Many people who own a foreign company choose to expand their company’s operations to Hong Kong. Foreign company expansion to Hong Kong has become more common in recent times. This is especially true of foreign SMEs as well as subsidiaries operating under the direction of their parent companies.
Many company owners from all over the world regard Hong Kong as an ideal location for the conducting of business operations in the Asia-Pacific region. Hong Kong grants business owners a remarkably high level of economic freedom; it is ranked as the location with the most economic freedom in the world. The tax authorities of Hong Kong also do not impose any customs tariffs. The excise duties of Hong Kong are also relatively lenient compared to those of other locations in the world. The government of Hong Kong regards property rights as some of the most fundamental rights of people who live there; thus, property rights of Hong Kong business owners are treated with great importance. The businesses of Hong Kong also benefit from close connections to companies located in mainland China and other countries of the Asia-Pacific region. Given all of the advantages which have just been mentioned, it should not be surprising to anyone that many foreign companies expand their business operations to Hong Kong if they are interested in expanding to the Asia-Pacific region.
Many of the foreign companies which expand their business operations to Hong Kong are small and medium-sized enterprises (SMEs) which are expanding abroad for the first time in order to expand their client base and gain access to a new market. According to the statistics released by the Hong Kong government, the number of foreign companies which operate in Hong Kong has been steadily increasing every year. Many such companies are subsidiaries of foreign parent companies; these subsidiaries operate in Hong Kong for the benefit of their respective parent companies abroad. Many of these subsidiaries are the regional headquarters or regional offices of the company in question. Any subsidiary or foreign business entity which has been registered by use of the proper means will be granted official permission to conduct business operations in Hong Kong.
On that note, if you happen to be a foreigner who is also a company owner and plan to set up a subsidiary or a company of any other type in Hong Kong, we at Paul Hype Page & Co will be able to assist you with doing so. We understand much about the process of company incorporation in Hong Kong and will thus work with you throughout every step of Hong Kong company incorporation. Once you have utilized our services, you will have a Hong Kong company to call your own.
In Hong Kong, there are certain industries in which the demand for foreign companies is higher because of the many opportunities for business growth as well as the high degree of economic contribution to Hong Kong which such industries make. One such industry is that of aerospace and aviation. This is because Hong Kong International Airport is one of the world’s major airports; much aircraft and many people pass through it every day. Businesses in this industry which often thrive in Hong Kong include those involved in aircraft conversion, aircraft engine repair and maintenance, and aircraft engineering, among others. The Hong Kong government has also begun to prioritize the development of its creative industries. For this purpose, it has provided an investment of HK$100 million in the Hong Kong Design Center. Advertising, publishing, design, and craft companies are among those which have most benefited from the development of creative industries in Hong Kong. The chemicals industry in Hong Kong is also one which is suitable for foreign companies. This is because the demand for chemicals and plastics in Hong Kong has significantly increased in recent times. Hong Kong is also one of the world’s leading trading centers for such products. Some of the products which are provided by foreign companies involved in Hong Kong’s chemicals industry include engineering plastics, specialist chemicals, and industrial compounds. Any foreign company in any of the industries mentioned which expands to Hong Kong is likely to experience a significant level of business success because of the current climate of the Hong Kong consumer market.