If you are starting a business then you are already a go-getter, self-starter, goal crusher, you name it. So why not take it to the next level, and open a business within the international market? Specifically, Hong Kong.
The first step in getting started with doing business in Hong Kong is to do your research. Expanding out of your normal territory is always a risk, but there is also so much to gain. Ask yourself, is doing business in Hong Kong the right choice for you? Check out this article to see a few reasons why people start their company in the Hong Kong market.
Once you’ve decided to start your company, the second step is to familiarize yourself with the market. It’s important to know about the regulations and requirements, even if you are on a different part of the globe. You will specifically want to know how to choose your company name, appointing a company secretary, and why you need to have a registered address. These will all be vital to the formation of your company.
For example, when you are choosing your company name, it can either be in English or in Chinese. Use common sense and do not use any offensive language. You must also verify that the name is available, you can do that yourself here.
You will also need a company secretary, especially as a foreigner. This isn’t your typical ‘secretary’, but it must be a Hong Kong resident who can help with the business. You must also have a registered address in Hong Kong. Why? Check out this guide.
Once you have those three items secured, you can either do the rest yourself or go through Get Started HK. There are two ways to register your company, either online or through paper submission. If you want to complete your company setup on your own, it is doable but it will be more difficult. Some tips for doing it on your own.
If you would like some professional help, Get Started HK can take out the hassle of starting your company and it can be incorporated within 12 hours! Once you have the name, secretary, and address, you can select your package, fill out the form, and make a payment to officially get started.
You do not need to be in Hong Kong to start your company, and even as a foreigner you can own 100% of the company as a sole director and shareholder.
A few other things to know when starting your company in Hong Kong are the fees involved. By now, you have either gone through most of the process yourself or have gotten professional help with Get Started HK. Aside from those fees, you will have to pay two government fees to the Companies Registry and Inland Revenue Department. Exact amounts can be found here.
There is a lot to learn to open up your business in Hong Kong but there is professional help available. These basic steps will help you get your foot in the door and be well on your way to success in the Hong Kong market.
For even more detail and explanation check out this guide.