Vibrant and contrasting, Hong Kong is a mature economy with a similar growth rate to Australia’s.
The World City brings together a diverse heritage, and makes for a fascinating, yet safe, place to do business. For many consumer businesses targeting the growing, high-income bracket across Asia, Hong Kong is the first port of call due to its established infrastructure and stable economy.
Hong Kong’s market for professional services and financial institutions remains amongst the most dynamic in the Asia-Pacific region, and a strategic point of connection to mainland China. Ranked second for ease of doing business worldwide, Hong Kong offers multiple advantages to financial and professional services businesses: a 16.5% corporate taxation rate, along with a skilled immigration-friendly policy, a streamlined business structure and ability to trade in renminbi, so far only extended to selected companies in mainland China.
Wining and dining
Demand at the high-end of the consumer products market continues to develop, particularly for Australia’s well-respected food and beverage brands. The wine market is currently in full swing across Asia, with Australian exports growing by 16% in 2015. For winemakers looking to expand, Hong Kong holds the promise of high discretionary spending, developed and demanding taste, and fondness for Australia’s clean and green brand. With more than 1,500 Australian businesses already present onsite, new players can leverage well-established networks across a variety of industries to speed up their growth.
Grant Thornton advises mid-size businesses in a variety of industries regarding their expansion to Asia. If you’d like to discover what opportunities Hong Kong can bring to your growing business, contact us for a free Asia Fit workshop today.