Hong Kong is an internationally renowned autonomous territory where the East and West meet and fuse together to create a very favourable environment for anyone looking to start a business.
Why start a business in Hong Kong?
Hong Kong has been ranked as the world’s freest economy by The Wall Street Journal and The Heritage Foundation for the past 20 years. This means that setting up a business there is easy even for foreigners.
There are no annoying restrictions that will bind you and make it difficult for you to experience the many advantages offered: a corruption-free government, friendly and supportive tax and business laws, a reliable legal system and world-class infrastructure.
In Hong Kong, foreigners are allowed to wholly own and manage their businesses. The government does not require the participation of a Hong Kong native or resident.
Aside from that, the government only collects taxes for profits made within the territory at a rate of about 17% for income above 120,000 Hong Kong dollars. It is also easy to open banking accounts in different currencies.
Hong Kong is also very supportive towards startups and small businesses. Numerous programs are available and help you in securing loans and acquiring funds for marketing. You can also write off several items as business expenses ultimately saving costs.
Finding a space for your business is also easy. Getting a serviced office in Hong Kong is quick and convenient. These types of offices are great for startups because of the multiple services you get along with the space. They provide security, maintenance, janitorial services, receptionists and even car parking spaces.
You don’t need to worry about the little things that need to be done in order to run an office because these facilities take care of that for you. Serviced offices also offer more flexible terms which are very suitable for startups.
A coworking space is another great option if you only have a few employees. Along with serviced offices, coworking spaces are also readily available in Hong Kong’s business districts.
Business Districts in Hong Kong
Now that you’ve decided that Hong Kong is a good place for you to establish your startup, the next step is to choose the most appropriate location. Each area offers a distinct feel and flavor and caters to a particular industry.
Office space in Hong Kong is classified according to its aesthetic appeal and this factor also determines the rent. Grade A buildings are modern and well-maintained with large open spaces, beautiful lobbies and plenty of parking space. Grade B buildings are average while Grade C buildings are basic.
Another factor that affects rental fees is the location. Geographically, Hong Kong is divided into three areas. The Hong Kong island serves as the hub for administration and finance. The Kowloon Peninsula located a mile away from the capital and the New Territories are located in the fringes of Hong Kong.
1. The Central
Central Hong Kong is considered as the “Manhattan of Hong Kong”. The most prestigious business addresses and office buildings are located here. Multinational corporations government offices and consulates have established themselves in this area.
Public transportation in and around the Central is possible by bus, subway, trains, trams, expressways and roads. The outer islands and Macau are accessible from Hong Kong via the ferry service.
2. Kowloon Island
If you want to do business with China, Tsim Sha Tsui in the Kowloon peninsula it the best place to establish your business since it is close to the Kowloon-Canton Railway.
Hotels and resorts catering to tourists are a major industry in this area. In addition to World-famous hotels such as the Marco Polo Hotel, the Inter Continental Hong Kong and the Sheraton Hotel, numerous shopping outlets and tourist attractions are also found here.
3. Sheung Wan
Sheung Wan is located to the northwest of the Central. It is a mix of modern shopping centers and traditional Chinese buildings. It is the center for Hong Kong’s dried seafood industry.
The area is a popular with overseas entrepreneurs because of its proximity to Central Hong Kong. Along with more affordable rents, the locality is a mere 5 minutes away from the Central via bus or if you prefer you can also walk which will only 15 minutes.
4. Causeway Bay
Causeway Bay is located 15 minutes east of the Central and is a major shopping hub. It is a busy and crowded area mostly frequented by hip and fashionable people who want to get the latest trends available from the US, Europe and Japan. It’s a great place to socialize and enjoy the nightlife in Hong Kong. Causeway Bay is also popular with engineering firms and IT companies.
After choosing your location, the next step is to decide whether to lease an office space and manage the office on your own or choose a serviced space that comes along with administrative support.
For smaller businesses still in their infancy, serviced offices would be a good option. With friendlier contract terms and packaged maintenance, serviced offices will make starting up your business in Hong Kong very easy.
You can leave the tasks of running the office to the building management and just concentrate on growing your business. These will actually help you save time, effort and money.
So what are you waiting for? Search for an office now!