The SBAA is excited to announce the official Trade Sponsor for the 2023 International Small Business Summit, InvestHK.
The Summit is the only one of its kind in Australia where every attending delegate can contribute to the conversation and make a difference.
This event is about making and contributing to better outcomes and better ways for our small business community who make up 98% of all businesses in Australia.
The SBAA recently interviewed Dr Luca De Leonardis, InvestHK Head of Investment Promotion for Australia & New Zealand, who provided unique insight into what issues SMEs currently face in the trade industry.
Who is InvestHK?
InvestHK’s vision is to strengthen Hong Kong’s status as the leading international business location in Asia. Their mission is to attract and retain foreign direct investment which is of strategic importance to the economic development of Hong Kong. In all their services, they apply the following core values: passion, integrity, professionalism, customer service, business friendliness and responsiveness.
Why is InvestHK supporting the International Small Business Summit 2023?
The summit represents a great opportunity for InvestHK to meet Australian SMEs, to understand their business, needs, concerns and to potentially assist them to navigate in the post pandemic environment.
Hong Kong and the Greater Bay Area offer new opportunities for Australian Businesses interested to expand their operations in Asia in particular in the traditional sectors, Technology and Business and Professional Services.
Speaking on this, InvestHK head of Investment Promotion Dr Luca De Leonardis said: “Hong Kong is now back to business and open to welcoming Australian companies to operate in the City and in the Region“.
With the impact COVID-19 has had on the supply chains in Australia over the past few years, the SBAA is excited to see this burgeoning relationship and the potential it holds for further trade development for Australian SMEs.
What are the most pressing issues for Small business in the trade industry?
Nowadays, economic uncertainty has shifted market conditions and businesses face a range of challenges as they navigate an unpredictable future in particular in accessing capital, talent acquisition and retention. In addition, SMEs must adapt to changing consumer behaviour and preferences and shifts in the competitive landscape to remain competitive.
Technology is also an important element in this contest for SMEs. It can represent opportunities but also challenges, as companies may need to invest in new technology to be competitive but also face the challenge of keeping up with technological change and adapting their business models.
However, with these challenges comes the potential for great opportunity as Dr Luca De Leonardis explained;
“The Hong Kong economic and business environment and tech ecosystem represent an opportunity for Australian companies looking for expansion”.
What are InvestHK suggested solutions to solve these issues at an industry level and at a government level?
Hong Kong has over 340,000 SMEs which accounted for more than 98% of the total number of enterprises. With all of Asia’s key markets less than four hours’ away, it is easy to see why businesses and companies have made Hong Kong their home. Many have placed their strategic functions, including sales, operations, research and development (R&D), distribution, regional headquarters and corporate treasury centres in the city. Over 100 airlines offer easy and efficient travel to 190 locations from Hong Kong whilst half of the world’s population can be reached within five hours by plane. As an international finance centre, Hong Kong’s independent legal system, rule of law, free flow of information and capital, and sound regulatory regime, put it in a prime position to help businesses to expand to the international market via Hong Kong.
Another opportunity arises from the Guangdong-Hong Kong-Macao Bay Area (GBA) . The economic integration combines the expertise of 11 cities, including Hong Kong, throughout the region to create a world-class city cluster. Hong Kong plays a key role in ensuring the city cluster is internationally competitive, making it the ideal location for businesses and companies to reap the benefits of the city cluster. Moreover, setting up business in Hong Kong is its free trade policy. The city’s free port status and easy customs procedures makes it easier for businesses and companies to operate.
Another advantage is the Government implements a simple and direct tax regime, in which profits tax for the first HK$2 million of profits of corporations is 8.25% while the profits above that amount will be subject to the tax rate of 16.5%
There are many benefits to the expansion of small businesses overseas and InvestHK encourage SMEs to visit Hong Kong and to check what Hong Kong can offer for them.
The 2023 International Small Business Summit will be held 21-22 September in at Deakin University, Melbourne, Victoria.
