Planning to open a company in Hong Kong and unsure if the entrepreneurial ecosystem is that the right one for you? Well, the startup ecosystem in Hong Kong is superb if you're trying to find an area that gives you with the ease-of-doing-business.
As a matter of fact, a healthy entrepreneurial ecosystem and therefore the ease-of-doing-business are two various things, but almost everyone who walks into the business world relates to both as the same thing. The three aspects of a healthy entrepreneurial ecosystem are:
For some time now, Hong Kong has been ranking within the top 5 of the ease-of-doing-business and features a fast-growing entrepreneurial ecosystem. albeit Hong Kong still lacks a touch in terms of rebellion, it's still one among the simplest places where you'll make certain to boost-start your entrepreneurial career.
The other points that structure the startup ecosystem are:
Hong Kong has been ahead in these five points in recent years. Obviously, if you visited Hong Kong a decade ago, it might have had a really different ecosystem. But because of all the good development that has come our way, Hong Kong is now one of the simplest places where anyone can start their career as an entrepreneur and succeed.
With all that mentioned above, here are the four things that keep Hong Kong thriving with the simplest startup ecosystem:
For this, the InvestHK activity has begun to help those that want to create something in Hong Kong. it's a corporation that helps in promoting the inbound foreign direct investment, and it also offers support to those that join the Hong Kong startup ecosystem.
InvestHK wanted to try to do more in supporting the entrepreneurs coming into Hong Kong to open a corporation. Hence, in 2013, they started the StartmeupHK which was an initiative to concentrate completely on the startup community.
Since then, they need to evolve more to support the startup ecosystem where one among the premier startup events in Hong Kong is that the annual eponymous festival that's hosted by InvestHK.
In Hong Kong, there are over 50 innovation labs, incubators, accelerators, and co-working spaces currently, while some years ago there was just one Cyberport. After the Cyberport, two new co-working spaces were launched called The Hive, and CoCoon. The places here are pretty impressive where each has the open-concept workstations, high-end design and also, free coffee.
Inspired by all those that started in 2012, there are a few hundred services like these that are provided by huge global operators like WeWork also like many small local spaces too. alongside these, there are many corporate innovation programs and an enormous number of accelerator programs just like Swire’s Blueprint, Brinc, The Cage, and Betatron.
And that isn't all! There also are tons of government-assisted programs that help those entrepreneurs coming into the country just like the Science Park’s “Incu” Programs and Cyberport Incubation also are a number of the simplest ones.
In Hong Kong, the funding environment was entirely controlled by good foundations just like Horizons Ventures. But nowadays, things have become far better where there are many rising star VC firms like the Vectr Ventures and therefore the Mindworks Ventures. These firms have overshadowed the once tightly-held oligopolies.
Moreover, another great Chinese corporation that has its name on the highest for helping the local startups and even international ones is Alibaba's,
Entrepreneurship Fund. Overall, there has been an enormous change within the risk appetite of about five million high net worth individuals (HNWI) within Asia who are far more support to assist the startups.
As per a survey conducted by InvestHK in 2016, about 2,000 startups in Hong Kong employed quite 5,000 employees, which is a rise of 24% from the numbers in 2015. The most interesting thing about this is often that the foremost significant percentage (20%) of foreign startup entrepreneurs are US ones.
The greatest disappointment in an ecosystem for startups has always been the retention of talent. If we spoke about Hong Kong about 20 years ago, things were different. Then, when anyone started up, they might always close the corporate and move to Silicon Valley thanks to the shortage of talent. But today, with the abundance of talent, many larger companies have opened their Asia headquarters here in Hong Kong.
In addition to the present, Hong Kong’s funding environment and the infrastructure at that point couldn’t even handle the expansion. With the advancement of things today, foreigners fly in and found out their businesses, making things more open and better for Hong Kong and Asia as a whole.
Even though these four points might sound like something small or something a number of you'll handle by yourself, remember these are highly important aspects that your business will need to face sooner or later. So, if you're close to choosing an area for opening your business, the ecosystem of Hong Kong is that the right one for you.
And once you have all of your business plan and idea ready, you'll have your company incorporated as you sit in your home country. We can assist you in registering and incorporating your business in Hong Kong within a maximum of 3-5 working days. to understand more details regarding the services and therefore the packages.