Why not China’s startup community?

Look no further for a place to set up your business: why not China’s startup community?

China is one of the fastest-growing business hubs – if not the fastest – of the 21^st century, inviting entrepreneurs and investors alike to engage in business incubation locally. According to this article, an estimated 10,600 new businesses are registered every day – or, in other words, seven businesses per minute. With the growth in China’s e-commerce, it comes as no surprise that most of the new startups are Internet-based, but what exactly makes China such an attractive startup community?

China’s population of 1.38 billion is no joke: it means an endless pool of talent and a massive consumer market. With a high level of education and a growing population, skilled workers aren’t too costly compared to equally skilled staff in other places. The emerging middle-class also takes consumerism to the next level, making it favourable for development of new businesses.

Its huge population aside, China’s government has also taken measures to encourage innovation and foreign investment, providing a “more law-based, internationalized and convenient” investment environment, according to the State Council. Availability of money is not a problem, with an abundance of venture capital and private equity in China.

Furthermore, the agglomeration of entrepreneurs and investors in China is conducive to forming partnerships as well as securing resources. With the many advantages of setting up a business in China, the local business ecosystem facilitates the expansion of newly set-up businesses.

The obvious benefits of jumpstarting a business in China notwithstanding, there are many obstacles, including understanding Chinese consumers’ needs, getting to know the local competition and complying with national regulations, which Primasia’s experts are ready to jump in to help you with. With over 30 years of experience of assisting overseas’ companies in China, we at Primasia, through our offices in Shanghai, Beijing and Guangzhou, can help you with your expansion into the China market. Contact us today for advice and information on setting up in China!

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