English Business Startups in Hong Kong – Steps You Need to Take
Are you interested in launching a business in Hong Kong? If you are, you are among the very many businessmen who are vying for a slot in this country’s very vibrant economy.
What is a Business Startup?
No matter what target country you may have, the fundamental concept of a business startup applies.
The very first thing that you need before thinking of starting a business is the startup capital. You can raise this capital in four different ways. One way is to use your own money, or to borrow money from a bank.
Another way is to invite a third party to invest in your business project. Whatever course you may choose to take, the money that you will be using is called ‘seed money’ because it is what you will use to grow your business from the ground up.
Steps You Need to Take
Let, say you want to sell a consumer item in Hong Kong. But before you start setting up your company to sell this item, there are five steps you must take.
First, you must think of your company name. This is what you will register with the business registry office in Hong Kong. Be sure that you have a unique name or it will be rejected by the registration office.
Of course, you need to have a business address. You can either choose to hire a virtual office or rent a real office with a physical address. This will be your official business address.
Second, you need to create a business plan. This will help you define your company’s objective and the strategies the company will use to achieve those objectives. This is one step that you cannot skip especially if you are asking a third party to finance your business project.
Your next step is to open a business bank account. You have many options as to which type of account will best suit the type of business you are creating. A financial and legal adviser could help you on this.
The third step is to register your business with the Companies Registry. It is the government agency responsible for processing applications such as Hong Kong company formation, and registration of non-Hong Kong companies incorporated outside the country.
After registering your business, you may also be required to get the necessary license, and permit from a particular government agency to be allowed to operate your business. You can consult with the Business License Information Service to get the information about business licenses and permits.
There are types of businesses that are also required to register with the Inland Revenue Department within one month of the start of its operation. You need to check with this department if your type of business falls under their jurisdiction.
For Hong Kong company formation and registration, please visit our website.
Source:
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