Tips For Doing Business In Hong Kong
If you decide to visit the HK company registry to start a business, the following tips on how to do business in Hong Kong will come in very handy. After all, perhaps for you, this is a completely new and different environment, culture and life in general.
- While a tiny number of multinational corporations account for the vast majority of Hong Kong’s GDP, the city’s thriving economy is really made up of hundreds of thousands of small and medium-sized family-run enterprises.
- Helpful Hint Companies’ organizational structures will mirror the types of businesses being managed, with the plethora of small businesses being managed in a more centralized, paternalistic fashion.
- Although it’s still important to network, it’s not nearly as crucial as it would be on the mainland or in Taiwan. Personal connections are seldom a dealbreaker.
- The eldest male member of a Chinese family will often be the one in charge of running the business (even minor ones). You need to make sure you’re talking to the person in charge.
- Piece of Advice: Businesses operated by families are nimble, making rapid choices and adjusting to new conditions.
- The underlying Confucian ideals of respect for seniority and age still maintain power in the workplace, despite variations in management style and approach.
- Sometimes individuals are reluctant to report negative information further up the chain because they don’t want to ruin anyone’s reputation. This means that essential information may be kept secret at the right times. Do you feel certain that you have all you need to proceed?
- Stand when important individuals enter the room, handle their business card with care, and direct questions or concerns to them rather than the person in the room who is the most proficient in the target language.
- Raised voices and frazzled tempers are more often a sign of interest and engagement than they are of antagonism.
- As a general rule, employees other than immediate family members should not be expected to maintain a strong sense of devotion to the company over the long term. One’s ambitions can only grow when they are fueled by their entrepreneurial spirit.
- A well-organized team operates on the assumption that those in charge will provide clear and specific instructions that are subsequently followed to the letter. There is little chance that anything will be done that wasn’t requested in the initial brief. Expecting someone to take the effort to do anything for you when your ask is unrealistic.
- Always give individuals the option to keep their dignity. Please refrain from either mild or harsh ridicule or scolding.
- Know that the quality of English spoken in Hong Kong may vary from excellent to pitiful. If you think you may require an interpreter, do some preliminary investigation.
- You may be astonished by the uncharacteristically straightforward style of speech. The Hong Kong Chinese are sometimes seen as rude, particularly when compared to the Japanese.
- Make an effort to show that you care about individuals outside of their professional lives. Talk about how you’re doing health-wise, how you feel about your time in Hong Kong so far, and how your family is doing.
- Concerns regarding the transition to Chinese rule are not something that should be brought up in most situations.
- It is customary to exchange gifts with new business contacts, but you don’t have to break the bank doing so. You should probably wrap the presents you plan to deliver.
- There is less of a need for western women business travelers to worry about harassment or discrimination since women play a larger part in corporate life than in many other Asian nations.
- Due to the fact that standards of appropriate attire are not consistent, it is in your best interest to verify them in advance, if at all possible. If you are unsure of how to move forward, the safest course of action is to take it slowly.
- Meals are an excellent opportunity to network and do business. Take the time to make it fun if you intend to.
Last tip: If you are not sure how to do business or need legal assistance, not only when doing business with Hong Kong, but also, for example, with obtaining a Crypto license in Poland, contact Fintech Harbor Consulting.