Wondering what are some of the best small business ideas in Hong Kong? Starting a small business is an idea that’s equally exciting as it is challenging. However, you can eliminate multiple challenges when you find a good location to run your business activities.
Hong Kong has established itself as one of the best Asian jurisdictions to start and run a small business. There are multiple opportunities for small business ideas in Hong Kong, including retail, online services, food businesses, etc.
The nature of this region’s society makes it easier for small businesses to thrive. Are you looking for small business ideas in Hong Kong and coming up short? You’re at the right place.
When moving to Hong Kong, business owners may either develop a unique business model or adopt any of those currently used in the region. This piece will reveal the best ideas to model your new business.
What Is A Small Business?
A business is any entity or organization set up to make profits through selling certain products or providing services. Businesses are described as small or large depending on the scale of their operations.
A small business is usually a start-up or business yet to maximize its potential. With the right steps and some elements of luck, any one of these small business ideas in Hong Kong can grow into a mega-corporation.
Why Is Hong Kong The Best Place To Start A Small Business?
Why are there so many great small business ideas in Hong Kong? The region is a good place to start a small business. Hong Kong offers a few amenities that are unavailable in other urban communities.
There are a few reasons why Hong Kong is a great place to start a new business. They include:
1. Better Taxes
It’s safe to say that taxes are cheaper in Hong Kong. Overall, the region has a better tax regime that’s also simple to understand. Heavy taxes will cripple your business and make it harder for it to grow. Getting incorporated here will save your business plenty of money.
2. Free Importation For Foreign Businesses
Hong Kong is a freeport for foreign businesses, such as that based in China. This Freeport status is beneficial to small business owners. Companies will only be charged for the importation of certain products like tobacco. This means small businesses here can get plenty of materials at a lesser price.
3. One-Of-A-Kind Asian Location
Regardless of why you want to start a business, Hong Kong would make a great location for any business owner. Located at the heart of one of Asia’s most active economies, Hong Kong has all the essential benefits for entrepreneurs. What’s more? This region has the same time zone as Beijing, Singapore, Manila, Tai Pei, Kuala Lumpur and Perth.
5 Best Small Business Ideas in Hong Kong
Now that you know the benefits of starting a company in the region, you may want to think of some small business ideas in Hong Kong. There are many benefits to doing so.
But what small business ideas in Hong Kong are suitable for a small-scale business owner? Here are 5 ideas for you to gain inspiration:
1. Home Contractors
A home contractor is one of the best small business ideas in Hong Kong. As home contractors is a common service, you won’t scare locals off with a strange business concept. What’s more? A home contractor business is fairly simple.
As soon as you come to terms with what’s expected of you. There may be a need to gain some project management knowledge. Home contractors supervise the planning and execution of home construction.
You’ll need a rough idea of home construction because your work will be vast and encompass repair, home upgrades and full construction work. It doesn’t matter whether you’re a beginner as long as you have gained some vocational training.
You’re expected to comply with the specifications given to you. You’ll need to employ a group of people to work with you for the best results.
2. Home Cleaning Service
Starting a home cleaning service is also on the list of great small business ideas in Hong Kong. Being in charge of a home cleaning service can be quite delicate. However, you’re likely to have a long list of loyal clients.
Many career women or busy couples will hire a home cleaning service to take care of their homes. They consider you the only alternative to clean their apartments despite their busy schedules. Homeowners will entrust you with the safety of their homes and belongings.
Ensure you account for everything and only hire trustworthy people to work with you. Homeowners will not react well to a missing item after they’ve hired you to clean for them.
A good idea for the home cleaning service is to start small. You can start with a small workforce of about 2-3 people. Next, stock cleaning supplies and equipment. It’s essential that you purchase environmentally friendly cleaning materials.
These are the best type of cleaning supplies because they will not have any side effects on your client’s home. Destroying your client’s homes with cleaning supplies will result in a dissatisfactory service.
This business idea is great for anyone who has just settled in Hong Kong but doesn’t have enough capital. Building a reputation with small jobs will make it easier to land bigger offers.
3. Technology Support Service
Technology support services are also on the list of small business ideas in Hong Kong you can consider. Hong Kong is an industrialized region. As a result, you’ll find thousands of people and businesses using advanced technology and equipment.
With the increased proliferation of computers and other advanced equipment, tech support has become a sought-after skill. Your job will be to monitor personal computers and networks for entities – either individuals or organizations.
Your job will be to remedy malware, email and password issues.
You need to understand the needs of every organization will differ. While some may have only software-based demands, others require equipment configuration, troubleshooting, etc. As a result, it’s essential you design your service to be adaptable and customer oriented.
Your business may also focus on computer accessories and after-sale support. In this line of business, your professionalism and the efficiency of your processes will make you stand out.
