Characteristics of Hong Kong
Hong Kong is also recognized as a foundation for the Chinese market as it has boosted the market massively. This territory serves as a reliable trading partner with its ancient links to a dynamic, open trading atmosphere and Britain. The formal language of Hong Kong is English. That’s why launching a business in Hong Kong looks like starting a company in the UK. Hong Kong is a stunning destination because of its useful information infrastructure, exceptional business assistance services, and government enterprise incentives. Other valuable options in Hong Kong are: Licensing or incorporating a business.
Potential businesses in Hong Kong
Hong Kong is the heart of opportunities in the industry and industrial areas. Following are some of the leading industrial sectors from which one can get an advantage in Hong Kong.
Information Communications Technology
The market is enhancing promptly in mobile data technology; Hong Kong has a sophisticated market. Although the mobile subscriber market has no place for the newcomers, in the below-mentioned areas, investment probabilities are present.
- Wireless applications
- Marketing applications
- Infotainment (games, digital media)
- Business applications
Technical and Artistic Industries
The Hong Kong government encourages the development of the creative industry with a massive amount of HK$100 million investment in the Hong Kong Design Centre. Eastern and western-style blending is highly viewed across Hong Kong. It has a powerful creative production coupled with the possibly massive Chinese branding and designing trade and, the sector has vital prestige and strengths.
Investors from the UK who are interested in expanding business in Hong Kong will find investment occasion given below areas of the industry:
- Video and film
- Product design
- Arts and crafts
- TV and Radio
Hong Kong government has subsidized £20 billion in construction for ten years as a financial package part. The new project planning includes Hong Kong-Zhuhai-Maco Bridge and a new cruise terminal. Those companies that are enthusiastic about expanding their business in Hong Kong find their foremost opportunity in the construction sector of the following areas:
- Planning and architecture include design, interiors, and landscape architecture.
- Program management
- Event supervision
- Showrooms, halls, and other art media, that include design and construction.
- Conservation engineering
- Construction (procedures and techniques)
- Energy-saving development (commodities, policies, and methods)
UK suppliers always seem profitable as a ritual in the customer goods market of Hong Kong. Shopping culture is prevalent in Hong Kong. Buyers from a well-paid Chinese market often visit Hong Kong for shopping. The footwear, fashion, gifts, and clothing market are seen as a critical area of interest in UK investors who are about to start their business in Hong Kong.
Hong Kong is a regional Centre for aviation, with over 48.6 million passengers and 3.6 million tons of freight passing through the airport. Hong Kong links China to the rest of Asia, Europe, and America because of its location. Hong Kong has numerous business opportunities for the UK aerospace industry because of its massive market with Hong Kong International Airport analyzing the acquisition of a third airfield.
Following factors involve the main prospects that want to expand business in Hong Kong in the aerospace industry:
- Aero-engine repair
- Education on airplane engineering
- Aircraft modification
- Private/Business jet flying
- Base and line maintenance, repair, and overhaul (MRO) of aircraft
A marked increase in plastic is the demand for the abrupt development of chins. Plastic in its primary and non-primary forms are in the top 10 export lists, exported to Hong Kong by the UK.
Significant opportunities lie in the listed areas for this purpose:
- Raw substances
- Consultant chemicals
- Masterminding plastics
- Educational Institutions and Training Centers
As Hong Kong has a historic and robust relationship with English education, the teaching of the English language increase day by day.
With opportunities in the following areas for expanding business in Hong Kong, UK services relish excellent opportunities:
- Vocational Training (government-funded program)
- Technical English Language Training (I.e., English for Engineers)
- Online syllabus
- SEN (Special Education Needs to cater for disabilities)
- Education for extraordinary students
- Skilled development schemes (for schooling faculty such as teachers)
- Early Education
- Overseas School Partnerships
The high important issues in Hong Kong include air quality, sustainable energy, waste management, and disposal when the situation is concerned. For businesses that are looking to invest in this sector, the government provides various financial and tax incentives.
The following disciplines have an opening:
- Renewable Energy – Wind, solar, and biogas.
- Climate Change
- Electric automobiles
- Environmental management assessments
- Waste recovery
- Design and finance for waste management projects
- Remediation of destroyed land (overturning environment damage)
Economic and Certified Services
The Hong Kong banking system influenced by the economic downturn is less than in western economics. Hong Kong is determined to conserve an edge over its opponents, and these results in beginning for UK expertise in financing enterprises, business restructuring, risk management, and general health checks of business. Hong Kong, with access to London markets, serves as a financial center for Chinese companies. Through market Venture Private and capital, properties channeled. Hong Kong is also the heart of insurance because of its substantial volume of Asian security companies in the world. Hong Kong develops the model of London city, thus enjoys a secure connection with the UK finance industry.
Opening for business exists in given below legal services based on its legal resemblances to the British system:
- Financing Enterprise
- Documenting Law
- Property protection
- IT law
- Construction and property law
Openings in the given financial services are also present:
- Banking products
- Foreign exchange services (especially for Chinese currency)
- Personal equity funding
- Financial abilities training
- Loan financing
- Diet and Drink
Food and drink are an essential part of daily life in Hong Kong. It is a developed and sophisticated place. It has a modern and diverse market having openings in the below areas:
- British products for the emigrants
- Spices and sauces
- High-quality seafood
- Organic stocks
- Dairy stocks
The administration invests £11 billion in-country railways over the coming ten years that open enterprise openings across the industry. The investment by the government covers all expenditures from station to track design and maintenance.
Hong Kong, health care system, is designed to ascertain The National Health Service. The UK has a history of bestowing with Hong Kong people from clinical matters to administration, in short, all areas of health care. The connection of Hong Kong with China allows an extraordinary advantage for Chinese herbal drug commercialization as traditional Chinese medicine is itself a vast market. Strong demand for health care training, staff, and technology are also present in the local market.
Should you Expand into Hong Kong? FAQs
Hong Kong was a British colony that was handed to China by their colonizers in 1997. China governed Hong Kong under the one country two systems where they enjoyed independence except for defense and foreign affairs.
Hong Kong and China are not the same. Hong Kong is the special administrative region of China. The executive, judicial, and legislative powers have been devolved from the Chinese national government to Hong Kong under the ‘one country two systems’ law.
Yes, Hong Kong is a good place for business for the following reasons:
- Strategic gateway to Mainland China markets
- A regional logistics and economic hub for business expansion all over Asia
- A highly efficient, well-constructed, pro-business global hub.
Yes, Hong Kong is a free port.