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
A total of 2.819 billion stocks worth N182.499 billion exchanged hands in 226,729 deals on the floor of the Nigerian Exchange (NGX) Limited last week, in contrast to the 3.648 billion stocks valued at N220.568 billion transacted in 251,861 deals a week earlier.
From this, financial shares accounted for 2.006 billion units sold for N99.697 billion in 96,171 deals, contributing 71.17 per cent and 54.63 per cent to the total trading volume and value, respectively.
Consumer goods equities traded 178.863 million units worth N7.872 billion in 26,637 deals, and energy stocks recorded a turnover of 151.237 million units valued at N38.309 billion in 16,879 deals.
First Holdco, FCMB, and Access Holdings accounted for 939.402 million units worth N57.673 billion in 19,051 deals, contributing 33.33 per cent and 31.60 per cent to the total trading volume and value, respectively.
Business Post reports that the performance indicators were mixed in the five-day trading week, as the All-Share Index (ASI) depreciated by 0.14 per cent to 243,462.13 points, while the market capitalisation appreciated by 0.39 per cent to N157.057 trillion.
All other indices finished higher except the main board, consumer goods, energy, Lotus II, industrial goods, growth, and sovereign bond indices, which fell by 1.54 per cent, 0.15 per cent, 0.11 per cent, 0.40 per cent, 6.26 per cent, 0.09 per cent, and 0.33 per cent, respectively, while the commodity index closed flat.
Forty-four shares gained weight in the week versus 60 shares of the preceding week, 35 equities depreciated versus 28 equities in the previous week, and 67 stocks closed flat versus 58 stocks of the earlier week.
The best-performing stock was First Holdco, which gained 38.66 per cent to trade at N95.95. Thomas Wyatt expanded by 27.16 per cent to N3.09, Fidelity Bank grew by 15.00 per cent to N21.85, Learn Africa grew by 14.44 per cent to N10.30, and UBA chalked up 10.98 per cent to close at N45.50.
The worst-performing stock was BUA Cement after giving up 18.99 per cent to quote at N275.60, Red Star Express shed 18.53 per cent to end at N20.00, International Energy Insurance declined by 15.27 per cent to N4.66, C&I Leasing dropped 13.28 per cent to N5.55, and PZ Cussons crashed by 10.06 per cent to N80.95.
By Adedapo Adesanya
Central Securities Clearing System (CSCS) Plc kept the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.04 per cent on Friday, July 16.
The securities depository company added N2.50 to its share price to settle at N95.14 per unit from the preceding session’s N92.64 per unit.
However, FrieslandCampina Wamco Nigeria Plc slid during the session by N5.85 to N141.81 per share from N147.66 per share.
But when the bourse closed for the day, the market capitalisation increased by N1.08 billion to N2.593 trillion from N2.592 trillion, while the NASD Security Index (NSI) appreciated by 1.80 points to 4,320.67 points from 4,318.87 points.
During the session, the value of securities slid by 38.9 per cent to N63.5 million from N104.1 million, the volume of securities went down by 34.5 per cent to 1.2 million units from 4.8 million units, and the number of deals declined by 15.4 per cent to 33 deals from 39 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 75.4 million units traded for N5.3 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, followed by Infracredit Plc with 2.3 billion units sold for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The bulls regained control of the Nigerian Exchange (NGX) Limited on Friday after surrendering power to the bears a day earlier as a result of mild selling pressure.
Yesterday, the Nigerian bourse rebounded by 0.54 per cent, mainly due to the gains recorded by First Holdco and others.
Data harvested by Business Post indicated that the industrial goods and energy sectors were flat, while the banking index chalked up 3.13 per cent. The insurance space expanded by 1.08 per cent, and the consumer goods counter rose by 0.21 per cent.
Consequently, the All-Share Index (ASI) went up by 1,316.52 points to 243,462.13 points from 242,145.61 points, and the market capitalisation grew by N850 billion to N157.057 trillion from N156.207 trillion.
The market breadth index was bullish during the last trading session of this week, printing 31 appreciating stocks and 23 depreciating stocks, representing strong investor sentiment.
First Holdco led the advancers’ log after it climbed 9.97 per cent to N95.95, Haldane McCall appreciated by 9.94 per cent to N3.65, LivingTrust Mortgage Bank soared by 9.73 per cent to N3.72, LASACO Assurance jumped by 5.26 per cent to N2.00, and Thomas Wyatt gained 5.10 per cent to quote at N3.09.
On the flip side, Red Star Express declined by 9.50 per cent to N20.00, Omatek slipped by 6.08 per cent to N1.70, C&I Leasing shrank by 5.93 per cent to N5.55, Jaiz Bank crashed by 5.03 per cent to N8.50, and Livestock Feed fell by 3.89 per cent to N8.65.
As for the activity chart, market participants bought and sold 685.9 million equities for N42.7 billion in 44,134 deals on Friday versus the 498.5 million equities worth N34.9 billion traded in 39,484 deals on Thursday, implying a rise in the trading volume, value, and number of deals by 37.59 per cent, 22.35 per cent, and 11.78 per cent, respectively.
Investors’ darling for the day was First Holdco, with a turnover of 225.9 billion units valued at N21.0 billion, Guinea Insurance sold 53.4 million units for N45.2 million, Zenith Bank traded 41.5 million units worth N4.7 billion, Access Holdings exchanged 29.1 million units valued at N720.6 million, and UBA exchanged 27.5 million units for N1.2 billion.
