5 Business Ideas to start in 2024

by Cheap Incorporation | November 8, 2023

Hong Kong is a great place for entrepreneurs to register a company because the city has long been regarded as a leading financial hub not only in Asia, but also amongst the world. Here are 5 business ideas to entrepreneurs to potentially start in this dazzling and memorizing city in 2024. 

Employment Agency Business

The population in Hong Kong has always been steadily growing with around 7 million people more or less living in the city for the past decade or so. However, the population age has also been increasing in recent years and evidence shows that there aren’t enough newborns being produced due to young people facing mounting economic stress, they feel that they cannot even afford to buy a property in Hong Kong, let alone start a family.  In recent years, there has been a huge immigration trend happening in Hong Kong. Mostly young people and families moving to the United Kingdom or Canada seeking for a better future. This has left Hong Kong with a huge vacancy in jobs, especially in several sectors, to name a few such as I.T, nursing, finance services, education etc. 

The economy of Hong Kong was booming 10 to 20 years ago with a large population of workforce, you can basically find a job in any sector as long as you’re qualified and the job market wasn’t as competitive compared to now. Hong Kong is also known for its long hours working culture with many jobs starting from 9am to 9 pm, Mondays to Fridays. This has greatly affected the Hong Kong people’s mentality and many of them want to find better opportunities elsewhere. Hence, starting an employment agency business in Hong Kong can be lucrative as many companies require assistance to hire suitable talents due to the declining population.

Moreover, there is always a high demand for domestic helpers for local families. Hong Kong people are often busy working and have very little time left to spend with their loved ones and children. Therefore, a high demand for domestic helpers has always been the trend in the past 2 to 3 decades in Hong Kong, with domestic helpers from the Philippines and Indonesia flooding in, creating a new workforce that help sustain families in Hong Kong.

Business Consulting – AI Automatic Process

If you want to register a company in Hong Kong, Business consulting business is also a suitable option, especially nowadays with artificial intelligence starting to dominate the world and even more new technologies ready to appear, it is always a good choice to start a business consulting company on artificial intelligence . In Hong Kong, there are many startups implementing artificial intelligence elements in every job sector possible. For example, many restaurants provide Ipads or QR codes for customers to order meals because of a lack of workforce in the food & beverage industry. In order to save costs, they rather provide a relatively quick and easy service using technology than to hire an actual person, train, and pay a monthly salary. 

Another example of this is the implementation of robots. Due to shortage of manpower, many restaurants in Hong Kong use robots to deliver food to customers. Warehouses using robots to deliver packages and parcels from point A to point b. Malls using robots to do cleaning instead of a custodian. While artificial intelligence is getting more popular, many entrepreneurs have no ideas how to implement changes and reform. If you own a business consulting firm, you can guide entrepreneurs to introduce robots serving in the workforce, ultimately replacing humans in the near future, and help to improve efficiency.


E-commerce has always been a popular business idea anytime and anywhere. There are almost no limitations on what kind of entrepreneur you wish to become, it can be a product or a service. During the pandemic, many businesses were closed down because they simply could not sustain themselves due to lockdowns and other restrictions. The whole world has changed so drastically as it has entered into a whole new era – complete digital era – working from home has become the new norm, online shopping and food delivery have become more popular than ever, kids taking lessons from their laptop at home instead of going to school etc. 

Recently, the Hong Kong government has announced a series of new campaigns on revitalizing the Hong Kong economy, particularly the so-called “night economy”. The Hong Kong government has been encouraging the Hong Kong people to go out at night as often as they can to help stimulate the economy after 3 long years of tight measures during the pandemic, which has a detrimental effect on the local economy especially the food and beverage industry.

In terms of that, there are many e-commerce ideas that are viable such as creating your own little food truck selling snacks and beverages, accessories like handmade jewelry, or any types of product you can think of. Besides that, you can always provide some type of service for your business such as door to door cleaning and food delivery catered to a specific target group (seafood & barbeque food). 

Online Classes

Online classes can be a great business idea to have while there is always a high demand as there are always all kinds of people trying to pick up different skill sets. You can create an online course such as teaching a language, how to play chess or even fortune telling depending on what your strongest suits are. Hong Kong is a vibrant place filled with different personalities from different backgrounds so there is always a high demand for whatever you want to teach. But, most importantly, conduct in-depth marketing research before you start your business. Make sure you know what the latest trends are and what online courses can be lucrative. 

Utilize social media platforms such as Instagram and Facebook to promote your business as they are a great platform to attract new customers. Also, Youtube is another great platform to increase your brand awareness and existence to the public if you can also add a bit of your own personality when creating your content. 

Delivery Services

As mentioned above, the 2020 Covid Pandemic has changed the world so much that people have gotten lazier as most tasks can almost be completed at home. Delivery companies, in particular, have seen a huge profit margin in the past 3 years with an increased amount of food orders every day due to the strict social distancing policy being implemented by most countries in the world. 

Now that the pandemic is finally over and people no longer have to practice social distancing, the delivery business is still booming as ever. Hong Kong, being one of the most densely populated metropolitans in the world, people often feel reluctant to go out and rather just stay home for the weekends. Even if they have gatherings with friends and family, they still prefer to do it at home. Now, this is a great opportunity for entrepreneurs. Any type of delivery business can fit into this scenario; such as an all inclusive party package delivery service with food, drinks and services catered to your doorstep. Not to mention, delivery services such as pet food/ necessities delivery, alcohol delivery or food delivery are all viable options for you. 

Hopefully this article helps you to better understand the norm in regard to incorporating businesses in Hong Kong. If you have further questions or would like to form a company with us. Please do not hesitate to contact our company formation expert via email at info@cheapincorp.com or message us at +852 5404 0902 on WhatsApp. 

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