Hong Kong is one of the most incredible venture objects that has been acknowledged by worldwide investors. The region gives various influences to the business financial backers with regards to organization establishments. It is easy to form a consulting business in Hong Kong. Consultants in Hong Kong have access to a diverse market that is populated by several organizations that can form a client base of a consultancy business. This article will cover the essentials that define why the need to start a consulting firm in Hong Kong, the required steps to form this type of business in Hong Kong, among others. Keep on reading to learn them all.
Consulting Business in Hong Kong
Consultants in Hong Kong approach an eclectic market, populated by countless organizations that can shape a client’s base of a consultancy business. Private consultants offer their expertise in different business fields such as administration, finance, bookkeeping, innovation, advertising, and substantially many more. Foreign investors can open a consulting business in Hong Kong and experience similar venture benefits as local business visionaries. The legitimate necessities for starting a private consultancy organization in Hong Kong are like those in other business fields. However, they may fluctuate as per the kind of consultancy proposed to clients.
What is a consulting business?
Consulting organizations in Hong Kong give expert advice in a specific field or fields of activity. Organizations in Hong Kong can enroll a specialist at whatever point they need professional administration or advice in certain fields, like tax consultancy. These services can be given on an occasional premise. Various examples of consulting firms in Hong Kong include:
- business and the executive’s consultants
- HR consultants
- public relations consultants
- legal consultants
- marketing consultants
- investment consultants
- IT consultants
Business visionaries who open a consultancy firm are normally specialists in a specific region themselves and offer types of assistance in their own name. The moment a business expands, it can recruit workers in Hong Kong. Certain business fields are directed in Hong Kong and specialists might have to get extra permits and licenses, a part of their capabilities that suggest them for consultancy.
What services do consulting businesses offer?
It is easy to form a consulting business in Hong kong. It offers you a large variety of services. When you start a Consulting firm in Hong Kong, it can specialize in a series of key areas, essential for doing business. The various kinds of services that a consulting firm provides are:
- Management – This is a field that incorporates general management services, for example, corporate and business executives and procedures.
- Financial administration – It is a specialized area, and incorporates business valuation administrations, spending plans, accounting control, capital investment proposals, and others.
- HR management – consultants have practical experience in business and HR matters and can give work valuations as well as training.
- Marketing managers – Consulting all issues concerning the organization’s marketing strategy, its marketing policies, and others.
- Overseas business consultancy – Hong Kong being a worldwide financial focus, these specialists can give methodologies to taking care of global business matters.
- Legal consultancy – commonly offered by law firms in Hong Kong, lawyers can also provide consulting services.
Experts in various fields can set up their consulting business, for example in the field of information technology management. Irrespective of the niche in which they specialize, entrepreneurs will always need to follow the same steps to start a company in Hong Kong. But before that one must know the benefits of working with a consultant.
Benefits of working with a consultant
When you start a consulting business in Hong Kong or any other form of business, it is best to have a consultant with you. Given below are the benefits of having a Consultant.
- Experience – While you’re working with a specialist, you’re ensured an elevated degree of experience since they will understand what to do and will finish the job effectively. A few organizations attempt to keep away from consultants by recruiting an employee with little experience. This course is extra time and cost-consuming contrasted with working with a consulting firm.
- Consultants Work for Objectives – While hiring a consultant, you can guarantee that your objectives really become their objectives. Consultants are objective-driven and make a point to track down a procedure that works best for your organization and your image. You can anticipate that a self-starter attitude should take care of business and something you can expect when hiring a consultant.
- Time – Your organization can enroll consultants for just the hours that you really want, and that could imply that your organization needn’t bother with a full-time marketing manager. Try not to invest your energy in the recruiting system and pay for a full-time frame for the board-level representative.
- Save Money – Besides the fact that you can save your spending plan by recruiting a consulting firm instead of a full-time employee, consultants as of now have the tools and software to take care of business, and you can stay away from extra preparation costs for consultant services.
- New Insights – Consultants procure experience while working with numerous businesses and can frequently give new and invigorating plans to your image. Recruiting a consulting firm will permit new knowledge to see things you might have ignored. Consulting firms can see your business from an alternate point of view to assist with recognizing shortcomings or valuable opportunities that might have been missed by your business’ way of life or habits. They are best for reinventing your image or reconsidering your strategy.