4. Web/App Development
In line with the previous entry on the list of small business ideas in Hong Kong, you can also get into the website or mobile application development industry. Hong Kong is a tech-savvy jurisdiction, and there are many smartphone users.
Therefore, new websites and apps are in constant demand. If you have the skill required, you may work to create websites and apps. It’s possible to hire freelancers to help you out. But you’d fare better if you had a good grasp of software engineering.
Web/App Development is one of the fastest-growing businesses in Hong Kong. But get ready for stiff competition from other small companies and bigger brands.
5. Personal Fitness Training
This business idea is a widely accepted one in Hong Kong. As more people continue to place priority on their health, the demand for fitness trainers will increase. Fitness training services can also be fantastic small business ideas in Hong Kong.
Since the pandemic, the global health industry has grown exponentially and is now worth trillions of dollars. The pandemic restricted access to gyms, and many had to opt for personal trainers.
Ever since, the demand for personal trainers among the Hong Kong elite and the working class has skyrocketed.
Becoming a fitness trainer isn’t capital intensive, but you’ll need to know your way around the gym and have the body to show the efficiency of your past efforts. You can utilize social media to spread the news about yourself.
Asides from teaching people to work out, you can also train in self-defense. If you’re a martial artist or have received some form of paramilitary training, you may pass on your knowledge to others. However, you’ll need to apply to the government to receive licensing for your activities.
How To Start A Small Business In Hong Kong
Now that you have a better idea of several small business ideas in Hong Kong that you can consider starting, let’s review the process on how to start a small business in Hong Kong. The steps are quite straightforward.
You may opt to go through each one yourself or hire a consultancy firm to do the heavy lifting. Follow these steps to get started with the company incorporation process after you have decided on one of the small business ideas in Hong Kong for your own company:
1. Choose your Company Name
Whenever you decide to begin selling goods or offering services to clients, you’ll need to decide on a business name. Ensure you choose a unique business name. This name will be your brand’s identity and will be present on all your property. Choosing a catchy name that lets everyone know what your business is about is essential.
2. Register the Company
After settling on your name, it’s essential to register it quickly. Apply for a business registration certificate. Fill out the application form correctly. That’s the only way to get approval in one go.
3. Open a Local Bank Account
After you’ve gained approval from the Inland Revenue Department, the next thing to do is open a bank account. Hong Kong has several banking facilities, and chances are high that you’ll get confused which bank to choose. You can seek expert opinions on the best banks to work with.
4. Register a local business address
It’s essential that every registered business in Hong Kong have a registered business address. This is where government authorities and partners will send your correspondence.
5. File your Taxes
Business owners need a fully functional business to file their taxes. But it’s one of the essential things to keep in mind during incorporation. Every entity based in Hong Kong is expected to file its taxes occasionally. Failure to do so would lead to penalties from the government.
How SJH Global Can Help You - Company Incorporation
Hong Kong is a great place to start a small business. Setting up a small business is more than just choosing from a list of small business ideas in Hong Kong and settling on the operational model. You’ll also need to register and establish the business. That’s where we come in.
With SJH Global’s company incorporation services, you have nothing to worry about. We are a top-rated business consultancy service. Simply put, our job is to work with SMEs and create solutions that help them perform better.
We understand that company incorporation is a stressful process. There’s plenty of information to organize too. We will guide you through the application process with the Companies Registry. We’ll notify you as soon as you approve to commence operations.
Asides from company incorporation, our expert team of consultants can also help with other services such as accounting, taxation, and secretarial services. They also hold necessary certifications from relevant authorities.
So, you can rest assured about the quality of the service we offer. Inspired by our list of small business ideas in Hong Kong and ready to take the next step? Contact us for a FREE consultation today!
Small Business Ideas In Hong Kong – Frequently Asked Questions
There are many reasons why Hong Kong is a great place to start a small business.
It’s safe to say that running a business here will be profitable. The nature of your profits – small or large – will depend on the efficiency of your operations and the number of customers you deal with.
Only business owners that work tirelessly to grow their profits will earn massive profits. No matter which one of the small business ideas in Hong Kong you decide on, there are many benefits of starting a company in Hong Kong.
Starting a small business is simple. You can do it yourself or hire a firm to handle it.
Come up with your own business idea or take inspiration from our list of small business ideas in Hong Kong, Choose a company name. Register the name. Choose and register a local business address. Finally, open a bank account.
Hong Kong is flexible about company incorporation. Foreigners are allowed to have their businesses here. However, most entities set up a subsidiary to enjoy benefits from the government’s regulations.
Contact us for a FREE consultation today if you’re a foreign business owner who got inspired by our list of small business ideas in Hong Kong and want to know more about starting your own company in the region.