For decades, Hong Kong has made its mark as a thriving, nurturing hub of international finance. While it has experienced some turbulent years – particularly after the economic crisis in Asia – its financial sector has always been robust enough to weather the storm.
It is why Hong Kong continues to be a popular destination for entrepreneurs. There is plenty of office space for rent in Hong Kong, relatively low corporate taxes, and the government is very supportive of foreign investment. Now, the region has found itself at the centre of a fintech explosion and companies from all over the world want a piece of the action.
Keep reading for more reasons why you should think about setting up your fintech business in Hong Kong.
Thriving Financial Districts
If you want to make your mark and get noticed quickly, you need to place your fintech business at the heart of the action. It is much easier to do if you are open to flexible working arrangements. Whether you are willing to share or not, Hong Kong is home to multiple short term providers. Virtual and serviced offices are available to companies that don’t want to get locked into agreements of two years or more.
Talent and Resources
As well as benefiting from comprehensive corporate packages, in the form of virtual and serviced suites, fintech ventures in Hong Kong have access to an excellent talent pool. The population is well educated, and there are lots of technology graduates looking for entry level positions. One trend which is contributing to the development of flexible working models is the continued support for ‘out of the box’ thinking and cross-industry collaboration.
Fast Growing Economy
Hong Kong is home to one of the most dynamic and fast-moving economies on the planet. It has embraced free enterprise, free trade, and free markets. There are no restrictions on inwards or outwards investments and no rules on what percentage of their companies foreign owners can retain. It is a big deal because there are some countries in Asia which restrict the level of ownership. If you are looking for a business-friendly environment, you have found it.
Across Asia, there has been a race to adopt mobile technology and digitisation, because this kind of development is already in place in Western economies. Hong Kong has taken great leaps, and its government is investing more every year in the technological industries. It is good news for fintech investors because the next generation of tools and devices are right on the cusp of their emergence. Now is a good time to develop and release tech products in Hong Kong and mainland Asia.
Plenty of Support
The government here has long championed foreign interest and investment. It is also putting strong measures in place to help start-up companies fund their first few years. Add to this the fact that businesses do not need a physical address and you have the perfect environment in which to grow fast but safely too. New companies are advised to take advantage of the flexible rules in Hong Kong and set up quickly in a virtual or serviced environment. That way, the overheads are minimal and the downtime small.
The First Steps Towards a Successful Future
Whatever your industry, Hong Kong has a lot to offer. With its flexible office solutions, it is easy for new businesses to expand into the market. Serviced and virtual facilities do not ask tenants to lock themselves into lengthy leases. The terms of the rental and its services are entirely negotiable. So, if you want to include more services (boardroom access, IT support, presentation suites, etc.), you just have to ask.