Situated in eastern Asia, and on the western shore of the Pacific Ocean, the People’s Republic of China is the third-largest country and has the second largest economy in the world. With about 10% growth every year and one billion potential consumers in the Chinese markets, China is like a pot of gold just waiting to be dug by an entrepreneur. According to the latest World Bank Annual ratings, China is ranked 46 among 190 economies in the ease of doing business.
If you have any inclination of setting up a company in China, the question would arise as to:
Why Start a Business in China?
Now, the Chinese Government is trying to rebalance the economy by focusing more on consumption-led growth. The developing focus on services, higher-end consumer goods and innovation signifies a great prospect for entrepreneurs. Some of the key reasons to start a business in China are as follows:
- Huge marketing potential due to the huge population
- Easily available Cheap Labour
- Chinese Business Etiquette and strong Work Ethics.
- Part of the BRIC countries which represents a growing economic market with a huge potential
These are some of the benefits that you can avail if you set up your business in China.
Top 8 Small Business Ideas
If you intend to travel to China to study the Chinese markets and incorporate a new business in China, then you should have a look at the following idea for setting up small scale business in China…
1. Supplying Health Products
Nowadays people focus more on their health and well-being and this trend is slowly gaining popularity all over the world. China is already popular regarding healthy tea, medicines, oils, hair care products etc. and this popularity can easily be leveraged by supplying and manufacturing health products in China. The scope of this can be increased by adding health spas and health resorts to the mix.
China is the world’s largest manufacturer and is often called the “Worlds Manufacturer”. The low labour cost, technically skilled labour and the various infrastructure in place make China suitable for the manufacturing of products. Businesses all over the world prefer the manufacturing in China not only as a low-cost alternative to manufacturing export items but also to venture into the growing Chinese markets.
3. Pharmaceutical Products
To run a pharmaceutical business, you require to have some level of scientific knowledge. If you meet the requirements you will go through a rigorous process before you can initiate production, but once you do you will find pharmaceutical to be a very attractive and profitable option.
4. Import & Export
China boasts of being the largest global importer and exporter of products. Every possible good which can be imagined is shipped out of China and a huge amount of raw materials are shipped in on a daily basis. This is possible due to the numerous facilities and the state-of-the-art infrastructure provided to the business.
5. Providing Supplementary Education
The Education sector is one of the most profitable sectors in China. Those who have the necessary fund can establish a school whereas those who don’t have the funds can explore private tutoring. You can also go further in this sector by providing online learning services where people can sign up for courses according to their choosing.
6. Network Services
This is a great business to start in China. You can organize a network service where employers would meet potential employees and you would act as the intermediary. This kind of service can be used not only to find jobs but also to find people with similar interests.
7. Small-Scale Food Production
Food is one of the basic requirements of humans, and keeping in mind the population in China, the food business presents itself as the safest choice for entrepreneurs who are in search of a profitable business venture. All you require to start a good Food production business is a good chef, a clean and safe environment and amazing service and your business is ready for launch.
8. Construction of Ecological Environment
This business is advantageous for individuals who are trained ecologists. This business includes research of ecologies, landscape engineering, afforestation, researches on seedlings and many more. This business sounds like a large-scale business but is slowly gaining popularity as a small-scale business too.
No doubt there are loads of businesses that you can establish in China, but the truth is that you must endeavour to continue to be in the good books of the Government of China if indeed you want your business to grow in China. We at Business Setup Worldwide can help you with that and provide all kind of solutions to our clients. In case of any other doubts or questions regarding company incorporation, business support or legal support, do contact us – we’d be glad to assist.