Small Business Investment Opportunities in Hong Kong You Can Try in 2019
Hong Kong is a leading investment destination for companies and corporations keen on expanding their ventures and grow beyond their borders. It is also where most investors interested in lucrative small business investment are heading strongly considering. The city is not just a vibrant global financial hub, but also a significant port that opens up the entire Asian continent to the rest of the world.
The business environment is lively, with a plethora of international organizations and brands who not only take advantage of the purchasing power of the economy to profit but also taps into the favorable environment created by the government for foreigners to do business.
You will be excited to know that Hong Kong ranks very highly according to the World Bank’s Ease of Doing Business Index in Asia. And as such, it is a natural magnet to any serious investor keen on conquering not just the Asian markets, but the rest of the world. As such, it is no brainer that Hong Kong is currently ranked among the top destination for top business investment in the world.
Why Venture in Hong Kong?
Many are the good things going well for Hong Kong as a business destination, especially for setting up small businesses that have the potential to grow into global ventures. Its strategic location to Mainland China implies that whatever business you start could easily extend to the Chinese markets, and you could also source for various items for trade quite easily from Mainland China.
Other than this, the business environment in Hong Kong is so good that irrespective of the venture you get into, if you have laid the structures right, then you will be assured of making excellent profits. It is also interesting to note that the process of company formation for those with small business investment ideas is relatively easy, and you could apply for incorporation and the relevant permits and get everything in under thirty minutes.
The policies and the taxes are also very friendly to the foreigners, and with great infrastructure the country enjoys, coupled with the robust social systems, Hong Kong is a destination to be embraced by any serious investor keen on having a taste of running a business in a world-class economy.
Hong Kong is a cradle of businesses, and there is always room for any investor with a sound business idea that will help a specific niche find various solutions to the problems bothering them. There are very many types of small business investment ideas you could implement in Hong Kong for maximum profitability. Anyway, here is a list of the top 20 small business investment opportunities in Hong Kong that will guarantee you the best returns as of the moment:
Business Consultants Services
As a business and a financial centre, nearly every foreigner and foreign-owned business keen on opening shops in the region will always make Hong Kong their first port of call for sound expert advice. And here is how you can come in as a business consultant. The majority of the entrepreneurs interested in starting businesses in Asia usually come to Hong Kong, but they are never aware of the procedures they need to take to have their companies duly registered and ready to transact.
With a business consulting service, you can help such investors and companies in handling the entire business registration process on their behalf. Your mandate will be to help them get their businesses registered, assist them with staff recruitment, rent office spaces for them, and probably help them with advertising their business.
Mobile Application Development
Technologically, Hong Kong is one of the most advanced cities in the world. Thus, it easy to understand why mobile application development is one the currently hot small business investment ideas you can implement. Mobile applications are the order of the day as business and corporations are striving to improve service delivery. With the increase in demand for these apps, this is a business idea bound to thrive for a very long time.
With the booming nature of the software industry, Hong Kong is just the right place to release a new revolutionary mobile app. If you have the skills to develop apps, you could do it on your own, then leverage on the software community and networks in Hong Kong to get it into the market. Alternatively, say that you are an entrepreneur with an idea for an app, but you lack the skills to code the app. You will still find excellent freelance programmers in Hong Kong. They will help you bring your mega idea into life and make a killing out of it.
Hong Kong is one of the best places to have a taste of the finest cuisines from the Asian continent. For an investor, however, this is a potent field, given that it is extremely popular. With the multicultural nature of the Hong Kong population, you will never go wrong by starting another food joint down the corner. You also have other choices like the catering service for the needs of a specific niche.
Remember, people from different cultures and regions around the world are present in Hong Kong. People of different backgrounds have different taste preference. If you want to join this lucrative industry in any shape or form, you must acquire certain special permits and licenses and also pass a health and sanitary inspection before you can start offering catering services in Hong Kong.
A travel agency is one of the small business investment ideas that so many investors are successfully implementing in Hong Kong. As you already know, HK is a top destination for people travelling for business and leisure. With a travel agency, your duty will be to help people arrange for tickets, hotel reservations, transportation, and sightseeing. You will also provide tours and guide services for clients who will have a need for such.
With millions of tourists visiting Hong Kong every single month, you will never run out of clients. However, for this, you will need to learn how to offer high-quality services. It is also encouraging to note that starting a travel agency in Hong Kong is relatively easy. This is because the requirements are rather low, and you will need a very small investment to get going.
