Establishing Your Business in Hong Kong — 5 Things to Do Soon

The Federal Reserve Bank of the United States regards Hong Kong among the world’s most
business-friendly jurisdictions. This is due tinvestment visa, whicho a bevy of factors, including robust and well-developed capital markets, a stable political system, and the presence of established business services providers like HSBC and Asia-Pacific trust administration and corporate services provider Asiaciti Trust.Asia-Pacific trust administration and corporate services provider Asiaciti Trust.

If you find Hong Kong’s favorable business climate enticing, consider opening a local subsidiary. Here’s what you need to do to get your enterprise off the ground.

Complete Your Local Business Registration

First, you must formally register your business in Hong Kong. Most foreign entrepreneurs set up private limited liability companies, a fairly straightforward process that can be completed in a few days’ time.

Among other items, your registration must include proof of your residency (whether in Hong Kong or in a foreign jurisdiction), a brief description of your planned business activities, your
local business address, details about the company’s shareholders and directors, and more. If you’re not certain how to proceed, contact a local business services provider with Hong Kong business registration experience.

Obtain Proper Immigration Documentation

If you plan to personally oversee your business operations in Hong Kong, you will need to obtain proper immigration documentation. For principals, the most common choice is the investment visa entitles entrepreneurs to remain in Hong Kong legally while they conduct
business.

To obtain an investment visa, you will need to open and fund a Hong Kong bank account, submit a detailed business plan, and meet certain other regulatory requirements. You may need to visit Hong Kong in person to complete these tasks; a 90-day tourist visa should be sufficient to accommodate.

Set Up a Local Office

The planned size and facility requirements of your Hong Kong branch office will dictate the proper venue. If you expect your Hong Kong footprint and headcount to remain small for the foreseeable future, consider a virtual office or flex space that can accommodate a modest-sized
team. If you expect to scale rapidly, a dedicated office space may be in order. New arrivals with limited budgets may find more choice at lower cost in outlying neighborhoods served by Hong Kong’s excellent metro system.

Open and Fund Financial Accounts

If you were able to obtain a visa without opening a local bank account, you will nevertheless need to do so before long. Though competitors exist, Hong Kong’s dominant commercial bank is HSBC, and many foreign entrepreneurs are perfectly satisfied with their banking relationships
there.

Begin Building a Professional Network

Lastly, work on building and growing your professional network on the ground in Hong Kong as soon as you’ve taken care of your startup basics.

Start with local business or trade groups associated with your home country. If you’re from the United States, for instance, you can rely on the American Chamber of Commerce in Hong Kong. American Chamber of Commerce in Hong Kong. Look also for trade shows and networking events catering to your niche, industry, or professional guild.

Business Is Good in Hong Kong

Hong Kong is widely regarded as one of Asia’s most business-friendly jurisdictions. With a thorough plan and the right local partners, you’ll find that doing business here can be quite rewarding.

Author: Eddy

Eddy is the editorial columnist in Business Fundas, and oversees partner relationships. He posts articles by others on various topics related to strategy, marketing, supply chain, technology management, social media, e-business, finance, economics and operations management. The articles posted are copyrighted under a Creative Commons unported license 4.0. To contact him, please direct your emails to editor.webposts@gmail.com