Business in Hong Kong is booming. After a dull 2020 that was caused by the COVID-19 pandemic, Hong Kong has been one of the jurisdictions to rise back to success. In 2021, Hong Kong economy started roaring back and its GDP reached USD 472.3 billion. With the growth of the jurisdiction’s economy expected to continue on an uptrend in the coming years, more investors are moving in to grow their businesses. You, too, should not be left behind, but which opportunity should you focus on?
Keep reading as we highlight the most profitable business opportunities that you should focus on for rapid growth in Hong Kong. We will also tell you the benefits of registering your company with the help of an agency of experts.
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Excellent Business Ideas for Hong Kong
- Import/Export Business
One unique thing about Hong Kong is its closeness to Mainland China. With China being a manufacturing powerhouse, export business is an excellent idea. You can export finished products from China to Europe, America, South America, and Africa. You can also import raw materials and supplies to companies in China and others in the rest of the Far East.
- Healthcare Products Business
In Hong Kong, pharmaceuticals dealing with healthcare products are booming, and you can join the niche. Most of the pharmaceutical products are in high demand in the rest of Asia and Europe. You can also sell them to emerging economies, such as Brazil and South Africa. So, whether you prefer to start a store or actual manufacturing of healthcare products, Hong Kong will not disappoint.
- Tour and Travel Agency
Hong Kong is a busy island with visitors trooping in all year round. In 2019, the jurisdiction recorded close to 56 million arrivals, indicating its hospitality niche’s high potential. Working as a travel agent can help these visitors conveniently plan, book, and enjoy every moment on the island.
As a tour and travel company, consider partnering with other agencies in the region for more success. For example, you can team up with an agency in China to help a client who wants to take some moment shopping in Hong Kong and finally visit the Great Wall of China before flying home in Europe.
Register Your Company with the Help of an Agency of Experts
Now that you have seen the main business opportunities in Hong Kong, the next step is company registration. In Hong Kong, the process of business registration is guided by the Companies Ordinance. The process involves preparing all the required documents, from articles of association to details of shareholders and directors, and submitting them to the registry in Hong Kong. This process is never easy for many investors. The best route to use when registering a business is working with an agency of experts. Here are the key benefits to anticipate from using professionals:
- The experts help you to prepare all the documents required for company registration in Hong Kong.
- You are advised on the best business structure to use for your business. Most investors coming to Hong Kong use the limited liability company structure because it allows 100% foreign shareholding.
- The agency can help you to craft the best company entry strategy for success.
- A good agency of experts will also be there to help with other executive functions, such as payroll management, accounting, and filing tax returns.
- It is easy to demonstrate tax substance for your company when targeting to expand your company beyond Hong Kong.
The opportunities we have highlighted in this post are only a few of what you can do in Hong Kong. You might also want to consider software development, fashion, and e-commerce. To grow your business and make it the multinational of your dreams, it is paramount to let experts hold your hands. They have been in the Hong Kong market for years and can tell you what works and what does not.