Hong Kong bound

Hong Kong is not synonymous to Honeymoon, Shopping and Leisure travel alone, opportunely, it is also a land of serious business. No wonder, so many people are coming from all corners of the world to make use of the vast opportunities that are lying to be explored there or are simply paving an export or import route to the country.

Advantages

If you are wondering what is so different in Hong Kong in comparison to other famous tourist destinations, then have a look at the following to come to a valid conclusion:

• Hong Kong is perhaps, the world’s freest economy; a fine example of laissez-faire capitalism. It offers world standard facilities and does not impose foreign ownership restrictions thereby guaranteeing a level playing field to all entities.
• Unlike in other countries especially India, the Government of Hong Kong has a very small role in the financial decisions of the country. They would rather allow the private sector or the market forces to decide the direction of the economy. Service sector accounts to 90 percent of the GDP. Low taxation, free trade and minimum government intervention are other major characteristics of the economy.

Main highlights of taxation are: Profit is taxable at 16.5 percent; income tax at 15 percent flat and it has been ranked to be the third lowest in tax misery. So, do not be surprised if you find the natives of Hong Kong raising their eyebrows at words like service tax, capital gain tax or any other tax besides the above two. Also, the currency of Hong Kong is easily convertible.

• Hong Kong maintains a steady supply of skilled work force and for the purpose it has a lenient visa policy and thrives on admission schemes for mainland talents and professionals (ASMTP) and quality migrant admission scheme(QMAS). It also offers capital investment entrant scheme(CIES) for investors.

Also, Hong Kong maintains good quality education. They even have immigration arrangement for non-local graduate scheme(IANGS).

• Hong Kong has one of the best infrastructure facilities on offer in telecommunication network, transport etc.

Potential Sectors and Industries

Hong Kong is flourishing on services like medical, education, environmental and testing, innovation and technology, cultural and creative industries.          

Exporting in Hong Kong

If you are considering an option of export, then you can choose options from electronics, textiles, apparels, footwear, watches, clocks, toys, plastic, food items etc. Before starting the procedure, remember to keep in mind things like people expectations, product positioning and competition etc before embarking on the export route. Therefore a little research before entering the market should not hurt you. Other market essentials to be probed before going forward are: Structure of industry, demand for your product or service, competition, acclimation or alterations to your products and services, marketing strategy, financial resources, eruditions in local requirements like pricing, packaging etc, eruditions in cost and payment procedures.

Next, determine if your product is cut out for export by checking the standards and regulations of your product and the fees involved in altering your product, service for a foreign market.

After you are ready to enter the market, consider options of a JV, appointing a sales agent or setting up your own office there.

Importing from Hong Kong                                          

Raw materials, consumer goods, capital goods, foodstuff and fuel are some items of import from Hong Kong.

Either you can fly to Hong Kong or have an agent guide you about the purchases. But whatever it is, do not first of all forget to take import/export permits. There are many trade associations also to guide you.

So, if the proposition is alluring enough, get going with the scheme of reaching out to Hong Kong.