Forum May 2023: Supporting Hong Kongers in setting up and running small business
A survey in 2021 reveals that more than 40% of the Hong Kong new arrivals are interested in setting up their own business in the UK. This group of potential entrepreneurs could bring a positive impact to the UK’s economy. It’s been more than 2 years since the BN(O) visa scheme first launched. Some of the Hong Kongers have already set up their business in the country. You may find them from catering to fashion industry, from traditional Tuina treaphy service to cement handicraft products.
Our May forum invited speakers from business association, community group and business sector to share their experiences and insights on the topic. We are honoured to have Yupina Ng of Federation of Small Businesses, Ivan Ko of Victoria Harbor Group, and Benny Yuen of Earth.ER to speak in the forum. They talked about various support available to Hong Kongers, the challenges they may face and shared the personal experience of running a business.
At the start of the forum, Yupina of Federation of Small Businesses spoke about the small business environment in the UK including the importance of small businesses to the UK’s economy as well as the labour market. She also introduced the support offered by her organisation including a step by step guidance on how to set up a small business in the country, business banking, digital tax and legal services and advice. She reminded those who are planning to start a business that company branding, a good company structure and operation plan would help their business to shine. She hoped Hong Kongers can embrace the Lion Rock spirit and stay resilient and hence succeed in their business.
Our second speaker, Ivan of Victoria Harbor Group talked about his experience in organising market fairs to serve as an opportunity for Hong Kongers to develop their business. From his observation, there are three main types of businesses run by the Hong Kongers. These include continuation of their own business back in Hong Kong; turning a skill into business to fill the market gap/ satisfying Hong Kongers’ needs; and simply starting a brand new business. Looking forward, he shared that Hong Kongers have to overcome some entry barriers including the VAT which is new to the Hong Kongers. Victoria Harbor Group strives to enable a good ecosystem and help Hong Kong entrepreneurs to reach beyond the Hong Kongers market in the country.
Followed by the sharing from Benny of Earth.er, he shared his personal experience in continuing his own business back in Hong Kong. As he set up a new shop to sell fashion products in Barras Market, Glasgow, he talked about how he adjusted his business strategy by introducing new products to meet local customer needs. Benny also talked about the experience of organising a Hong Kong March event at the Barras Market in March this year. The event attracted a good number of local residents and offered an opportunity to display how an authentic Hong Kong market looks like. He hoped that this type of event would help break the boundary between the Hong Kong community and the local community.
The group had a fruitful discussion after the speakers’ sharing. It is foreseen that new businesses set up by Hong Kongers will continue to emerge in the market. It is essential to provide holistic support to the Hong Kong entrepreneurs such as support in business language and how to reach beyond the Hong Kongers’ market. We hope that success in business not only helps Hong Kongers to settle in with a good foundation, but also benefits the country’s economy by injecting new energy.