Cleaning is a service of convenience that will always be in demand. For a fast and busy city like Hong Kong, there is still a lot of money in this sector. You can decide to start a janitorial service and help businesses, institutions, and corporations take care of their cleaning needs. Or, you can start laundry services to help the busy population ensure they don’t use dirty clothes. Either option has immense potential depending on the specific niche you will decide to zoom in. Some of the potentially lucrative cleaning niches you may consider include-: janitorial services for medical facilities, cleaning services for institutions of higher learning, janitorial services for hotels, laundry services for students, etc. With a little research, you can uncover the most profitable niche to get into for maximum profitability.
Product Sourcing Agent
A product sourcing agent is a very good small business investment idea. Also, it is one that requires very minimal investment as far as setting up the business in Hong Kong is concerned. People from all walks of life troop to China every single day in search of cheap items in large quantities. It is normally not easy for people to buy products in large quantities in China. This is mainly due to the distances and the language barrier.
Again, it is never easy for many people to make trips to Hong Kong to source products. As a result, a good number of them often rely on the internet to get the products they want. Anyway, with the high level of scams by unethical people online, this no longer seems like a viable option.
Consequently, becoming a product sourcing agent in Hong Kong will always be an evergreen idea. To succeed with this idea, all you need is a user-friendly website and have a strong online presence. This way, people who need to source items from China and Hong Kong can easily find you.
For the perfect start, you may need to partner with e-commerce websites so that you can have a global presence. Doing this you can also do some form of internet marketing to get leads as fast as possible. Additionally, you must ensure that you are proficient in English. This is vital since the bulk of your clients will be communicating with you in English.
Real Estate Brokering
Real estate brokering is another brilliant idea you can consider when thinking about small business investment in Hong Kong. It creates the largest number of millionaires in the world. As a broker in a hot market like Hong Kong, you can make tons of money. Of course, you need to get things right from the beginning.
A real estate broker in Hong Kong has numerous ways to establish a thriving business. As usual, you will perform the traditional duties of a realtor of facilitating the purchase and sale of properties. However, the number of people relocating to Hong Kong increasing every single year. This implies that the demand for homes, offices, and other property will always be high. As a broker, it will be your duty to use your knowledge, expertise, and experience to provide relocation, leasing, and real estate sale and purchase services for both corporate clients and individuals. It is also worth noting that there are emerging trends in the real estate industry. These trends have brought a lot of flexibility and profitability for agents.
For examples, trends like Airbnb has completely revolutionized the B&B and the vacation rental niches. Thus, one of the hottest ideas you can implement right now for instant success is to start a home sharing management company. In such company, you will be connecting homeowners with spaces to rent with those looking for places to stay or vacation rentals. It is a highly lucrative business model which requires nearly no investment since you don’t have to own any home. Talk to our business consultants if you need more information about profitable ways of making it big in real estate.
If you have a passion to teach, then you will get openings as an online tutor in Hong Kong. There are very many students seeking admission to universities in the west. They would need assistance in polishing their grasp of the English language. Thus, you can help them apply and get accepted in their universities of choice.
Other than tutoring students on the English language alone, you can also offer tutoring services in other subjects. You don’t necessarily have to teach students interested in going for further studies abroad. You may decide to register the business as a sole proprietor, or you may open up a learning centre so that you take care of both online and offline clients.
It is nice to observe that the requirements for starting an online tutoring service are relatively low. So, as long as you have the skills, you can get going as soon as possible.
Technical or IT Support Services
If you have a tech or IT background, then starting a small business investment in technology or IT field would be your best bet. Everybody in Hong Kong owns and uses some kind of technology every day. These technologies are prone to breakdowns and will always require constant repair and maintenance. As an IT expert, there are so many services you can choose to offer. These include software installation, virus removal, computer repair services, downloading software, cleaning desktops, configuring networks, and connecting devices amongst others.
However, if you are not a full IT specialist, you can still start a technical or IT support service by opening a service center. You could then hire expert IT professionals to do the work. Your duty then will be to manage the business and bring in clients as your employees do the work. It is a lucrative model if you can get the marketing right.
Digital Marketing Services
With the continued growth of the “all things internet” phenomenon, there are very good opportunities for digital marketing services in Hong Kong. It is a fact that every business desires to have some online presence. And, there is always very stiff competition to grab the tech-savvy online users. Businesses are therefore turning to digital marketing experts to help them get customers, leads and sales from the internet.
