Hong Kong has had a unique history and has benefitted from its geographical location, in much the same way Singapore has. Both Singapore and Hong Kong were once important centres of the British Empire. Singapore received its independence in 1965 and Hong Kong was returned to China in 1997. These two different outcomes have shaded the way these metropolises have evolved. But both Singapore and Hong Kong have done very well regarding industrialization, standard of living, and being important centres for business. In 2021 Hong Kong is much closer to a Chinese mainland city than it was in 97. But it has managed to retain some of its independence and western influence.
Starting a Business in Hong Kong:
Hong Kong has a robust business culture built upon centuries of trade at its famous port. Foreigners can register a limited company or a branch office. Company formation in Hong Kong is best handled through agents who are experienced in the system. There are several applications to file and steps to follow. Once established you will find that doing business in Hong Kong is relatively straight forward.
- Living Conditions: Hong Kong is a subtropical location, and the weather is generally pleasant, there is a monsoon season which does see occasional tropical storms. But the city and the infrastructure are sturdy and built with those conditions in mind. Hong Kong is favourably located in the world, giving it access to goods and produce from the whole world. There is not much you that can’t find in the city. Hong Kong has excellent transit services as well; you can get anywhere you want with relative ease. There is no need to own a vehicle.
- Schools: Hong Kong has world class education, particularly some excellent international schools. However, they can be quite expensive.
- Housing: The cost of rentals in Hong Kong is generally quite high, due to the high cost and low availability of real estate. Hong Kong is the third most expensive city to live in. You can expect to pay more for your housing than any other living expense.
- Culture: Hong Kong is a city rich in culture, and it has benefited from its east west roots. The best of everything comes to Hong Kong, and there is an appreciation for all the finer things in life. But simple pleasures can be had too; there is a lot to be learned from this ancient city full of traditions. English is spoken everywhere in Hong Kong, but Cantonese is dominant, and Mandarin is also commonly used.
- Healthcare: Once again, the best of everything is available and common in Hong Kong, and this includes health care. However, as an expat you will need to have an insurance policy. All types of medical services are available, including dental services that some find to be surprisingly affordable. There are also traditional Chinese medical practices, featuring traditional herbal and reflexology-based treatments.
Hong Kong is a wonderful place to live and run a business, if, you can afford it. It really is a unique place in the world and if you are tempted to try it out, you could contact some of the expat organizations for more information.
