Expanding your business to Hong Kong: 4 things to keep in mind
Relocation can be overwhelming, especially international one from Canada to Hong Kong. This means that the entire relocation process needs more attention when planning. Now imagine expanding your business! This one requires even more research and organizing. You will need to develop a strategy, but also think about how can you manage your money while moving overseas. Here’s a guide to help you prepare and expand your business to Hong Kong a less burdening experience.
Do your research before expanding your business to Hong Kong
Expanding your business internationally means you have a lot of things to prepare and research. From legal aspects to cultural norms, you need to know everything in order to fit in and run your business smoothly. You should also find a reliable moving company to help you with your relocation. Here are 4 things you should keep in mind when expanding business to Hong Kong.
1. Stress-free and easy setup
Expanding and setting up your business in Hong Kong is actually very easy. If planned and organized well, it can be done within two weeks! The business administration has made operating and expanding a business to Hong Kong user-friendly and with high rankings. The government also offers support initiatives for small and middle businesses. Rules and regulations to start a company in Hong Kong are very simple and straightforward so you won’t have any trouble understanding and managing. The total cost of expanding up your business here is low compared to doing it elsewhere.
2. Hong Kong offers great tax benefits
Another amazing benefit of expanding your business to Hong Kong is corporate taxes and tax breaks. Any business operating in Hong Kong enjoys benefits from the territorial source principle and creates the advantage to avoid tax on any profits made outside of Hong Kong. This will help you save thousands of dollars. On top of that, another great advantage you’ll get to enjoy is no sales tax, VAT, or withholding tax on dividends.
3. Amazing location, great connections and free economy
Located at the heart of Asia, Hong Kong is well-connected with the rest of the world. Representing one of the best destinations for any type of business in the world, Hong Kong enjoys easy access to the world’s leading markets. Another great advantage of expanding your business here is that the local economy is driven by the principles of free trade, open market, and free enterprise. In Hong Kong, you have no restrictions on investments. There are no restrictions on foreign exchange controls nor on foreign ownership. Hong Kong has a business-friendly atmosphere, a very strong legal system, and a strict anti-corruption policy which makes it a great place to do business.
4. Different culture and social norms
Even though Hong Kong is an international hub, it still has its own culture and both business and social norms. In order to adjust and fit in, you have to do a lot of research and make sure to follow these norms. Sometimes you might feel like your own norms and beliefs are clashing which will become a challenge. But remember that after all, you are a foreigner in a different country with a different culture so you have to make sure to respect it and do your best to adjust.
Moving to Hong Kong – Logistics
Now that you know all the important facts about expanding your business to Hong Kong, the next step is to prepare yourself and your business for the move. Considering it’s an international relocation, you have to plan and organize everything in advance. You also have to make sure to avoid mistakes as much as possible as this may affect your business. Do the research, plan and organize everything, make checklists and move! Here are some of the tips regarding relocation that can help you prepare.
Packing and transport
Packing and transporting both your household and office items is not an easy task. It is necessary to plan and organize well in order to have a successful and stress-free relocation. Considering a fact that you already have enough to think about with expanding your business, we highly suggest you find crews that can help you with this task. Professionals will make it so much easier because they have the experience and knowledge to do it the right way. With them by your side, you have nothing to worry about. Everything will be under control so you can focus on other tasks you have to accomplish before the move.
Long term storage units
There is a lot of long-term storage where you can keep them safe and sound! This is a great choice in case you don’t have enough space at your new place or office. Or in case you have yet to find an office. You can keep your inventory safe in storage and rest assured that your items will be well taken care of.
Hiring professional assistance in Hong Kong
Like we’ve already mentioned, the relocation process is hard and stressful, let alone an international and business one. This is why our greatest advice is finding and hiring a reliable moving company like relosmart.asia to help you! They offer plenty of professionals at your disposal. They will also make sure to help you adjust to Hong Kong and organize everything based on your needs and requirements.
Adapting after the move
It’s very important to give yourself time to adapt. Expanding your business to Hong Kong is a big change and it takes time. If you have children, you will also need to help them adapt. However, it will be much easier if you do research about the country and the neighborhood you’ll be living in prior. Make sure to understand, respect, and follow the norms and rules this is an entirely different country with a different culture. This goes for both you and your business. Make sure to do research on work culture too, as you’ll need every information in order to run your business the right way. Good luck!