Hong Kong is a great place to start if you have been contemplating expanding your business to Asia. If you have been planning to expand your international business to Hong Kong, you are not alone. Many foreign investors have opted to expand to this promising market to tap into new opportunities.
Whether your business is a small, mid-sized, or larger firm, expanding to Asia is a strategic move with many benefits. And entering the Hong Kong market could very well prove to be significantly lucrative.
Why Expand a Business to Hong Kong?
There are many benefits to running a Hong Kong business or taking your existing international business to this part of Asia, including:
- The low tax rates
- A simple tax system
- The fairly streamlined business setup process
- Relatively low startup fees
- Robust legal framework to protect you and your business
Combined with an open global market, Hong Kong provides unlimited potential for companies entering with a proper strategy.
Market Strengths of Hong Kong.
Hong Kong has long been positioned as a global business, trade, and financial center. The city has a strong legal system, an open business environment, well-established infrastructure and transportation systems, a talented pool of workers and potential employees, and a free economy. Hong Kong has played a leading role in facilitating internationalization and economic growth while simultaneously and proactively providing an important platform for international businesses to enter the global market.
Hong Kong is in a prime location — the heart of the Asia Pacific region — and a short flight from other important economic markets such as Singapore, Taipei, Seoul, Shanghai, and Beijing. Perhaps most significantly, Hong Kong’s location allows for an easy link to mainland China and the outside world in many ways, including through logistics, trade, transportation, and the flow of capital.
How to Plan Your Business Expansion to Hong Kong.
Successful businesses start any expansion venture with research. Conducting precise market research and creating a business plan to lay out steps and goals is imperative. Part of your business plan should also incorporate:
- A plan for market entry
- An analysis of competitors in the market
- Political and economic climate details
- Legal factors of conducting business
- The costs of expansion
- A comprehensive business communication system
- Marketing strategies
Communicating With Your New Market.
When a business expands its operations overseas, one of the initial challenges faced is in establishing a clear line of communication with those in the new market. Making your business easily accessible to customers and contacts in new nations requires a firm understanding of the options available.
For example, when building a presence in Hong Kong, you will need to invest in some form of communication system as a first step. Customers within any marketplace are far more drawn to businesses that readily offer a means of instant communication. A Hong Kong toll free number offers your business a way to establish a presence in Hong Kong and build credibility, even if you opt to not open a physical location in the new market.
In relation to communications, Hong Kong is well-positioned to accommodate real-time communications. Hong Kong is eight hours ahead of GMT. Therefore, office hours in the territory overlap with the United States west coast late afternoon and United States east coast morning hours, the United Kingdom morning hours, and morning hours in other European nations.
Start Expanding Your Business to Hong Kong Today.
Expanding your business to a foreign market is not an easy task, but if you are well prepared with everything you need, it can go smoothly and successfully. With the many advantages of running an international Hong Kong business, entering this market is fairly easy in comparison to many other foreign markets. However, this depends on having well-thought-out strategies and communications systems in place. Without ever leaving your business’ base location, you can expand to Hong Kong, purchase a Hong Kong toll free number, and forward calls to an international number so you can be available to those in the new market, no matter where in the world you are physically located.