Hong Kong, in particular, has a high demand for niche skill sets in digital advertising. With minimum investment requirements, it is one of the small business investment options worth considering. You don’t have to be a guru in all aspects of digital marketing. However, you can set up a business dealing with the service you are most proficient in and which you can guarantee the best returns for your clients. You can choose to offer social media marketing, search engine optimization, content marketing, and pay per click advertising amongst others.
Call Center Agencies
Another brilliant small investment idea for Hong Kong would be to set up a call centre agency. This is a very cheap business for those looking for ventures that require small investments in Hong Kong. In fact, there are thousands of companies in Europe and the United States that outsource their customer care representative functions. Usually, they establish call centre agencies in other countries, particularly in Asia. This way, it is cheap for them to have the representative in those countries that have actual employees working.
Besides, there is a lot of skilled professionals who can offer excellent services to your clients. The beauty of a business like this is that you can start small with just a small team of representatives. After that, you can grow the team slowly as you continue to get more clients. However, you must ensure that you invest in dedicated telephone lines, quality headphones, and your employees must also have excellent English speaking skills.
The diversity that exists in Hong Kong implies that there are always people who need various consulting services. If you are an expert in any field, you could be a consultant and start services in your industry. With such services, you can advise other businesses and clients on the endeavours they are interested in pursuing.
This is why it is considered as a small business investment, where you only need the proper licenses and permits to start working. Of course, you will require an office, and some advertising budget to have the initial clients come through the door. However, the capital requirement for such is not as enormous when compared to starting other businesses.
Software as a Service Platform
Hong Kong is indeed a global tech hub, with very robust software development activities. Software as a service platform is for software developers, business owners, and corporations who want to lower their costs. Usually, these expenses revolve around developing, running and maintaining software. In traditional software and application development, it is usually very costly to run and operate development environments. Additionally, there are risks that such platforms typically face.
With a SaaS, you avail to software and application developers a safe and secure platform where they can develop, test, optimize and run their applications. You won’t need to worry about the security and the costs associated with traditional software development platforms.
With so many SaaS applications, all you need is a good vendor in Hong Kong. That will get you ready to start offering a SaaS platform to developers and business. Be warned, however, that this is not the kind of business you would wish to venture into if you don’t’ have a solid technical background in software development.
Education Center in Hong Kong
Learning is a universal need, and irrespective of where you are, you can always expect that there will be people with educational needs you can satisfy as an educator. In Hong Kong, education is generally viewed as a lucrative venture and one whose entry requirements are not so demanding. Thus, giving it a space in the list of small business investment options in Hong Kong.
Currently, there is a plethora of vocational centres, academic institutions, nurseries and kindergartens, and foreign institutions. Others include primary and secondary schools, business schools, IT & computer education centres, fine arts schools, language schools, tuition schools, and adult learning centres.
This gives you a subtle indication at just the various types of education enters you can open in Hong Kong. However, you should know that the Hong Kong authorities are cautious with the quality of education in their institutions. There are various types of special licenses and requirements you must get to operate such institutions.
F&B Cafés and Restaurants
Just like catering services, you can never go wrong by starting an F&B café and restaurant in Hong Kong. The city is the home to millions of people who are always in a hurry to catch up with their various businesses. Consequently, the city dwellers don’t have time to prepare meals and eat at home. They turn to cafes and restaurants for most of their meals.
With the culinary diversity that exists in the city, you can be sure that you will always have patrons coming through the doors of your restaurant. Since this is a somewhat sensitive industry owing to health concerns, ensure to get all the necessary permits. You must also comply with every requirement if you don’t want to get into unnecessary trouble.
There are numerous fitness centres in Hong Kong. However, there is always room for an investor keen setting up a new one. This is simply because, like every other major city, there will always be a good number of people keen on keeping fit. It is one of the most reliable ways to stay strong and healthy amidst the many lifestyle challenges bothering the modern population. With many types of fitness centres, you can be successful if you set up things right, invest in the right equipment, trainers, and have a solid marketing plan for your services.
To increase your odds of being successful with a fitness centre in Hong Kong, it is advisable to consider a specific niche and market your centre as a niche fitness centre. On the startup costs, you don’t have to worry about spending a lot of money in purchasing the necessary equipment. This is mainly because nearly everything you will ever need has its manufacturer in China, which is Hong Kong’s next door neighbour. This is why the cost of setting up such a venture will be very low.
Online E-commerce Store
E-commerce is the future of online selling. The uniqueness of Hong Kong’s attributes makes a small business investment in e-commerce a no brainer. The region has so many things needed by the rest of the world, and through e-commerce, you can access markets beyond the borders.
