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Is it a Good Idea to Open an Offshore Company in Hong Kong Now?

Which is the best offshore jurisdiction to expand my enterprise to as the COVID-19 era edges to an end? For the better part of 2020, entrepreneurs opted to hold back their investment dreams because of the pandemic, but this cannot go on forever. Hong Kong has been one of the top offshore investment jurisdictions for years because of the government support for businesses, and you should target going there. For example, World Bank has ranked it at the top of the ease of doing business list for about 20 years.

If you are thinking of offshore investing, there is no doubt that Hong Kong should be at the top of your potential jurisdictions. Keep reading to understand the main reasons why this is a great time to invest in the Hong Kong market.

The Economy is Recovering

When COVID-19 struck in 2020, no one was spared, including Hong Kong. However, the country is now on a path to recovery and offers the perfect opportunity for your business to grow. It is like joining a moving train. All you can expect is moving to the next destination.

As the Hong Kong administration works on helping businesses to get onto their feet again, you will be there to receive the support. This will be an awesome soft landing for your enterprise.  For example, the Chief Executive of Hong Kong, Carrie Lam, unveiled US$18 billion to help businesses and individuals get back to their feet. With the second and third stimulus packages being availed for businesses, it means that the economy of the country is likely to recover faster compared to other nations with no or smaller support for businesses. So, grab this opportunity and register your company offshore in Hong Kong.

The Country Offers a Perfect Opportunity to Grow into the Far East

It is true that COVID-19 crippled so many businesses, but what does this mean in economic terms? It implies that more businesses are unable to operate either from being forced to close down or lack of market. Now that enterprises are allowed to start operating in Hong Kong, do not let sluggish market growth limit you. Instead, you have the opportunity to reach Mainland China and do business.

In addition to more than 1.3 billion people in China, Hong Kong is strategically located in the heart of Asia. Also, it has signed bilateral trade agreements with most of the neighboring countries, implying that you can easily access a bigger market. So, do not limit your potential by focusing just on Hong Kong, a more extensive market is available in the neighboring countries.

You can Register a Company without Travelling to Hong Kong

For most entrepreneurs, one of the main obstacles that stand in their way is the complicated process of company registration. For example, some jurisdictions require investors to deal with multiple departments while others take too long to approve companies. However, Hong Kong is different. According to the Hong Kong Companies Ordinance, foreign investors are allowed to use agencies to register their companies.  Indeed, you can use an agency to register your company in Hong Kong without traveling there.

If you are looking forward to opening an offshore company in Hong Kong, this is an opportune time for it. As we have demonstrated, the economy is recovering, and you stand a great opportunity to get more support from the Hong Kong administration. Consider working with an agency of experts to help you with company registration in Hong Kong, getting a better grip on the market, and expanding to the neighboring markets with ease.

Atif Mallo

Atif Mallo is a freelance blogger with huge interest in technology, science, life hacks and health. He loves coffee, cheesecake and chess. Drop a line in comments to leave feedback for him.

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