For about 20 years, Hong Kong has remained a paradise for offshore investors because of its outstanding business environment. According to the World Bank, Hong Kong is one of the freest economies on the globe. The Hong Kong administration is also very supportive and offers many incentives, such as low taxes and a straightforward company registration process. Let’s put it this way; Hong Kong has everything that an investor would want to see in a prime offshore investment paradise.
To take advantage of this impressive destination, you need two important things; registering a company in Hong Kong and supporting it to grow. In this post, we highlight creative ways that you can use to make your business grow in Hong Kong.
Make Your Product to Stand Out
As you have identified Hong Kong to be a paradise for business, it is important to appreciate that other investors are also in the race to register their companies in the jurisdiction. So, how do you beat the competition? The first thing is developing a strong product.
Here, you need to carry comprehensive market research to establish what others are offering and then improve your products. For example, a travel agent might focus on helping travelers not only to book their flights but also get good hotels. If the travelers are going to other countries, the agency might even link with others to make traveling easy.
Make sure to be extra creative and stay in touch with your clients to understand what they want. Then, offer it in the best way possible.
Market Your Brand Aggressively
Whether you have a business back home or offshore, marketing must be part of your strategy. Remember that marketing in Hong Kong will largely depend on the targeted market segment. For example, are you targeting the older generation or millennials?
To reach more people and convince them to buy your products, it is important to use social media marketing. This allows you to take advantage of the high internet penetration in Hong Kong. Well, almost everyone in Hong Kong is on social media, and it is pretty easy to get them there. Other impressive marketing methods include mobile apps and referrals.
Take Advantage of Bilateral Trade Agreements
As an investor, you want your business to grow beyond Hong Kong. Don’t you? To achieve this, you need to take advantage of bilateral trade agreements signed between Hong Kong and other countries. For example, you can export products to China by taking advantage of the Closer Economic Partnership Arrangement (CEPA), (which allows companies in Hong Kong to access the Chinese market duty-free or at very low rates. Remember that Hong Kong will require
Work with Experts from the Early Stage of the Business Operations
As we highlighted earlier, Hong Kong is a highly competitive market. But we must indicate that it is never easy. Although the process of company registration in Hong Kong has been simplified so much, it is still challenging because of the long list of required documents. If you do it alone, this might also require multiple flights to Hong Kong, which no doubt adds to the cost of company establishment in Hong Kong. Therefore, the best way to go about this is to work with an expert.
With an expert, you can register a company in Hong Kong without traveling there. A good professional agency can also serve as your company secretary and address to simplify the process. This is not all. You can also count on the selected agency for other executive functions, from payroll management to filing tax returns.
In Hong Kong, success in business depends on how smart you are. So, make sure to start by understanding the Hong Kong market and have an expert on your side. You can never go wrong with a professional on your end.
Krishna Murthy is the senior publisher at Finance XOD. He is not only the senior publisher but also the owner of Tricky Finance. Krishna Murthy was one of the brilliant students during his college days. He completed his education in MBA (Master of Business Administration), and he is currently managing the all workload for sharing the best banking information over the internet. The main purpose of starting Tricky Finance is to provide all the precious information related to businesses and the banks to his readers.