Company Incorporation in Hong Kong
The online business incorporation in Hong Kong isn’t tough if you have everything planned out accordingly.
Do you want to register a Hong Kong Limited Company, but wondering about the process and legal hurdles you need to go through? If you are a new startup and unaware of the incorporation process in Hong Kong, this may be a bit difficult at first.
The online business incorporation in Hong Kong isn’t tough if you have the right mindset and have everything planned out accordingly. It is also important to have a well established company agent to help guide you through this process, and solve any problems you may encounter. To make it easier for you, a perfectly explained step-by-step process on how to start an online business & register a Hong Kong limited company with ease has been shared below.
Research, Analyze & Plan
Do you have your idea for your business ready and planned out? Ensure that this idea is a viable business idea that would cater to the needs of the market, before you move towards its incorporation in Hong Kong.
The next part is a great amount of brainstorming and planning that comes to start an online business and to truly initiate it. You need to find out about your idea’s potential with the help of proper market research, analysis, and planning. This is to find out the likelihood for success or failure of the business, before you register a Hong Kong Limited Company.
As soon as the research and analysis have been completed, you need to develop a plan that is realistic for your business in Hong Kong.
And this plan should relate to the following:
- Decide on the service or product you are offering. Note the key features and benefits of each service or product in regards to the potential customers.
- Recognize the target customers and how to reach them with the best sales and marketing strategy.
- Figure out which service or product features would give you the best value in the market, after using your limited resources for it. Use this beginning to get the initial customers after the company’s incorporation in Hong Kong. You can add more services later on once the money starts to flow in.
- Make a draft after analyzing the cash flow, the start-up costs, operating costs, profits, and revenues. Be cautious and even keep a plan B for any worst-case scenarios, so that you can easily cope with it.
- Estimate how the service you are offering would prosper compared to the other company’s products. In other words, analyze the competition so that you can give the right price to the service, target the right customers and make your company reach the top.
While you follow these points and get your plan assembled, you would have a clear picture about the new online business you are about to initiate. You would also have a sound plan for each situation in your business, and how to cope with each one.
Educate yourself on starting an online business in Hong Kong
Understand how you would administer the idea from the actual work, costs, and revenue. The costs of compliance with the local laws and necessary government filings might also increase your costs. Even though the costs rise, there are many benefits and tax grants that can help you with the funding for your situation.
Be well-informed about the situation, and it would help you greatly to plan better for the future. This would minimize the risks and even enhance the chances for success. Educate yourself with all the taxation laws that can be applied to your online business. Conduct in depth research on the costs of starting and running your business, and possibly seek professional consultation when it comes to banking matters and taxation.
Establish a good company infrastructure
Once your company is established, you should work on creating a stable infrastructure, in terms of staff, facilities and IT systems to support your company.The infrastructure for your company should match your business strategy, and allow your company to run smoothly and efficiently. Below are some ideas to further support your company infrastructure:
Developing a website for your company create an identity for your business online. This is how your client’s identify and remember your company, and allows you to reach the maximum amount of clients around the world. This is becoming more important in today’s digital world, and the best investment for your company. Be sure to put effort on a unique and meaning web address, and one that can be easily remembered. It should help connect your company with the products and services offered.
Marketing and Advertising
Marketing brings in customers for your company. However many businesses choose only for online advertising for short term gains. It more beneficial to add valuable content to your website about your products and services to your customers for the long term. This will in turn add a higher reputation and online presence for the business. The better the content, the more visibility you will have, and higher ranking from search engines such as Google for your website. You can also include a company email and name card, to further help your company be more professional and attract international customers.
Bookkeeping, Finance and Taxes
After your business and running, be sure not to overlook the importance of organized financial records for your company. Business owners are often too busy to focus on the bookkeeping of the business, but try to set aside time to keep organized records of the income and costs of the company, as this will benefit you later on. Starting an online business is not only about starting a website and providing products to your customers, but equally about organizing operational costs, forecasting future revenue and predicting future business expenses. This will also help with taxes later on, and how to create the most efficient tax plan for your company. You can either do this by yourself, or outsource the bookkeeping of your firm to keep you on track and focus on the health of your business.
Incorporate your business
Before executing the plan, you need to incorporate the business. Keep in mind that your selection of the business structure would define your exposure to liability, taxes, and even the ability to run the business and raise capital from investors.
Many entrepreneurs favor their company’s incorporation in Hong Kong and Register it as a Hong Kong Limited Company. There are numerous advantages that Hong Kong has to offer for new startups and companies located here. There are many reasons for this that include:
- Registration as a Private Limited Company
- Ease of incorporation for foreigners
- Simple tax system and low taxation rates
- Bank account opening
- Official Incorporation Documents from the government
- Certified Copy Of Documents by a CPA (Certified Public Accountant)
- Getting a Registered office & Business address (Mailing address) in Hong Kong
Incorporation in Hong Kong by Startupr
Also, registering a private company in Hong Kong is easy and quick with just a few simple steps. You can easily select the plan that fits your needs, and incorporate a company smoothly. Startupr offers two ways for incorporation, and they are:
- $99 which is the Regular plan and it takes 3 to 5 days to set up the company (not available for option 1).
- $299 which is the Expedite plan that takes approximately 3 hours to deliver you the Certificate of Incorporation and the Business Certificate. It also takes a maximum of 24 hours for the company formation.
The Incorporation in Hong Kong services that we offer have three kinds of fees that are needed by the Company Ordinance. They include:
- $320 which is the Incorporation fees to be paid to the government. This would give you the CR Incorporation and IRD – Business License.
- $285 which is for the Startupr local secretary.
- Annual return is the list of officers and directors. Moreover, this must be filed 42 days before the initial registration date for the fees for the government. The Companies Registry waived the filing fee for this year.
You can select the services as per your needs and if you decide to hire Startupr as your secretary, you get an added bonus of the registered address for free. You can also select the service of Startupr’s business address, using their location in downtown Hong Kong for your company. You can use this location for your company cards, invoices, website, and even business contracts for your company.
Moreover, Startupr offers assistance in bank account opening, both in Hong Kong and internationally, to help your company get off the ground. We help with sourcing and offer solutions for your company banking options.
Moreover, for using the documents for the Incorporation in Hong Kong during bank meetings, you need them to be certified by a CPA, that is a Certified Public Accountant. Startupr provides the service of Certified Copy Of Documents in case you are about to open a bank account for the business.
Having many years of experience in the field, Startupr has priced the services reasonably. And with this, you can pay less by customizing the form and choosing the services that you need.