Being able to be location-independent and choose where you will start your own business is definitely something all of us strive for. There are many places around the world where you can start your business if you have this possibility, but it’s very important to choose a place that offers great conditions for entrepreneurs, and one such place is certainly Hong Kong. This place is not only very popular with tourists all around the world, it’s also a dynamic city with very strong growth prospects, it’s business-friendly and it welcomes expats from all over the world. What’s also great about setting up your business in Hong Kong is that it has amazing strategic position – you can do business with mainland China and the rest of Asia – which means that half of the world’s population is just a couple of hours’ flight away. But what are the other reasons for embarking on this journey? Take a look:
1. It welcomes foreign entrepreneurs
It could be quite challenging to start up a business in many countries of the world if you’re not their citizen – you will probably encounter many obstacles and restrictions to open a business simply because you’re a foreigner. China is different, as it welcomes all foreign entrepreneurs and expats to start and develop their business in Hong Kong. Not only that, but it also provides them with all the necessary tools to make this endeavor much more successful with little stress in the registry process of the business. Unlike in other countries where, even if you succeed in starting a business as a foreigner, it would take you more than a couple of months, it seems that the government is practically throwing money at new startups in Hong Kong. The government offers a wide range of programmes designed to help small oversees companies or individuals in setting up local businesses.
2. It has great infrastructure
One of the most important reasons many opt for choosing Hong Kong as the location of the HQ of their business is the great infrastructure this place has. This city is a global hub, with more than 85 airlines operating out of the Hong Kong International Airport, which happens to be the world’s fifth busiest international passenger airport. Moreover, Hong Kong’s location in the heart of the Asia-Pacific region is ideal, as business owners can do business with the surrounding countries in a more efficient way.
3. It has magnificent economy
Hong Kong is the number one freest economy in the world, which makes the city the ideal place to build and develop a business. Not only that, but there are also great companies that can help you in this process. If you opt for this bold step, make sure to stand out. After getting your idea it would be wise to use the services of a branding agency in Hong Kong and thus make sure your business starts in the best possible way. Due to great economy, this is a place with more than 7 million people who are completely satisfied with the way of life in this great place – definitely a promising number for your upcoming business.
4. It has great legal system
It doesn’t happen often that a country has a great and fair legal system, and Hong Kong’s is definitely one of such. The legal system of this autonomous territory favors the business environment by providing fair business surroundings at all times.
5. It has a very business-friendly tax system
Paying low taxes is definitely something many entrepreneurs dream of, and precisely this is one of the reasons many opt to start their business in Hong Kong, as it charges some of the lowest taxes in the world. There are only 3 direct taxes that Hong Kong inflicts:
- Profits tax at 16.5%
- Salaries tax is a minimum of 15%
- Property tax is 15%
What’s even more amazing is that Hong Kong doesn’t impose sales tax or VAT, withholding tax, capital gains tax, tax on dividends nor estate tax. Moreover, it’s also very easy to submit tax returns here as this process is easily done online for most people without needing an accountant.
Hopefully you’re convinced now to choose Hong Kong as the location of your new business. It’s a place with so many opportunities, tourist and business-wise and it’s a great idea to use them since they are offered to you!