Top Five Online Business Ideas in Hong Kong
17 September, 2020
Today's connected world has brought numerous opportunities and possibilities to work and stay connected with people worldwide. This technological world has increased flexibility for the business people in how and where to set up the eCommerce business in a variety of forms.
Some people just establish a mini-warehouse to store their products at a single place; however, others run their business completely online. But now, with the advancement of technology and various opportunities, you can start the businesses by using your existing space and means.
Starting an eCommerce business has its own appeal to the business owners. Countless people have already established their own entrepreneurship, but with the right ideas and numerous sweat equity.
Running an online business also comes with its own set of rules and challenges that needs to be dealt with properly. This business type is all about connecting businesses to people worldwide without being physically present at every part. But still, you have to find out the right customers with the right offering. You have to search for the right customer segments and base and then start offering your services.
However, before finding the right customer base, you have to search for the right place and right business model. Hong Kong is one of the world's emergent places that offers numerous opportunities to the business owner.
Are you excited about starting an eCommerce business in Hong Kong, but not sure where to start? This article will help you gather the reasons to start an online business in Hong Kong, and the different online business ideas. Keep on reading!
Top reasons to start an online business in Hong Kong
If you are thinking of starting an online business, Hong Kong should be on your radar. Hong Kong is an epitome for the successful business people who have established their enterprises in this place and increase their ROI.
Well, there are some reasons for the popularity of this place among business people across the world. Below shared are some reasons that will help you know the topmost reasons to set up an online business in Hong Kong above other countries worldwide.
Simple and Straightforward Company Formation Process
The process of forming a company in Hong Kong is simple and straightforward. This is the first reason to establish an online business in Hong Kong's freest economy. All you need is to search for your company's name and submit the application to the Companies Registry. If you want to open an online business in an area where you can't physically present due to the present situation, you take the professionals' help.
Excellent and Exceptional IT infrastructure
Another important reason to set up an online business in Hong Kong is its excellent and advanced IT infrastructure. As a matter of fact, IT infrastructure plays an imperative role in establishing an eCommerce business. Your online business requires proper access to reliable servers, data centers, and other important parts of the internet infrastructure. So, when you establish your online business in Hong Kong, you can easily access all the tools and tactics. Below shared are some:
- Free flow of information - Hong Kong gives full right to information to the people. Hong Kong laws usually support the free flow of information and don't restrict online businesses' operations.
- Power Supply - This place has reliable power supply providers, and unplanned outages typically last for less than 3 minutes.
- Internet Readiness - Hong Kong has been crowned with the second-fastest internet speed of 114 Mbps on the planet. So, when you set up an online business in Hong Kong, you will not face internet connectivity issues.
- ICT Talents - Hong Kong has been flooded with experienced and talented IT skilled people such as designers, engineers, and web developers. So, you can easily hire them to build a robust and reliable team here.
Whether you want to set up an online business or traditional styled mortar-and brick business, Hong Kong would be your best choice. This place has been poised with the lowest tax jurisdictions in the world.
The profits earned within the territory of Hong Kong would be subjected to taxes. If your online business is selling the services or products through the internet within Hong Kong territory, you would need to pay tax as per the rules of the Inland Revenue Department (IRD). Other than this, Hong Kong doesn't impose taxes such as:
- No sales tax or VAT
- No withholding tax on dividends and interest
- No capital gains tax,
- No tax on dividends, and
- No estate tax.
That's why, businesses and individuals in Hong Kong enjoy one of the friendliest tax systems in the world.
Well-Organized Banking System
The banking system in Hong Kong is quite well-organized and efficient. This is the fourth reason why many successful entrepreneurs choose Hong Kong to establish their e-commerce business.
This place is home to 71 of the world's biggest international banks, including DBS Bank, Standard Chartered, Citibank, and HSBC. Nowadays, CIM Banque has been helping people to operate their business online without any further hassle.
As soon as you register your business in Hong Kong, you will reserve the right to a wide range of banking services and products from the multicurrency accounts and merchants.
Therefore, the businesses can transfer their money internationally and bank on these financial institutions to securely hold their money. The process of opening a bank account is pretty simple but requires business people to adhere to the rules and responsibilities suggested by the selected banks.
Online Business Ideas in Hong Kong
By now, you would have a better idea about the top reasons to start an online business in Hong Kong. This place is filled with an array of opportunities for the business people to establish their enterprises successfully and adequately. The government of Hong Kong also helps business people in registering and incorporating their business.
But now, the main question arises,' which idea would be best suited for your online business?'' Before starting a new business in any part of the world, you have to ensure that your business idea is unique and appealing to customers. If you are not sure which business idea would be the best bet, keep on reading it. Below shared are five online business idea that you should be aware of:
Selling Homemade/ Handmade Products
The first online business idea that can bring numerous customers onboard for your business is selling handmade products. If you think you can actually create something unique and appealing to your customers, then you should definitely turn your hobby into a business idea. You can create your products in a studio, workshop, commercial kitchen, or anywhere you feel comfortable to do.
This type of business attracts most of the customers towards the business. Being a manufacturer, you can make the products cost-effective, customize the products according to customer needs, and also improve their quality simultaneously. Selling your own products or brands in a marketplace is a great way to share your passion and increase ROI.
Teaching Online Classes
Another online business idea is to start teaching online classes. If you have the talent for teaching, then you can start with this business. You all need to make a video explaining the subject you're familiar with and then host it on your own personal website.
But here you would need to look for the online courses which you can teach to the students. The selected topic should be good, updated, and researched well enough to teach someone how to do it from scratch. This can be literally anything - music production, social media marketing, web development, you name it.
Have you thought about offering consulting services online?
Another amazing business idea is offering consulting services online. There are many people seeking consultancy services, but due to this Covid 19 situation, they can't meet in-person. So, if you think you can become a consultant, then you start your business online.
In this way, you can help the people resolve their queries and increase your income source by offering consulting services. But to establish a successful consultancy business, you have to focus on the customer's satisfaction level. This will enable the growth of your business, especially in competitive fields of consultation.
Become a freelance writer, designer or developer
Have you ever thought about offering services online and becoming a freelance writer, developer, or designer? This is a high time to start selling your skills online on various platforms such as Fiverr, Upwork, and much more. Being a freelancer, you will be able to put your skills for a good reason by helping people across the world with their projects (while making some money yourself, of course).
For instance- You can bid to write 250 words content for $15 in the initial days. In this way, you can tweak your services until you've found a combo that makes it worth your while. You can also bid to become a developer or designer by helping people modify and prepare their website uniquely.
Begin with blogging or creating youtube channel
Finally, the online business idea that can start with establishing your enterprise is to start a blog or prepare your youtube channel. Since its introduction to the technological world, blogging or making youtube channels has become a trend. Most of the people have earned money and popularity by using these ideas.
All you need to focus on is building an engaged and loyal audience. When you start with an audience-centric approach, you'll cultivate a community that trusts you. And when you can earn trust, you can start to drive revenue.
This article is all about the reason to establish an online business in hong Kong and the various ideas that you can use to start a new business. Nowadays, everything starts with technology, and the internet. If you want to stay updated and informative in this business world, you have to look for unique business ideas. Are you ready to establish an online business in hong Kong? If so, then Startupr is here for you. We can assist you in forming your company in Hong Kong. For more information, contact us now!
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