Asia is one of the biggest regions in the world, and Hong Kong is at the heart of it. Many companies from across the globe have taken interest in setting up businesses in Asia, as it offers affordable labor and a steady economic environment. With Hong Kong’s Free Market Economic policy, it is often the first choice of entrepreneurs and companies.
Here are other factors that convince business leaders to consider Hong Kong for company incorporation.
The second quarter of 2013 shows a moderate improvement in Hong Kong’s economy by 3.3% as compared with last year’s performance. In addition, this growth is considerably faster than its growth in the first quarter, which was only 2.9%. Experts say domestic demand played a major role in this growth. Outside sectors, with their unstable external environments, had minimal effect on Hong Kong’s economy. Moreover, private consumption expenditure further increased as the region experienced favorable income and job conditions.
The labor market has also seen great improvements. Amid a state of full employment, job openings in the private sector rose to a 19-year high in March of 2013. Furthermore, the region reached a new high on total employment during the second quarter. This decreased Hong Kong’s unemployment rate to only 3.3%.
Population and Location
Hong Kong is a densely populated region, with over seven million residents during the half of 2013. With the region’s economy, experts expect the majority of the middle class to come from Asia, particularly Hong Kong.
Incorporation in Hong Kong means tapping a huge market easily. It is only an hour’s drive from the world’s biggest manufacturing region, Pearl River Delta. This gives businesses access to a 450-million consumer market. What’s more, the region is strategically located near key parts of Asia, like China and the Philippines. These are countries where businesses can get affordable supplies and services easily.
Hong Kong prides itself with well-developed transportation systems. Whether you prefer to ship products or travel by air, land or sea, you won’t have problems getting your goods in and out of the region.
The region’s international airport is one of the busiest in the Pacific and in Asia. Approximately 50 million people pass through the airport yearly. With Hong Kong’s Airport Express, going to other parts of the city becomes convenient for travelers. In fact, it will take you less than thirty minutes to go to the region’s Central district.
Hong Kong is a promising place to set up and incorporate a business. Consult a company incorporation service, like CORE for more information on setting up a business in the region.