Have you been thinking of growing your business abroad? One of the most potential jurisdictions in Hong Kong. For about two decades, Hong Kong has stood out as a business hub that no entrepreneur wants to miss. Here are some important things you need to know about Hong Kong:
- The jurisdiction is run by an administration with pro-business policies.
- It is ranked at the top of the World Bank’s Ease of Doing Business Index.
- Hong Kong has a very straightforward tax regime.
- Companies getting into Hong Kong are sure of enjoying a larger market,
- including Mainland China and the entire Far East.
- Hong Kong has a highly developed infrastructure for business growth and
With these benefits, it is easy to understand why every business, including top financial organizations, wants to have some presence in Hong Kong. So, here are some useful tips for business success in Hong Kong.
Register the Company in Line with the Companies Ordinance
The first step if you need to succeed in Hong Kong is ensuring your business is properly incorporated. This means that you must meet all the requirements for company incorporation in Hong Kong. This will help to ensure your business is legit to avoid getting into conflict with the law. You also need to ensure:
- Ensure the business gets all the necessary licenses for operations in the selected niche.
- Acquire a business registration certificate (BRC).
- Keep the Significant Controllers Register.
- File your annual tax returns correctly and on time.
Hire the Right People for Your Business
A business is as good as the people working there. After registering a company in Hong Kong, you need to put every effort into selecting the right people. These are employees who are interested in seeing your company grow from one level to another. Remember that selecting employees with the right qualifications is not enough; you also need to do the following:
- Train them progressively.
- Provide the right working environment.
- Motivate the staff.
- Facilitate the development of a good organizational culture.
Study Your Competitors and Craft Winning Strategies
Although you are entering the Hong Kong market, it is important to appreciate that others have already been there. Therefore, competition is likely to be very stiff. To beat the competitors, you need to three things:
Study the competitors
This will help you to understand what strategies they use, their target clients, and the nature of their products.
Understand the targeted clients
When you understand your Hong Kong market, it becomes easy to tailor your products or services to address their
needs. For example, if you have a company dealing with fitness, the main question to ask might be: What do people want?
Craft strategies for success
This is the most important thing when running a business success in Hong Kong. The strategy you develop should be based on innovations and aimed at beating your competitors.
Demonstrate Tax Substance
The main goal of opening a company in Hong Kong is to enjoy a bigger market. To grow your company beyond Hong Kong, you should make sure to demonstrate tax substance.
This means that your enterprise’s activities, in addition to being registered in Hong Kong also helps to promote the growth of other enterprises. To do this, you do activities that promote local businesses, such as holding business meetings in Hong Kong, maintaining a physical office that has its own expenses & staff, and partnering with other enterprises.
When you decide to register your business success in Hong Kong, it is the first step in the right direction. But you also need to be smart to steer the company to success. Make sure also to use the above tips and be as creative as possible to grow for faster growth.