to establish a small manufacturing company in the same region where its products will be sold. This option carries less risk than setting up a manufacturing company in China itself, and it can often be done quickly and easily.
There are several routes to business investment opportunities available in Hong Kong. However, it is essential to evaluate each option before taking any action carefully. Those wishing to successfully set up a business in Hong Kong as a foreign investor should carefully examine each opportunity to have the best chance of success. In doing so, they will increase their chances of receiving positive results and profitability in the process.