Hong Kong’s huge business ecosystem one of the fifth fastest-growing ecosystems all over the world and is home of more than 2,000 international startups. Hong Kong’s business existence has always been focused on trade. Nowadays, with a population of over 7.4 million people, Hong Kong is an exceptionally competitive financial and business hub. It is one of the world’s biggest financial centres and the Hong Kong dollar is the 13th most traded currency in the world.
What New Future Business are in High Demand in Hong Kong?
Hong Kong in its recent years has attracted a lot of companies, like startups or franchises, that are one of the most profitable business to start Hong Kong. It is known as one of the biggest business hubs in the world, a lot of European and American companies are moving their branches to this city. It is just because of the flexible working environment, friendly tax policies and lower wage rates.
There are lots of profitable businesses to invest in, but this are the most demanded nowadays and looking through the future:
Hong Kong’s Fintech industry has witnessed significant growth in recent years. The number of fintech start-ups in Hong Kong rose by more than double from 138 in 2016 to 427 in 2018.
Hong Kong ranked the world’s sixth most significant Fintech hub in the “Connecting Global FinTech: Interim Hub Review 2017” published by Deloitte. There are many factors that make Hong Kong ideal for Fintech companies to be a profitable businesses to invest in.
Artificial Intelligence (AI) is the major driving force of the fourth Industrial Revolution which is characterised by automation and connectivity. According to an analysis of academic publications on AI by Times Higher Education in May 2017, Hong Kong ranks third world wide in terms of field-weighted citation impact on AI.Hong Kong also has a number of leading private AI technology companies such as SenseTime.
As one of the most densely populated cities in the world with world-class ICT infrastructure and Internet connectivity, Hong Kong is an ideal testing ground for a lot of smart city applications. To catch up the global trend and build Hong Kong into a world-class smart city, the Government released the Hong Kong Smart City Blueprint in December 2017 that maps out development plans in the next five years.
The ‘Pearl of the Orient’ is embracing a brave new future as one of Asia’s pre-eminent start-up hubs. The city is home to around 2,000 start-ups and, according to Forbes, some 20% of founders in Hong Kong hail from the US.
As franchise operations are not required to register with the HKSAR Government or any trade associations, there is no official record of the total number of operators in Hong Kong. The official records indicated that there were about 55 franchise operators in 1992. The number grew to 95 in 1997, and peaked at 124 in 1999. At the present, there are about 75 franchise operators in Hong Kong. Of these franchise operators, 56% are local franchises. 42.7% of the franchises in Hong Kong are in catering business, 37.3% in services and 20% in retailing.
If you’ve been to Sheung Shui, you were probably surprised by the number of pharmacies in this area. If you ever walked into one of those pharmacies, you’d discover most of the customers speaking in Mandarin (Note: Hong Kong locals speak Cantonese). So why do mainland Chinese people buy daily health-care products from Hong Kong? The reason is simple. Mainland Chinese don’t trust their local health care products. They want to use products made in Hong Kong or Western countries, so setting up an online health care store today can be a smart option!
These are some of the easiest and best ways to start a business. While the field is very competitive, it is needless to say that not everyone can make it. It is crucial to prove themselves trustworthy to their clients, having a good record is about everything. And of course had a good business plan of the entire business strategy that will guide the company at all times. Keep it in mind!
Become a Freelance
Being able to write, edit, proofread or anything from this field is a skill that helps people earn money. The magic on writing is that there will always be demand for it, as well as editing and proofreading. With a good command in English proven communication skills, it would be easy to become an expert and earn money from it; as stated before, what could be better than earning money from your passion?
Thinking of starting your new business in Hong Kong and shuffling new business ideas?
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During 4+ years of development, we have gathered over talented IT consultants and developers who share deep expertise to successfully provided full-cycle IT services to our Clients from 10+ nations worldwide, with 60+ projects in various industries.
With many years of experience and successful projects, we are confident that we can support Hong Kong businesses to launch their careers in the most favorable way.