Tech business: Hong-Kong is your heaven
Contributed by hongkongtaxfree.com
18 November, 2016
If you are in Tech Business: Hong-Kong is your heaven because of the boom in diverse ICT start-ups. According to Forbes, Hong Kong only comes second to Silicon Valley on ICT. Here are more reasons why every investor should consider Hong Kong as the basement for tech investment.
It has one of the most favourable ICT environments for businesses
The world is on match towards becoming an information tech driven village. Hong Kong has moved with speed and established itself as a digital hub for creative and innovative start-ups. In their findings, Chinese University of Hong Kong and Google found that since 2009, Hong Kong tech start-up has shot up with an amazing 300%. Thats why Hong-Kong entrepreneur visa request are exploding.
Several things have mainly contributed this;
- Strong fiscal background that attracts a lot of FinTech start-ups.
- High mobile penetration of approximately 241.7% (OFCA). This has made Hong Kong a ripe niche for testing various mobile solutions as well as ICT based technologies.
Gateway to diverse opportunities
Hong Kong is the best gateway to entering the mainland China and other markets in the larger Asia-Pacific region.
A good example is the purchase of Cherrypicks (a local start-up) by one of the top Chinese gaming and mobile applications developer, NetDragon Websoft. The start-up was bought for US$30.5 million. Another example is the Googles acquisition of Divide (a local start up) for US$120 million. These are a few success stories that demonstrate the huge potential and endless opportunities for start-ups.
Other noteworthy start-ups include Cybersport that is known for incubating GoGoVan that secured over US$16 million. These, to mention but a few demonstrate that the entire globe is looking to Hong Kong because of the immense potential. Well, do not be left behind, take your incubation to Hong Kong, grow it, and the opportunities will come knocking on your door.
One of the most remarkable things about Hong Kong is that entrepreneurs operate under very favourable fiscal and legal systems that are simple while the tax regime is very predictable. In fact, Hong Kong has the lowest rates of taxes on entire South East Asia and globally. Investors can register new companies in hours and start operating within a very short time. It is because of this that Hong Kong has always been among the top nations on ease of doing business index.
Great support for all entrepreneurs
Public and private sectors in Hong Kong work in harmony to help nurture ICT. Even without taking full offices, tech start-ups can still utilize the available co-working spaces for extra flexibility.
Besides, the government of Hong Kong supports start-ups in a great way through different programs including Cyberport Creative Micro Fund (CCMF), Cyberport Incubation Program, and financial support among others. In addition to this, tech start-ups are provided with necessary coaching to address numerous challenges at early stages. Notably, new start-ups are also networked with others to learn from their successes.
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