Kickstart Your Journey on How to Set Up a Telecommunications Business in Hong Kong Today!
Figuring out how to begin your very own telecommunications business, but not sure on how? Today, data usage is more on the rise than ever and has created demands for the growing population. The lucrative business has launched many entrepreneurs to telecommunication moguls by taking advantage of the scene. And here’s how you can start your venture in the telecoms industry; learn how to set up a telecommunications business in Hong Kong today.
What is a Telecommunications Business?
Telecommunications is an umbrella sector that encompasses Hong Kong companies or organizations who are responsible for transmitting data in words, audio, or video transcending the globe. These companies are pooled together and are categorized to either telecom equipment, services and wireless communication.
Being a viable contributor to Hong Kong’s economy, telecoms have benefitted many parties as it stimulates the job market, creates more work opportunities and attracts local and foreign investors. The business is profitable in many ways; aside from making banks through telephone calls, the advancement in technology has enabled telecommunications to focus more on computer-based data, like wireless communication, cloud system and broadband information services.
The good news about this business is over the years the telecom sector has demonstrated to have stable long-termed growth. Hong Kong’s smallest yet fastest-growing industry is none other than wireless communication. Seeing as how more people and companies are switching communications to cloud-based technology over traditional computing methods.
Where Do I Start?
The Office of the Telecommunications Authority is the regulator if the telecommunications industry in Hong Kong. Simply abbreviated as OFTA, the legislative body has legalized all telecom sectors, including relieving foreign ownership restrictions. Apart from that, OFTA is also responsible for enhancing fair competition in the telecoms industry and the management of the radio frequency spectrum. Hong Kong also has one of the highest densities of mobile subscription services in the world.
Besides, as telecommunication starts up, you must obtain the necessary certification from the Communications Authority (CA). In Hong Kong, this statutory body is responsible for licensing and regulating telecommunications and broadcasting industries, after being merged with the Telecommunications Authority, Broadcasting Authority, Television and Entertainment Licensing Authority. Notably, under the Section 32E of the Telecommunications Ordinance, CA is responsible for accrediting organizations by examining, evaluating and certifying equipment or installations prescribed specifications issued by the CA. This means that you will have to run through CA and meet their expected standards, if everything is approved, then CA will certify the validity of your organization. You can read more on the certifications here.
As the adage goes, demands for quicker and better technology will never be satisfied. One thing for sure is people will always seek for higher resolutions, faster video streaming and stronger internet connections. That said, telecommunications business can be a gold mine if done right. Telecoms not only gives you good advantages, but it provides opportunities for others in the vicinity as well. Like any other business, do your research and educate yourself on the many facets of telecommunications business so that you can maximize results and minimize risks.