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For a long time, Hong Kong has established itself as a special financial centre. However, it has also positioned itself strategically as a perfect destination for business start-ups. This is evident from the burgeoning startup communities, especially in the last three years.
As a new investor, you might be asking what really makes Hong Kong this attractive to do business in. The following are 3 reasons to base a startup in Hong Kong that every investor should know.
Good regulatory environment
Because Hong Kong Special Administrative Region of China is a free port, there are very few restrictions for doing business. The taxes and regulations are very light to ensure that start-ups can set up their bases faster and start operating. Over the last decade, Hong Kong has featured permanently on top of the yearly list of World Bank's report on the ease of doing business. Others that come very close to Hong Kong include New Zealand and Singapore.
As a new investor, you might be worried about business survival amidst huge giants. Well, Hong Kong also ranks high in protecting minority investors, tax payments, and contracts enforcements. Accordingly, you can be sure that every effort will be protected in law and supported at all times so that the investment can blossom to benefit you, your company, and Hong Kong economy.
Support from Hong Kong government
For over two decades, Hong Kong administration has always worked towards improving the business environment. Recently, a similar focus has been directed to attracting start-ups into the region. Using various initiatives such as InvestHK, non-residents get unique facilitation to start their business and run them smoothly. What is even more encouraging is that this service is offered at no extra cost. Also, please note that there is a specific startup visa in Hong-Kong and could help any entrepreneur to base his company there.
Well, the government does not stop here to make the business environment even more attractive. It offers financial support and grants to potential anchor ideas. Therefore, if you are seeking funds for your startup, follow the government supported programs to see where your operations fit; Innovation and Technology Fund, Hong Kong Design Centre, Hong Kong Science and Technology Parks, or Cyber Creative Micro Fund.
The Hong Kong Administration wants to brood great ideas as a new impetus to take the business driven economy to a whole new level. Simply show your potential ideas and a clear framework for growth demonstrating how useful it will be to Hong Kong economy. If you were contemplating of taking your investment to a different place, take a pause and rethink Hong Kong.
Huge mobile penetration
To succeed in any business today, online marketing is not enough; you have to go mobile. Over 60% of online searches, today come from mobile phones according to Google. This is one reason to plug your start up in Hong Kong.
It has a mobile broadband access rate of a whopping 170% (high-speed mobile subscriptions are more than people living in Hong Kong). This means that you can design mobile business app, market products to a lot of people, and expand very fast. For start-ups that offer online services, the high mobile penetration means you can speed up the progress and become multinational in no time.
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