Hong Kong business culture is a rare balance of Western capitalist thinking and belief systems of the East. The British influence that has left the Hong Kong more than a decade ago remains evident today in the way business is conducted in the country. Chinese people are especially the sense of punctuality. Superstitious Chinese practices like putting bagua mirrors to deflect evil spirits are important among business establishments. The eastern concept of energy flow like the Feng Shui are definitely taken seriously because businesses spend a lot of money consulting experts just to ensure that construction projects are positively oriented towards that which attracts most luck. As a busy business center, Hong Kong cuisine is also a mixture of eastern and western characteristics. Fast food chains blend with restaurants that serve the traditional Hong Kong dishes.

It is important to learn the Hong Kong business culture before doing any business in the country because it will definitely affect your relations with them. Know that Chinese culture is the dominant business and social influence in the environment. The pace of life in the country is hectic and its residents are highly entrepreneurial with strong commercial instincts. Chinese are also hardworking and very competitive. They are also very conscious of their face or image that is why they highly value their education which according to them will ensure one’s social and economic mobility. Families are hierarchical and members are committed to upholding the family’s honor through loyalty, respect and obligations. Introductions and connections are not essential in Hong Kong although they help in establishing credibility for business. Hiring a local representative to initially develop the business is advisable.

It is good to learn how to do the proper Chinese way of greeting so as to show respect for the culture and establish a good impression on them. Bowing is their way of greeting and when a handshake is made be gentle because they are not used to close and intimate interactions with foreigners or strangers for that matter. Because they recognize seniority, be conscious of greeting the most senior member first.

Hong Kong Business Culture may also be described as results or role-oriented rather than that of the Western values of personal and social growth. Avoid confrontation and aggression. Remember to use language diplomatically. Refrain from directly refusing anyone by saying “I will try” or “I will see.” Be modest in all you behavior and also keep you calm.

Gift giving is also a part of doing business in Hong Kong. It helps establish or maintain relationships. Avoid giving clocks, books, green hats and anything covered or wrapped in blue. Gift money in a red envelope is known as hong boa. Accept gifts with both hands and remember that gifts are to be reciprocated. A meal could also be a form of gift for the Chinese.

The H. Kong banking and financial services is regulated by the H. Kong Monetary Authority (HKMA). One of the responsibilities of the Hong Kong Monetary Authority is to ensure that the currency of H. Kong is stable against the other world currencies. It is currently pegged to the US dollar.

There are three categories of banks in H. Kong namely the License Banks, Deposit Taking Companies and Restricted License Banks. However, what you have to know about the Hong Kong banking industry is that the license banks are the only ones that are allowed to operate current or saving accounts. Retail banks are task at providing selections of different accounts tiers and services. The savings accounts can be in H. Kong dollars, US dollars or renminbi. Most of the banks in H. Kong allow their customers to link debit card, credit card, cheque, and savings to a master account. What the customers do in most cases is to exchange the minimum deposit to the savings accounts in order to avoid bank serves charges.

When you want to open an account in Hong Kong, there are some retail banks that offer their customers opening forms which you can get easily by downloading from their websites. Different banks have different requirements and criteria when opening a bank account. However, to open a saving or current account in H. Kong banking sector, you require an identification card or passport, application form and you have to provide a proof of H. Kong address. One thing that you have to know is that it is not necessary that you are a resident of H. Kong to open a bank account.