Jul 1, 2019
4 Important Tips For Businesses Entering into Hong Kong Startups Ecosystem
Have you heard the recent report of InvestHK about Hong Kong’s startup and FinTech ecosystem? On 21 January 2019, Invest Hong Kong has announced a report that approximately 436 overseas and Mainland companies have set up their business in order to grow their business globally.
The number of startups in the Hong Kong region has grown by 18%. from 2229 start-ups in 2017 to 2625 in 2018). Because of this trend, it has also paved a path for the people who are seeking employment opportunities by (51%) in the region. In short, the number of jobs thereby created (5268) also rose by 3.3 percent on the year before.
It has also been noted by InvestHK’s Director-General of Investment Promotion that this time the Hong Kong’s business culture has reported another record year for InvestHK based on the number of assisted companies, and also the creation of ample jobs.
Hong Kong always continues to lure several Mainland and overseas investors because of its core advantages and emerging business opportunities. In fact, the level of benefits of setting up the business in Hong Kong has even increased more after the latest developments in the Guangdong-Hong Kong-Macao Bay area and in the light of the Belt and Road initiative.
It has also mentioned the targets of the department in 2019, to include those companies who are ranging from entrepreneur-led ventures to multinationals that plan to set up or expand in the city. Moreover, they have also focused on attracting more technology and innovation-related companies in line with the Government’s policy objectives.
Highlights of 2018 Annual Results:
The 436 companies of the report were from 43 economies of the world. Most of the companies were from Mainland China with a total of 101 companies, followed by the US (63), the UK (43), France (26) and Australia and Singapore (both 20). All the companies were assisted from a broad range of sectors by InvestHK.
But the highly rated sector was innovation and technology (99 companies), followed by tourism and hospitality (61) and transport and industrial (59). Due to this 436 companies, approximately 5268 new jobs were created in the first year of expansion or establishment, representing a 3.3 percent increase compared with 2017.
Tips for Ultimate Startup Success in Hong Kong
After reading the new press release, released by the Invest Hong Kong (InvestHK) on 21 January 2019, you got an idea why do several people want to set up their startup in the competitive business world of Hong Kong. And you must now understand how you can enter the business market of Asia.
If you are serious about launching a startup in Asia, then you should definitely choose Hong Kong. By setting up a business in Hong Kong, you will not develop links in the Asian market, but you can also increase your contacts in the Chinese business market.
Hong Kong is that place which contacts East to West. Moreover, Hong Kong is also considered to be a special administrative region of the People’s Republic of China.
This place is also famous for being the best place in terms of business and economy. It has managed to get control of finance, management, marketing, trade, and marketing, which plays a vital role in the success of any business.
If you are ready to venture your business in Hong Kong, then this article will give you enough information that helps to set up a successful business.
Tip #1 Asian and Western Practices
Hong Kong follows a principle of ‘one country, two systems,’ which provides the city even more high level of autonomy and freedom.
Below are some of the benefits of One Country, Two Systems include:
- No foreign ownership restrictions
- Independent participation in international forums
- English and Chinese as official languages with English the preferred language for business and contracts
- Free movement of capital, talent, goods, and information
Tip #2 Business Structure
Hong Kong is also famous for being a healthy and freest business structure in the world. In fact, the government of Hong Kong has established various programs and a private sector to help your company to grow and improve in every aspect of your business entity. Apart from this, many business support programs and financial incentives have been established to foster the growth of SMEs.
If you are looking to really open up a successful business in Hong Kong, then you don’t have to worry about business support. Because the organization such as the Hong Kong Trade Development Council help international companies do business in the Mainland and Asia and also aid Hong Kong companies to find new markets.
Tip #3 Entrepreneurial Spirit
The next tip that you need to know while setting up the business in Hong Kong is an entrepreneurial spirit. While launching a business, you can’t expect long term loyalty from everyone except your own family members.
However, in Hong Kong, the things don’t work like this because this place generally functions on an entrepreneurial spirit. In short, when employees get better and greater opportunities, then they are free to go. There are no restrictions for them.
Therefore, if you want to open a successful startup, then you should consider a family business. Or perhaps you should hire freelancers for your work. Moreover, if you want to retain your employees in Hong Kong, then you need to do something for them like offering rewards, perks, bonuses, or even adventure trips.
Tip #4 Bad News Alert
The employees who are working for you won’t tell you about any bad incident or news of the premises. You need to understand that this is the business culture of Hong Kong; you have to follow this culture. That’s why, if you want to get success for your business, you need to abreast of all the information at all times. You have to make a robust relationships with your staff members as well as other successful business owners so that you can gain maximum knowledge from them.
The more you will socialise with successful people, the more you will get experience so that you can broaden the horizon of your mind. And one more thing, you should not react to every act.
Just give some time for yourself so that you can make proper decision for your business. Hong Kong is that place in the world who gives importance to the talent of the people, who think out of the box. Therefore, think out of the box, prepare perfect plan, and look for the right opportunity to set up your business, and stay alert.
Conclusion
Ready to start a business in Hong Kong?
Now, you have got information about the recent press release stated that Hong Kong assists record number of overseas and Mainland companies in setting up or expand in Hong Kong. Moreover, how you can set up your business by using the above-mentioned four essential tips. There is no denying the fact that being an entrepreneur is about to keep abreast of all day-to-day problems.
So, if you want to run everything smoothly for your business, you need to understand every aspect of the location- whether it’s about business culture, entrepreneurial spirit or etiquettes while setting up the business.
But one thing that you need to understand that undoubtedly, you will make mistakes while launching up the business. But the lessons you will learn from them must be priceless. It’s about learning from those mistakes, and not letting them happen again. Good Luck!
