Hong Kong’s easy incorporation, cheap corporate taxes, and favorable free trade agreements made it the world’s freest economy. The country became Asia’s financial centre for investments and entrepreneurship in 2019 and ranked third in ease of doing business among 190 economies.
Hong Kong’s strategic position allows western investors to reach mainland China enterprises, therefore many registered companies there. Hong Kong’s strategic location and great business operating environment allow overseas investors to capitalize on their competitive talents, natural resources, and multicultural environment.
Many investors want to do company registration in Hong Kong’s free market economy due to its many benefits. Let’s list four things to do before starting a Hong Kong firm.
1. Know Business License Requirements
Before starting a business in Hong Kong, learn which permits you need. Business incorporation in Hong Kong does not guarantee operation. Before starting a business, owners, and directors must obtain all relevant permits. Education, travel, employment, food and beverage, financial services, event management, retail, and trade are popular licenses.
Hong Kong business registration is complete with Fintech Harbor Consulting. Many entrepreneurs incorporate without completing these processes, slowing firm development and operation. If the business struggles to get licenses, this could be harmful. TFintech Harbor Consulting makes registration easy.
2. Plan Your funds
Before starting a Hong Kong firm, plan your funds. Hong Kong incorporation fees depend on membership size and certificate validity. Many entrepreneurs thought they needed their own savings or venture capital and angel investor funds to start a business. When incorporating in Hong Kong, there are additional financial possibilities that few know about. The government has funded many SMEs and entrepreneur projects. Employment Support Scheme and Distance Business Programme are examples. The Employment Support Scheme helps Hong Kong SMEs pay employees. During the pandemic, the Distance Business Programme helps enterprises transition to remote working. InvestHK, the Hong Kong government-funded SME department, offers free marketing and PR support to overseas SME businesses.
3. Join Professional Communities
Before starting a company setup in Hong Kong, join the SME community. Business owners and corporations can benefit by attending community events, seminars, and networking activities. These events help establish your business in the community and develop critical partnerships. Networking events can boost your business.
4. Determining Your Accounting System
The fourth step to starting a Hong Kong firm is choosing an accounting system. Depending on the size and entity of your firm, a good accounting system is essential to its internal architecture. The company’s account should show its health and highlight areas for improvement. Most entrepreneurs initially use manual accounting solutions like excel spreadsheets. This strategy may work, but as the business grows, it will become harder to keep the accounting and inefficient. Cloud-based accounting eliminates bookkeeping and accounting issues for enterprises.
Fintech Harbor Consulting streamlines Hong Kong business registration. The team plans and strategizes with clients to choose a business entity, completes registration and documentation, obtains licenses, opens a corporate bank account, and ensures compliance with government regulations.
Contact Fintech Harbor Consulting to learn more about Hong Kong company registration.