Why is Hong Kong the Best Place to Start a Consulting Business?
As a dynamic city with strong growth prospects, Hong Kong is the best place to start a business. Here are a few reasons why:
- Hong Kong is a gateway to mainland China – Hong Kong has been a preferred business access route to mainland China for more than 150 years. Hong Kong businesses are given the courtesy of the free-trade Closer Economic Partnership Arrangement, and exports to China are tariff-free.
- Business-friendly tax system – The Hong Kong tax system is clearly in favor of businesses with an income tax of 15% and corporation tax of a mere 16.5%. Taxes on capital gains, offshore income, inheritance, and even on wine or beer are exempted. Therefore, it attracts more and more business professionals.
- World-class infrastructure – The infrastructure affects the work environment of any company. Hong Kong offers a world-class infrastructure. The city is a global hub offering more than 85 airlines operating out of Hong Kong International Airport
- Global financial center – The latest Global Financial Centers Index names Hong Kong as one of the world’s main four financial centers, close to London, New York, and Singapore. The US economic research organization positions Hong Kong as the world’s best objective for business visionaries trying to get capital.
- World’s freest economy – Hong Kong has positioned number one in the Index of Economic Freedom since its establishment in 1995. That officially makes the city the most changed economy and the best spot to fabricate and grow an enterprise, with a positive environment for exchange, speculation, and the development of merchandise.
With all these things considered one can easily start a consulting business in Hong Kong. Feel free to contact a professional like Startupr in case you are facing any issues.
Steps to Start a Consulting Business in Hong Kong
Below are the steps to start a consulting business in Hong kong.
- Know what services you can offer – For your business to be successful, it is important that you have a working knowledge of the field that you choose to consult in. An interest in the area is essential and any experience is a bonus. For instance, in case you want to help companies in the healthcare sector, it would be an advantage if you have worked in healthcare in the past. Pick up an industry you want to offer your services to or choose an area of business where you can assist companies from any industry. Make sure that you have the necessary skills for both.
- Do your research and target the right clients – Research is the most important aspect of starting something new and adventurous. It is important that you have adequate knowledge about what you are doing and how you are doing it. You can discover new strategies and enhance old strategies, all by performing adequate research.
- Decide on the company name and register the company in Hong Kong – It is essential to have a unique company name in Hong Kong. The Registrar of companies maintains an index of all the company names in Hong Kong. Prior to picking a name for your management, it has to be approved. Once you choose your company name and legal structure, it is time to register the business with the companies registry.
- Obtain the necessary business license – When you think of starting a new business, many business people overlook the requirement for licenses and permits. A business license holds a firm accountable for its activities. Therefore, it is vital to have a business license. A business license is a fundamental grant given by government offices that permit a variety of things to attend to inside a specific power. Normally, business activity and the organization’s area conclude which licenses are expected to legally work. Therefore, make sure that you have your business license.
- Set up a company bank account – Since you have made your business legal by enrolling in your organization, the next stage is to figure out the financial aspects. You will need more records before you open a business bank account. These consist of documents of incorporation, proof of business such as a business plan, and the company’s Articles of Association. Once the account has been opened, the directors should deposit the share capital.
- Create a professional website and social media profiles – A Professional website and a social media profile are a gateway for you to reach a newer audience. No matter what business you are in, it is vital to create a social media profile and website. Today no business can survive long in the market without a professional website. It gives audiences an insight into what you do.
- Market your business to attract clients – The significance of marketing for your business is that it makes the customers conscious of your products or services, assists in engaging them, and further helps them make the buying decision. Likewise, a marketing plan is a part of your business plan that assists in creating and maintaining demand, relevance, reputation, competition, etc.
We can help you start your own consulting business
Now that you know all about why start a consulting company in Hong Kong, and the adequate steps to form a company in Hong Kong. It might be time that you plan to start one. We can assist you to start your consulting business in Hong Kong. We offer services like company registration, mail forwarding, accounting and bookkeeping services, etc. Feel free to contact us and know more details.