Business Daily Media

The Times Real Estate

.

How Did the Top Companies in Hong Kong and the Far East Grow?


Hong Kong has for many years been the corporate headquarters for many global firms, especially the British and Chinese firms. Because of its liberal and business-friendly policies, the jurisdiction has morphed into one of the most developed cities on the globe. Its per capita income is also very high. This is not all. Its impressive history of entrepreneurism has further made it a globally revered business hub.

So, if you point at any major brand on the globe today, from MacDonald’s to Barclays, it is likely to be present in Hong Kong. However, we must point out that while these firms enjoyed impressive support from the government and a large market, getting started was not easy.

To get it right at startup, every company must plan well and craft strategies for rapid growth.  A deeper look at these enviable top brands will demonstrate why they grew steadily and became the giants we know of today.

Useful Facts about Hong Kong that You Need to Know

To illustrate why more companies are heading to Hong Kong, let’s start with important numbers about the jurisdiction. With these numbers, an entrepreneur can craft projections for growth after company registration in Hong Kong.

* Hong Kong operates as a free-market economy.

* It also runs a free port and boasts of world-class infrastructure.

* To manage the Hong Kong economy, its administration uses a positive non-interventionist model to promote free trade.

* One of the key economic areas of Hong Kong is the strong financial system.

* The population of Hong Kong is approximately 7.5 million (2019 estimates).

* The nominal GDP of Hong Kong is about US$372.989 billion (2019 estimates).

* The main industries contributing to the GDP of Hong Kong are banking, tourism, shipping, and textiles.

After opening a business in Hong Kong, you will realize that the jurisdiction’s administration has made it straightforward to reach the neighboring markets. So, here are some of the main strategies that most brands used to become big companies today. Check closely and also apply them to also see your enterprise grow and become a global giant.

Taking Advantage of Bilateral Trade Agreements

Do you intend to make your firm a multinational? If “yes,” it is time to open it in Hong Kong and intensify its presence in the neighboring states.

The lovely thing about Hong Kong is that it has entered into bilateral trade agreements with more than 40 jurisdictions so that you can easily expand your enterprise. For example, it has already entered into free trade agreements with the Association of Southern Asia Nations (ASEAN), Chile, New Zealand and Australia, to mention a few.

You can use these bilateral trade arrangements to expand the market of your firm. For example, you can export or import industrial products to or from Candara and the EU. Make sure also to do comprehensive marketing in these new markets and identify reliable supply chain channels for faster growth.

Use Your Hong Kong Business to Access the Chinese Market

Although Hong Kong has a great deal of independence, you need to appreciate one fact; it is part of China. Therefore, the Chinese administration has subtle rules and regulations, which allow companies in Hong Kong to access the mainland. Particularly, China has signed the Closer Economic Partnership Arrangement (CEPA) that allows most of the products from Hong Kong to enter duty-free. So, it is time to start planning for the new market of over 1.3 billion in China.

Planning for business growth should commence even before opening a company in Hong Kong. Particularly, it is crucial to demonstrate tax substance to enjoy preferential treatment both in Hong Kong and other jurisdictions it has signed bilateral trade agreements with.

One fact about Hong Kong is that it never disappoints. It opens diverse business opportunities, but you need to work with an agency of experts to exploit them. The experts will help you to see more opportunities, some that might have skipped your eyes, and craft the right strategies for growth. Do not wait anymore; it is time to open an offshore company in Hong Kong.

Cutting edge AI technology designed for doctors to reduce patient wait times launched in NZ

New Zealand specialist doctors now have access to Artificial Intelligence technology to help reduce patient wait times and experts say it could be...

Launchd Takes Off: Former AFL Stars Lead Tech-Powered Platform Set to Disrupt Talent and Influencer Marketing

Backed by Institutional Capital, Launchd Combines Five Leading Agencies and Smart Technology to Deliver Measurable Results Influencer marketing i...

Meet the Australian fintech unlocking rewards for small businesses

Small businesses make up 98 per cent of all businesses in Australia, yet they continue to bear the brunt of economic uncertainty. According to Credi...

Teleperformance (TP) Business Insights Report Reveals Key Shifts in Consumer Behaviour

TP’s Business Insights report  into consumer behaviors and preferences, taking in more than 57,000 respondents across 19 sectors, is shedding new li...

HubSpot launches platform-wide AI tools to help businesses close the adoption gap

HubSpot today unveiled more than 200 updates across its customer platform to help businesses grow better. The release introduces smarter tools, new AI...

Why Every Leader Needs a Personal Branding Strategy in 2025

One of the best investments you can make in 2025? Your Personal Brand.In today’s competitive and digitally driven business world, authenticity and...

Sell by LayBy