Many of the world’s economies are still experiencing a slowdown. Hong Kong though stands out as a place that has its trade and finance going steady.
The place where business is easy!
Let’s consider the facts. There is only 3.3% seasonal unemployment in the place as of August 2013, according to statistics released by the Census and Statistics Department. In fact, the number of employed people has been on a steady rise all the time. This is why many entrepreneurs look forward to starting their business there. If statistics are to be believed, the months between June to August this year witnessed another spurt of growth. Now, the total number of employed people is 3,751,200 in Hong Kong! That’s not all. For the last few years, there has only been an increase in employment each and every quarter. That’s a testimony to good economic conditions prevailing there.
Why is it a great place for starting your business?
Company formation in Hong Kong is a lot easier today and you shouldn’t be surprised. Business is good there even now. For instance, according to the latest statistics by the Census and Statistics Department (C&SD) released on September 17, the total volume of re-exports of goods has increased by a whopping 9.2% in July 2013. In totality, the volume of total exports of goods has increased by around 8.8 % – quite a healthy figure in these times. With company registration being easy in Hong Kong, most companies want to start off their venture there on a strong foot.
It’s simple. Businesses need demand and there is plenty in this place. There is good demand and people display a good amount of spending power. The domestic exports has too increased by 3.0% for instance, when comparing the first seven months of 2013 with the first seven months of 2012.
If you are thinking about the business prospects this place has for you, here are some other factors to consider. Hong Kong has one of the lowest times for approval of your business and you can get your business registered within days! Further, you do not have to worry about the tax system – one of the major worries of any entrepreneur. You have to pay tax at a fixed rate of 16.5% with no other taxes like business tax and value added tax. When you are investing and starting a business there, you might just be making one wise decision!