The beauty of e-commerce is that it is a very low-cost business you could start anywhere in the world. And if you are a major producer of nearly everything like Hong Kong, then you don’t have any reason to be left behind.
You can start by tapping into the existing e-commerce giant platforms like Amazon or eBay. Also, you could develop your e-commerce sites using affordable applications such as Shopify and start selling in a matter of days.
You must, however, ensure to secure fast shipping services so that your buyers don’t wait for a long time before getting their merchandise. This may lead to lots of negative feedback on your store and such will not be good for the prosperity of your business.
New Retail is a relatively newer concept, and it is modelling after the incredibly popular e-commerce business format. This model aims at connecting offline retailers to online users and offline users to online retailers. In other words, it seeks to increase the number of traditional businesses migrating to the internet.
It is estimated that close 82% of businesses in China are still offline. It means that they are still stuck with the traditional methods of brick and mortar businesses. This has greatly limited their potential, given the immense growth of online e-commerce. With new retail, centres are set up in neighbourhoods so that the retailers in those specific places have a chance to have their merchandise access online markets. With so many still offline in China and Hong Kong in general, is a very nice business idea in Hong Kong. This is possible given the availability of the ready markets online.
Employment Agency Services
Starting a new employment agency in Hong Kong is one of new small business investment ideas that savvy investors are currently implementing for maximum profitability in the city. The influx of new businesses in Hong Kong every year implies that new job opportunities are being created. Since it is more expensive to bring in foreign workers when you can find relatively affordable labor among the locals, it makes sense to hire citizens than foreigners.
Besides, Hong Kong has a highly capable workforce in whatever field you may be interested in. However, it is not a walk in the park for a foreigner to just jet in and to start recruiting employees. This is where you come in with your employment agency services. This way, you help businesses and investors find the right candidates to work in their businesses.
The role of the employment agencies is to source for potential candidates, conduct interviews and evaluations and help in hiring candidates according to the desires of their clients – the businesses. Employment agency services are also needed by those who wish to relocate to live and work in Hong Kong.
A good number of the global workforce is interested in moving to Hong Kong. Since they are foreigners, their best bet to find jobs is to use the services of employment agencies. This is why it is such a lucrative venture to consider in New York.
Event Planner Services
The status of Hong Kong implies that the city is never short of events taking place on any given day. The nature of the events could be wide and varied and may include both business-related and social events. Either way, competent event organizers are always in demand since the event owners require convenience and reliability in hosting successful events.
Whether it is tradeshows, exhibitions, travels, event productions or seminars and meetings, advanced and careful planning is always necessary. If you have what it take to host successful events, then you will always be in business in Hong Kong.
It is one of the most practical small business investment ideas in Hong Kong, as you don’t need a lot. The regulatory requirements are easy to meet, and you won’t have to purchase your equipment. You can always rent them at a fee and return them once the event is over.
However, you must be ready to have an excellent marketing plan and be prepared to over deliver in your services. Since, if you don’t, you will lose clients and you may be compelled to close shop.
Engage Hong Kong Corporate Service Provider for Assistance
Irrespective of the small business investment idea you would like to implement in Hong Kong, you will find it easier to start the business if you work with a reliable corporate service provider. Depending on the industry you are interested in joining, there are rules and regulations you will have to comply with. These rules will be confusing to you if you are a foreigner.
You may also not be conversant with the business incorporation procedures in Hong Kong. Because of this, you may end up spending a lot of time and resources in trying to figure out how to go about the process. Besides, you may not have concrete facts on the type of businesses you are interested in. Therefore, you may need some help with business research. These are some of the many reasons why you should strongly consider working with a reliable Hong Kong corporate service provider such as 3E Accounting.
What Can We Do?
At 3E Accounting, we specialize in helping investors, and foreign corporations set up successful businesses in Hong Kong. We have all the information you may need about a particular industry. And we will also offer you the advice and guidance you need for successful incorporation.
Our team of lawyers will see to it that you comply with every relevant regulation in that industry. Our accountants, together with the attorneys will help in securing all the necessary documentation. We will ensure that the application for incorporation and submit the relevant paperwork to the authority as necessary.
They will also help you open the relevant corporate bank accounts. And finally, our tax experts will help you with tax optimization for your business. This lets you stay in compliance and not lose a lot of revenue because you don’t understand the tax regime in Hong Kong.
Contact us today, and let us help you simplify the process of business incorporation in Hong Kong. The above is just a look at some of the few small business investment opportunities available in Hong Kong. We will be willing to explore others that are equally profitable, but not mentioned above. Call us today for a free consultation.