Opening up a new business is pretty exciting, it is like starting a new adventure. You have no clue what is waiting for you out there, but you have a clear goal of riches on your mind. Maybe, it is the process itself and the beauty of doing business that attracts you and not the riches. Whatever the case may be, all of those goals are on your mind, but the reality of doing business is different.
You are just starting out and there are countless variables that you will not be able to control on this adventure. One thing that people get wrong about starting businesses is that they think it is a universal process. However, starting a business depends significantly on the country where you are starting out. With these 6 tips, you will understand the uniqueness of doing business in Hong Kong.
No matter the region, you need to register your business properly and according to the law. Luckily, registering your business in Hong Kong is not difficult if you check this website for example, and see its three steps. You can’t get the benefits of Hong Kong business practices if you are not registered properly. The best thing about this digital age is that you can do everything digitally, no need to drown yourself in paperwork.
Once your business is registered, you will need to pay taxes according to Hong Kong Law. However, one of the reasons why so many businesses register in Hong Kong is due to its tax rate. It has one of the lowest tax rates that will save you a lot of money doing business.
Even if the taxes are minimal, you will still need to pay them. It is better to pay up and not play with chances in Hong Kong. Even if it may seem like you are losing money, you will lose a whole lot more if you do not pay your taxes.
Marketing schemes differ from country to country, and Hong Kong’s marketing strategies are also unique. The two leading ways of showing yourself in Hong Kong are through videos and SEO. Videos are mostly in short format, pretty similar to TikTok videos, and other social media accounts are a must.
Hong Kong is very well digitized, which is why SEO is so important here. SEO stands for Search Engine Optimization, and you want to be well-optimized in Hong Kong’s search engines. You always want to be on the lookout for other marketing trends in Hong Kong because there are a lot of competing businesses there.
As a foreigner in any country, you want to learn the culture of where you are headed. Hong Kong has a very rich culture that you must understand in order to understand its people. A lot of people will just bundle Hong Kong, China, and Taiwan into the same culture.
This is the last thing you want to do, as all of these are three completely different cultures. The best way to learn about the culture is by talking to locals in Hong Kong about it and reading from trusted sources.
If you plan on buying office space in Hong Kong, get ready to pay a hefty sum of money. Hong Kong’s real estate scene is not looking that great at the current moment when it comes to buying something permanently. You want to start out renting something small and buy office space later. You will not have enough money to buy and even if you do, you should invest that money into something else.
Hong Kong is in a bit of a pickle when it comes to dealing with its neighbor, China. This is due to Xi Jinping’s aggressive tactics regarding his plan to expand China by taking Hong Kong and Taiwan. Speaking out about these problems in Hong Kong can be pretty troubling, and a lot of people were silenced because of that. As a new and emerging business, this is a pretty tricky situation where you do not want to startle the government regarding this.
These 6 tips serve to point out the important aspects of doing business in Hong Kong, not to feed your fantasy. Chasing after your goals is very important, but you should not live in your fantasies, especially when doing business.
If you let your fantasies consume your mind, you will not be able to focus on reality. That is when you start missing the whole point because you live in this reality and that is what you have. You need to use this reality and view it objectively if you really want to make your wishes a reality.