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Hong Kong’s Construction Industry is Treats Both Local and Foreign Contractors the Same
There seems to be no more space to build in Hong Kong. But take a closer look, you will see modern architecture buildings and improved infrastructural development. When the challenge is to construct buildings in limited spaces, Hong Kong defies it using innovation and technology. The uptake of construction technology in Hong Kong has made it a reference point for developing countries to study and adopt appropriate technology. The other reason to set up a construction business in Hong Kong is that the jurisdiction has the freest economy in the world. Thus, setting up any business in Hong Kong is a pleasure.
Boosting Development
Hong Kong may look like it has reached its structural capacity with buildings close to each other. But since 2007, the government has rolled out the mega projects in phases—the recent being expanding development areas in the northern New Territories. Thus, now is an excellent time to set up a construction business in Hong Kong. Even with a large number of construction companies established in Hong Kong, there is always a need for many more sub-contractors supporting the big players. With improved or new infrastructural development, Hong Kong desires to promote economic growth. When there are efficient transport infrastructures in place, there will be significant development nearby. People are more willing to invest in areas which are comprehensive in their facilities and amenities.
Convening Factors
Besides the rollout of mega projects in Hong Kong, there is increased recognition for environmental protection. An established city like Hong Kong is not without its aged buildings. Thus, there is a demand for building rehabilitation to ensure safety and compliance with the latest structural regulation. Construction companies can look into providing services for this segment of building restoration as many need preventive maintenance. Apart from structural rehab, Hong Kong’s construction industry is heading towards structural sustainability performance. Adopting construction technology is nothing new in Hong Kong, as developers and contractors regularly faced with challenges. Still, only large scale developers are utilising construction technologies. To encourage innovative technologies in this sector, the government has set up a $1 billion Construction Innovation and Technology Fund to increase technology adoption and boost productivity.
Register, Build and Export
Not only can you provide construction competence in Hong Kong, but you can also export your expertise to nearby markets. Mainland China is the largest and nearest export market for construction business owners in Hong Kong. For any reason, you should incorporate a company first. Registering a company in Hong Kong is simple and straightforward. After receiving the business registration certificate, obtain the necessary licenses relevant to your construction business. There is a range from electrical, gas, plumbing to contractor works permit. Both foreign-owned and local construction business receive similar treatment by the government. Both can tender to public and private projects with no hassle. If you are an architect, engineer or surveyor, register with the respective Hong Kong Institute of Architecture, Hong Kong Institute of Engineer or Hong Kong Institute of Surveyors.
