Singapore Company Incorporation with Paul Hype Page
Company Registration at Paul Hype Page Singapore

If you are planning to settle in Hong Kong without any idea of what you can do to boost your income potential, then the first thing you should think of is incorporating a business in Hong Kong. Incorporating a business in Hong Kong is often a great idea. Even still, you should ensure that the type of business that you settle on has the potential of providing you with the desired income and can sustain you while living in Hong Kong. In as much as Hong Kong is one of the world’s successful business hubs, some industries will take your time to make a breakthrough.

Why do most investors choose Hong Kong?

Let’s first look at some of the reasons why investors prefer would prefer doing their business in Hong Kong:

  • Location: its nearness to China is one of the reasons that make Hong Kong preferred by many investors. China has a large market base that extends to China.
  • Hong Kong has a business infrastructure that makes it preferable for many investors.
  • Ease of communication since English is used as one of the main languages in the country.
  • Business in Hong Kong is allowed to open a multi-currency bank account for its transactions.
  • Hong Kong has been regarded as the most-free economy for 17 consecutive years.
  • The process of setting up a new company or business in Hong Kong is relatively easy and inexpensive.
  • Most investors consider Hong Kong as a gate pass to enter the Chinese market.
  • Hong Kong has a simple and straightforward taxation system. Besides, it uses a territorial system of taxation.

What are some of the profitable businesses to start in Hong Kong?

1. Consultancy Services

Hong Kong ranks among the top countries that have branches for consultancy business services. The rise in the number of small business setups in Asia contributes to the success and therefore the demand for consultancy services. The primary function of consultancy services is to provide entrepreneurs with the setup procedures and other services that those setups might need when entering a new market like Hong Kong in this case.

Besides guiding and counseling entrepreneurs by advising them on the best business services that they can start, consultant services can also offer additional services.

Such service might include:

  • Renting the right office space
  • Registration and incorporation of the company and thus the office.
  • The recruitment and marketing process for new ventures.

How to set up a consultancy business in Hong Kong

Like with the case of setting up any other company in Hong Kong, starting a consultancy business requires that you first incorporate the business.

The steps to the incorporation of a new company in Hong Kong include:

  1. Choosing a desirable name for your company; in as much as you have the right to choose the name of your company, it must be in-line with the Company Ordinance Act of Hong Kong Companies’ Registry.
  2. You will then need to choose the legal structure of your company
  3. Register your company; this is an essential step that we can easily help you with. Paul Hype Page has the necessary expertise that will help you to easily incorporate your company in Hong Kong.
  4. Open a bank account; after the incorporation process, you will have to create a bank account for your company transactions.
  5. Get a business permit and licensing; you cannot operate any business in Hong Kong without the relevant licensing and business permits that give you a go-ahead to do your business.
  6. Finally, you will have to file your taxes as required by the Inland Revenue Department.
set up a consultancy business in Hong Kong

2. Tutoring Online

This is another business opportunity that has been on the rise in Hong Kong. Tutoring is a viable business service, especially during this COVID-19 pandemic period. Most learners and or parents are seeking online tutors who can help their children learn various subjects.

Offering online tutor services require less initial capital but can guarantee a huge return. You will only need to market your services well so that your potential clients can easily find you. This can be a good business idea for those who have mastery in subjects like sciences, math, and literature, among others.

Besides, being an online tutor can be a part-time job that grants one additional time to concentrate on other businesses that they might be having. One of the ways that you can market your services well is by creating a website that will allow your potential clients to easily find you.

Paul Hype Page can help you with the incorporation services to allow your services to seem legitimate and genuine to your potential service buyers.

3. Bookkeeping and Tax Preparation

The other great business idea in Hong Kong is to offer accounting services. Since many business startups are coming up in Asia, they need to keep their books of accounts as well as remit their annual taxes as required by the Inland Revenue Department.

The business has numerous opportunities, but it does not require much in terms of capital and the premises to do the business.

Like with the case of any other business, you will have to incorporate your business for you to have the authenticity to provide your services in Hong Kong. The better part of being an independent bookkeeper is that you can be hired by numerous companies at a go to be keeping their books of accounts or even act as an auditor to their businesses.

Therefore, the practice is likely to increase your chances of spreading your network base or even being a brand and thus making additional income from what you are good at. As has been highlighted previously in this article, you need to incorporate your business services for it to stand out and it will also make you appear more professional in your job.

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4. Cleaning and Eerrand Services

We are living in an era where most people are consumed with their jobs and other responsibilities that they barely find time to either care for their errands or do their cleaning. Therefore, if you are a go-getter investor or entrepreneur you can maximize on that and invest in offering these services. People of Hong Kong would prefer to work with a legitimate service provider to organize their homes and offices. It is therefore essential that you begin by registering your company and looking for qualified employees to work in the company. The good news is that Paul Hype Page will walk with you on the journey of incorporation and obtaining licensing and relevant permits to keep your company on its foot. Further, we can also help you with the additional activities that include making your company compliant by advising you on how to remit your annual returns to the Inland Revenue Department. Offering these services is a viable business that only requires a decision from potential investors and the willingness to venture into the industry. Besides, we will help you when hiring to ensure that you comply with the Hong Kong labor laws.

5. Fitness Boot Camps

The last on this list but not the least profitable is the fitness industry. Apparently, everyone is keen on their fitness, health, and living standards. Setting a gymnasium and fitness area will generate a huge number of returns. These among others are the reasons why you should consider investing in Fitness boot camps.

The better part is that most people would prefer to pay for the training monthly as a whole that will make you get a good return to enable you to plan and increase the business or invest in other industries. Besides, some people have a tight schedule and might not find time to come for training daily, yet they make whole monthly payment.

Still, you don’t need to be a coach or trainer yourself as you will readily find persons who have experience in training or coaching then you make payment as you will agree whether on commission or fixed payment plans.

However, like with any other services or business in Hong Kong you will need to register your business and obtain the licensing so that you can be allowed to provide your services in the country. Paul Hype Page consultancy services will not only help you incorporate but also guide you on the necessary permits and licensing for you to smoothly conduct the business.

In general, you should note that these are just a few examples of some profitable trending business ideas that you can consider in Hong Kong. If you have other business ideas in mind, the sales consultant of Paul Hype Page is more than happy to advise you depending on the industry that you are interested in.

5 Profitable Trending Businesses in Hong Kong FAQs

Are there any grants available for start-ups in Hong Kong?2020-12-11T03:12:02+00:00

Yes, many grants are available for start-ups in Hong Kong. For instance:

  • Anti-Epidemic Fund – Support Measures for SMEs and Startups (Special Relief Measures)
  • Anti-Epidemic Fund – Startups and I&T Related Only
  • The Youth Development Fund
  • Technology Start-up Support Scheme for Universities (TSSSU)
  • etc.
Is it expensive to start a business in Hong Kong?2020-12-11T03:11:41+00:00

The process of starting a business in Hong Kong is simple and straightforward. In fact, it only takes a day to incorporate a business in Hong Kong if you do it right. 

Can a foreigner start a business in Hong Kong?2021-06-10T16:47:13+00:00

Yes, foreigners can fully own a company in Hong Kong as long as it is incorporated and has permits. 

Which are some other profitable businesses that investors can choose to invest in Hong Kong?2020-12-11T03:09:42+00:00

Some other profitable businessed in Hong Kong that investors can consider are:

  • FinTech related business
  • Artificial intelligence
  • Health products
2021-06-14T04:10:10+00:00December 11, 2020|0 Comments

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