Successful restaurateur Wayne Parfitt believes Hong Kong is the best city in the world for anyone considering investing in a business

Australian businessman Wayne Parfitt has helped himself to a large slice of Hong Kong's hospitality pie since setting up his first Italian-style eatery less than a decade ago.

Describing Hong Kong as "the greatest place in the world for anyone with entrepreneurial flair and a limited amount of money", he has built an empire from one small pizza shop.

"Hong Kong is a fiercely competitive city regardless of the type of business you want to establish," Mr Parfitt said. "It is also a city that enthusiastically embraces those with a strong work ethic and a good idea."

With success as his focus, and an intimate knowledge of the hospitality industry, Mr Parfitt worked for a year before opening his first business, Pepperoni's, at Sai Kung in the New Territories. This single-fronted pizza shop, in Hong Kong's premier seafood district, was to be the first in a chain of hospitality outlets - an achievement he says stemmed from having "the right idea, in the right city, at the right time".

"We started with an initial investment of HK$100,000 (US$13,000) to establish the first business, Pepperoni's Sai Kung. We did all the work ourselves, and the hours were long and labour intensive," Mr Parfitt recalls.

"The rent was HK$3,800 (US$488). In the first month we turned over HK$167,000 (US$21,000), of which net profit was HK$42,000 (US$5,400). I thought I was the richest man in the world. Ten years later the company, Bringsky Investment Limited, has an annual turnover of some HK$120 million (US$15.5 million).

"We have successfully opened 11 new businesses, all under Bringsky Investments Limited, with the registered names of Pepperoni's, Jaspa's and Al fresco, in Hong Kong since 1994."

Ideal climate for investment

Mr Parfitt believes Hong Kong is the best city in the world for anyone considering investing in a business.

"You don't need a lot of money here to get started, but if you have a good concept, the will and determination to make it work and are prepared to put in long hours  to establish yourself, you will succeed.

"The rewards are here for the picking simply because the margins are big, taxation is still at an all-time fantastically low rate, and Hong Kong society as a whole is geared towards making money."

Mr Parfitt also stresses the encouragement provided to small business entrepreneurs by the Hong Kong government.

"There is a sound business structure, rule of law, and an arbitration system that is easy to access if you have problems or need some form of redress."

To further its expansion, Bringsky is establishing businesses beyond the traditionally acknowledged entertainment and tourist precincts.

"For us to grow we have to continue making inroads into local residential areas, otherwise our brand is restricted to upmarket areas," Mr Parfitt said. "To grow your brand you have to appeal to a broad section of the local community, which also means tailoring your price structure accordingly."