I’ve been to Hong Kong several times since 1988 that I have lost count. I have personally seen how this vibrant city has transformed from what it is today, after thirty years of almost yearly visits.
I have always been so enthralled by the city’s business vibe that I have considered establishing a startup here. Sometime last year, I started researching about how to set up a tech venture and these are the things I found out that are worth sharing to start-uppers like myself. Read on –
Why Hong Kong?
In the many times I’ve been to this ultra-urban island, the key thing I have noticed is the sense of security and personal safety. One can walk anywhere in the city at anytime of the day and night and not fear for one’s safety. The city is crawling with police officers, especially in the central business districts and tourist areas. They also have their own version of the 911 number — it’s 999 — with very reliable emergency response teams.
It’s so easy to go from one place to another with the efficient mass transport system such as the MTR and the buses ply the airports. Taxis are abundant, too. Well, believe it or not, I love the Star Ferry and ride it still, going from the main Hong Kong Island to Kowloon, and back. Call me old school, but I simply like the sense of balance between the fast and slow.
Business-wise, Hong Kong is well known for its simple tax system that supports maximum earnings and low costs for startups and established companies alike. The infrastructure and communications system are pretty solid. With one of the world’s fastest Internet connections and most efficient telecommunications systems, what can a tech company ask for? And with a free economy system, no wonder income potential is dubbed as “sky is the limit!”
How to Establish a Startup in Hong Kong?
Setting up a company in Hong Kong is simple. As long as the applicant has all the necessary documents available, it will only take a few days to establish a private limited company. It’s even simpler if you use a reputable Hong Kong-based agency such as https://www.onlinecompanyregister.com/ which is owned by Stephen M.S. Lai & Co. CPA Ltd. – a decades-old company that does offshore company setup and arrangement of bank accounts particularly in Hong Kong and the United Kingdom.
To establish a startup, the Hong Kong company is setup by getting a company registration number, then having a full set of documents for filing by the designated company secretary there. Once the bank application and documents have been filled out submitted online, a bank manager reviews them. Once the bank manager gives the go ahead, the incorporation process starts. As soon as the incorporation papers have been approved, that is the only time that the startup applicant flies to Hong Kong to personally sign the bank documents. It will take another one to two weeks to complete this process and be able to your bank account number. You will then receive your token and pin.
Incorporation Process in Hong Kong
The online process for incorporation usually takes a few days. A copy of your passport and proof of address is emailed together with the other documents. Registering a Shelf Company in Hong Kong, on the other hand, takes a longer time to register than registering a new startup.
Just to reiterate, the number of documents that need to be accomplished before personally flying to Hong Kong to sign them is key to establishing a startup there. It would be best to have these documents processed by professionals there who can further advice you on your options, such as that of having a corporate secretary and getting a virtual office. Be wise and make money!
Homerun Nievera – a serial techpreneur who has exited two previous startups. He is a digital evangelist and writes about startups and technologies through his column at the Pilipino Mirror in Manila. He maintains his site and keeps a blog in the Filipino language.