Hong Kong and how it became one of the best places for business
Hong Kong is one of the best places for business because of its versatility and wide array of opportunities. This is the jurisdiction of choice for those who want to run Asian businesses and enjoy the benefits of this diverse market.
One of its best characteristics is the fact that it opens the doors to continental China. Thus, western companies can find a smoother path to enter Asia’s giant. Embracing Hong Kong brings many advantages and Mundo has written several articles about this jurisdiction. This is why today we present this piece fully dedicated to Hong Kong business.
Where is Hong Kong and what’s its story
Hong Kong is a special administrative region of the People’s Republic of China, located in Eastern Asia and bordering the South China Sea to the south and east, Continental China to the north, and Macau to the West.
Hong Kong's region has been occupied by the Chinese since the Neolithic era. Initially, its inhabitants lived in small communities in a land that served as a refuge for opium dealers and pirates. If Hong Kong has very deep roots in Asian culture and history is because it was an important part of it. For example, in the 17th century, it was a witness to the wars between the Ping and the Ming dynasties.
Sadly, Hong Kong was not a stranger to conflicts. After the first opium war, the territory was given to Great Britain through the 1842 Nanking Treaty.
In the following years, the colony kept growing and already in the 20th century it became a shelter again. In this case, thousands of Chinese escaping from the Japanese invasion found refuge in Hong Kong.
Everyone who is interested in doing business in Asia will probably look to Hong Kong as an interesting place to establish a company and they wouldn't be wrong. The region has deep cultural Asian roots since it was originally Chinese and a very close relationship to the Western world because it was a British colony for years.
However, it had some periods in which it fell into other hands, for example, during the Second World War. During this period, the Japanese turned Hong Kong into their military center and it was only in 1945 when the British recovered the territory.
But this was not the end of war for Hong Kong. Although Hong Kong is now one of the best places for business, it had quite its share of suffering, transitions, and conflicts. For example, during the civil war in China, a lot of refugees found a home in Hong Kong both before and after the communist victory.
In the next decade, the 50s, Hong Kong's commercial activity was severely affected by the United States prohibition. The northern state banned trading activities with communist China, a move that severely affected commerce in Hong Kong. As a result, Hong Kong business was not as active in those days as it is now.
How Hong Kong became one of the best places for doing business in Asia
Nowadays Hong Kong business comes with excellent opportunities, for example, the possibility to open a company plus an account 100% remotely. Moreover, the story of how Hong Kong became one of the best places for business in the world is quite interesting.
The region grew exponentially thanks to the various immigration waves coming from continental China. This helped the development of all industries, especially manufacturing. This economic growth turned Hong Kong into one of the richest and most productive regions in Asia which contributed to attracting even more refugees and immigrants during the 70s and the 80s. Finally, in 1982, conversations between Great Britain and China began, so Hong Kong's future started to be discussed.
On 19th December 1984, the Chinese capital established that the socialist principles wouldn't apply in Hong Kong. Under the regime “one country, two systems”, China would respect Hong Kong's legal approach for 50 years until 2047 while taking care of the territory's defense and foreign policies.
Disclaimer: this article is merely informative and does not replace a legal consultation.
Embracing Hong Kong as a doorway to Asian business with Mundo
By learning where is Hong Kong, its history, and the story of how it became such a strategic business place, we can understand the value of this region. Some places have a special allure thanks to a set of particular conditions and Hong Kong is one of these places. Hong Kong represents a major opportunity for Western companies wanting to do business in Asia. This is one of the best places for business in the East because it's a part of the People's Republic of China while maintaining a Western legal system thanks to its relationship with Great Britain throughout its history.
If you are thinking of embracing Hong Kong as your new place to establish a company, you're in luck. Mundo has reliable partners and experts in Hong Kong who can help you establish there 100% remotely. Are you interested in this opportunity? We'll be waiting for your message.
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