Setting up a business in Hong Kong

Setting up a business in Hong Kong

 

Setting up a business in Hong Kong can be easy if you use companies that will take care of the entire process for you. This is according to several entrepreneurs who started a business in Hong Kong. One can start using these companies even before you have visited Hong Kong.

 

Business address

Getting a virtual office is the most affordable way to get a business address in Hong Kong. This means you can start with renting no space at all, but still receive the services of a business address, phone and fax numbers, and staff to answer calls in English, Cantonese and Mandarin.

These virtual office businesses include HK Commons, Compass and Centre O. They also provide conference rooms and individual private offices.

Banking

Although entrepreneurs who want to open a business in Hong Kong have several choices when it comes to which bank to use, HSBC is by far the most popular bank for business and personal banking in Hong Kong.

However, you have to keep in mind that you have to be in Hong Kong in person to be able to open an account with them.

Visa

There are various visa options for Hong Kong. One can use a tourist visa for 90 days for example, or you can apply for a work visa. Another visa is called the Capital Investment visa, but for this visa you need to make a deposit of approximately $840 000.

For most business owners the Investment visa would be the best option. This visa is for business owners coming to Hong Kong to start or expand their businesses. For this visa however, you need to provide a business plan and deposit startup capital in a bank account in Hong Kong.

To get really good advice on visas, you can visit the website HongKongVisaGeeza.com, which is run by a company called Hong Kong Visa Centre.

The Investment visa allows an entrepreneur and his family to stay in Hong Kong for a year. After the year, the government establishes how your business is doing and if you are hiring locals. If they find it satisfactory, your visa will be renewed.

Support

Once in Hong Kong there are various government bodies which are  dedicated to help businesses start up in Hong Kong. It is wise to find one of these as they have great information on doing business in Hong Kong. All their services are also free of charge as you pay for them with your taxes.

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