Business in Hong Kong: 3 tips before getting started
It’s decided: you’re going to do business in Hong Kong by setting up an offshore company. Before starting the administrative procedures, take the time to prepare your approach to the Asian market.
3 tips before getting started
1. Do not idealize the Asian market
The Chinese market is full of promise and represents a genuine opportunity to enter Asia. But you should not idealize doing business in Hong Kong.
Taxation attracts many companies, so you will face increased competition. And if your company’s business model is not stable, you will not succeed any more in Asia than in Europe. Take the time to develop your project properly and consider your financial arrangements carefully.
2. Immerse yourself in the culture
Business is not conducted in Hong Kong the same way as in Paris. Despite its highly Westernized appearance, business relationships and customs are not the same.
Take advantage of a trip to Hong Kong to discover the business district and meet foreign entrepreneurs who have been established in China for several years. Also learn about the laws and tax system: they directly influence the way of working in the territory.
The tax system is very advantageous for offshore companies, but the laws are also stricter in the event of an offense.
3. Get support
Doing business in Hong Kong requires careful preparation. Support can help answer questions related to setting up the company, as well as expanding the business in Asia.
This may include business culture, relationships with the relevant authorities and banking institutions, as well as the rules to follow to develop the business under the right conditions.