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 Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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