Economy
6 Things You Need To Prepare Before Starting a Business in Hong Kong
Hong Kong is one of the world’s business hubs. The former British colony has a thriving tech and business sector, that attracts professionals from all over the world. In addition, due to the city’s rising population, it is a great place for business start-ups– there is a massive market there. If you want to start a business in Hong Kong, then you do need to do your research and prepare first. With so much competition, it’s fair to say that starting up there isn’t easy.
This article will tell you six things you need to know and prepare before starting a business in Hong Kong:
Registration
The first step when starting a business in Hong Kong is no different from starting a business anywhere else in the world: Registration. If you don’t register your business, then you won’t be able to pay your taxes. Tax evasion is a serious crime. In the words of the business specialists from sleek.com/hk/resources/hong-kong-business-registration-number-vs-company-registration-number/, the first thing that you need to do is to register with the Companies Registry to get limited company status. Then, you have to register with Hong Kong’s Business Registration Office. Once you have done both of these things, you are able to operate in Hong Kong. Before you register your business, you need to plan out what you are going to name it. This is because you will have to register your business in its name.
Research
The next thing that you need to do is to carefully research Hong Kong’s business scene. As already mentioned, Hong Kong has a thriving business sector, with a variety of different industries flourishing there. Researching will give you an opportunity to see which industries are doing best. You should already have an idea about what industry your business is going to operate in prior to registering it but be sure to continue researching it after registration is complete. Industries evolve and change. By constantly educating yourself, you stay ahead of any changes and know everything that there is to know about yours.
Audience
Hong Kong is one of the most densely populated places in the world. Will you be offering business services to the city’s 7.842 million residents or will you be basing yourself in Hong Kong and offering services internationally? Before you can open your business, you need to have an idea about who your audience is and how you are going to reach them. If you can’t pinpoint your audience then you need to go back to the start and redo your initial business plan. If you are going to offer Hong Kong’s residents your services, how are you going to reach them?
Mission
A mission statement is very important. If your business doesn’t have a mission statement, then you could have trouble finding investors or employees, especially in Hong Kong. Hong Kong’s business world is very formal. All businesses are expected to have a mission statement. A mission statement provides your business’s investors, customers, and employees with a vision for your company’s future. Mission statements also direct growth. They give employees the opportunity to think about how their actions will impact and shape their business. Customers and investors can also do the same. Mission statements are especially useful if you want to attract investors.
Funding
How are you going to fund your new business venture? One thing that can be confidently said about Hong Kong is that it isn’t cheap. Unless you already own property in Hong Kong, how are you going to buy or lease a base for your business? Most people rely on investors to fund their businesses. How are you going to attract investors? One very effective way of sourcing investors is to use a crowdfunding platform. Alternatively, you can use a platform where investors are able to buy shares in your business by funding your business venture.
Marketing
Finally, you need to plan out your business’s marketing. Hong Kong is not short on marketing agencies, so you can outsource this aspect of your business’s creation and management. If you want to manage it yourself then you can use influencers, social media, and content marketing. All three of these solutions are by far the marketing world’s most effective (currently). Marketing trends do change and shift rapidly, however, so it’s worth subscribing to a few business journals and magazines so that you can learn about new marketing solutions as soon as they are developed and promoted. Search engine optimization is also essential for your website.
Starting a business is an effective way of reclaiming your future and ensuring that you achieve financial independence. Hong Kong is a very competitive business environment, so it can be difficult to start a business there if you don’t properly plan and factor in all of this article’s guidance. Bear this in mind.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.
Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.
In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.
Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.
Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.
On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.
Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.
Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.
By Adedapo Adesanya
Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.
In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.
Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.
“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.
He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.
Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.
“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”
By Adedapo Adesanya
The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.
Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.
At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.
Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.
This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.
Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.
Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.
As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.
The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.
Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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