When you’re a small business owner ready to enter the international business world, location is everything. Your plan is solid, and your staff is excited. The only thing you’re missing is where you want to start.
When people think about overseas expansion, Singapore usually comes to mind. Singapore will always have its place in the international business community, but Hong Kong is becoming the preferred place for businesses to plant their global roots.
Curious about why Hong Kong business is so hot right now? After reading these great benefits, you’ll wonder why you haven’t thought about expanding to the area sooner.
One of the main problems associated with starting a new business in a different country is economic hurdles. Restrictions on trade can make doing business too expensive, risky, or complicated.
Hong Kong can be considered one of the most business-friendly cities globally. Businesses based in the city can open bank accounts anywhere without worrying about restrictions.
Since Hong Kong is a free port, there are tax exemptions for various products. Although businesses need to apply for licenses to ship certain goods, the process is straightforward and meant to attract new investors.
Access to Other Markets
You’ve always thought about expanding in China, but everything is more complicated than expected. On top of the mountains of paperwork and legal matters, everything seems to take so long on the mainland.
Hong Kong is the perfect place for businesses that haven’t been able to get a foothold in mainland China. Trade with other Asian countries is also incredibly easy in this port city. Its strategic location on the Southeast coast of China makes it easy to get to surrounding nations.
Low Tax Rates
Hong Kong is a top contender among areas with fantastic tax benefits. From a reasonable provisional tax to a business-friendly environment, the city can’t be beaten.
Most countries in Asia have corporate taxes ranging from 17%-30%. Hong Kong only asks for a small 8.25% for businesses that make under 2 million.
Coupled with a 15% property tax, you have an incredibly friendly place for small business owners. You’ll be able to keep more of your profits and have ample money for investing.
Infrastructure should be a top priority when companies expand into other countries. You need somewhere people can easily travel to if you want to grow.
The Hong Kong International Airport is easily one of the busiest in the world. There are flights to nearly any country you can think of, along with plenty of trains, ferries, minibusses, and trams to help you in the city when you settle.
It’s also worth noting that the workforce in the city can easily be one of its top benefits. Hong Kong is an international city at its core. Many of its citizens speak multiple languages and are trained in different professional disciplines.
Learn About International Business From the Pros
If you’re ready to build your international business empire, start in Hong Kong. From low taxes to excellent infrastructure, it has everything a budding entrepreneur needs to succeed.
There’s still so much to learn about starting businesses across the world.
Please keep browsing our posts so you can learn how to achieve your international business dreams.