There are many factors that contribute to the success of starting a business – a strong business model, the right team, making connections. However, one of the most critical factors that could determine your business’ success is location.
According to Forbes, Hong Kong is third on the list of the best countries to do business (first for taxes though!), and for good reason. Situated in the heart of Asia, Hong Kong has always been an attractive place to start a business for many entrepreneurs from all around the world. Whether it’s the world-class infrastructure, attractive tax regime, pro-business environment, the perks of launching a startup in Hong Kong are plentiful.
If you’re considering where to set up your business, it’s essential you give this decision the attention it deserves. To make things a bit easier, we’re sharing the top five advantages of launching your startup in Hong Kong.
The combination of being located on mainland China’s doorstep and under British rule for a few years has made Hong Kong the perfect connector between China and the rest of the world. Not only does it have access to one of the fastest-growing economies in the world, it still operates under ‘one country, two systems’, which gives the city a high level of autonomy.
Furthermore, the East meets West mentality of its culture and businesses, its reputation as a global business hub, and its robust economic ties with other ASEAN countries, makes it a great entry point for foreign investors looking for a stepping stone into Asia. If you do need to travel, Hong Kong is extremely well connected. There are easily over a hundred airlines offering direct flights on a daily basis between Hong Kong and the rest of the world.
One of the most attractive things about doing business in Hong Kong is its ease of incorporation. The entire process is extremely uncomplicated and fairly inexpensive. Once you’ve completed the application, whether you decide to do it yourself or hire a professional service provider, opening a company can be done in a matter of days.
There are a number of other benefits when you register your startup as a Limited Company in Hong Kong. For starters, there are no restrictions on the nationality of the business owner, your business nature, and location of operation – anyone from anywhere in the world can register a Limited Company in Hong Kong. Plus, the liability of owners is limited to their investment in the company. All in all, compared to other countries, getting started in Hong Kong is fairly straightforward, although what happens after that is down to you!
Unless you’ve been living under a rock for the past two decades, you’ll have seen how Hong Kong’s startup ecosystem has grown and thrived, and with it, a growing number of organisations such as startup accelerators and venture capitalists.
No matter which industry you’re in, there are no shortage of accelerators that can help provide funding, coaching and access to a network. There’s SuperCharger, a leading FinTech accelerator dedicated to supporting startups through their corporate-sponsored accelerator program. Betatron is an award winning startup accelerator founded by venture capitalists to support Hong Kong startups. The list is extensive.
There are also dedicated communities with the goal of training and equipping young entrepreneurs with the tools they need to succeed. Cyberport and Hong Kong Science Park are two government-backed organisations that were created as startup hubs. Both offer office space, incubators, access to funding and opportunities to connect with other startups. Which leads us to our next point…
If you do decide to launch your startup in Hong Kong, you can rest assured you’ll be in good company. As one of the fastest growing startup ecosystems in the world, Hong Kong’s local startup community is highly active and very diverse.
On any given week, you can be sure to find a seminar or networking event aimed at startups and entrepreneurs. Check out the events page of business organisations such as Cyberport and Hong Kong Science Park, join a coworking space that offers regular events for its members, or browse through startup and networking events on Facebook, it doesn’t take much to get plugged in!
It’s no secret that renting an office in Hong Kong is expensive, but what a lot of people don’t realise is that there is a wide variety of affordable coworking options available.
As a cash-strapped startup, you might not be sold on the idea of putting down a sizeable deposit on an office space or committing to along-term lease. The good news is that there are an increasing number of coworking spaces offering flexible workspace options and monthly memberships.
If you’re ready to make the step towards having a physical office,but not quite ready to pay a long-term office lease, BOOQED lets you and your team book a workspace or meeting room as and when you need it.
You must be thinking ‘why BOOQED?’ Well, it’s pretty simple. BOOQED gives you access to our extensive network of coworking spaces, and will assist you in finding the right workspace for you and your team. It’s as easy as purchasing credits for your business, using the credits to make a hot desk or meeting room booking at any of the spaces in our network and refilling the credits as needed. What’s more, you’ll receive a regular digital expense report with usage stats so you can have workspace expenses at your fingertips in real-time!
To find out more about the services BOOQED offers, contact us and book a free consultation here.
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