Some online business owners prefer to sell their products on their own website. Others prefer to use larger online marketplaces as a vehicle through which their products are sold. One advantage of using one’s own website is that it is possible for the business owner to garner a significant customer following on that website. By building traffic on the website, word of the company and its products will spread and thus lead to more revenue being generated.
One of the primary advantages of using a third-party website lies in their established networks. These online marketplaces have reaches which extend to billions of people all over the world. Thus, one who uses such a website for the benefit their online business can expect to have an inherent advantage by leveraging on the power of these networks.
To suit each specific businesses’ needs, choosing the correct bank account is also an important factor when incorporating. In line with stricter anti-money laundering (AML restrictions), foreign entities attempting to open bank accounts are also facing increased difficulty in proving they are legitimate businesses. Foreign owned companies will find it difficult to open a corporate bank account if they do not have local operations.
To avoid continuous rejection, consult with a trusted advisor such as Paul Hype Page. We have regional connections in the ASEAN market and we can lend our expertise and help ensure your bank account opening is successful.
After opening you bank account, One matter which is seldom considered by online business owners but is nevertheless important is that of currency selection. This is because the selection of an appropriate currency reflects adequate knowledge about the company’s primary target market. Those who are mainly targeting the Hong Kong market are more likely to list their product prices in Hong Kong dollars. On the other hand, those who are targeting the international market are advised to list their prices in United States dollars, as that is the world’s primary international currency today.
However, those who are targeting a particular location should list their prices in the currency of that location. For example, many Hong Kong online businesses today place great importance on connecting with the market of mainland China. Business owners who intend to emphasize the customers there might benefit from stating their prices in Chinese yuan. Other online business owners who primarily market to some of the world’s other major customer hubs might select Euros, British pounds, Japanese yen, or South Korean won, among others, as their website’s preferred currency.