Hong Kong is Asia’s best place to start up your business as a foreigner, the best country with high economic growth with open markets with least government intervention, all you need to do select a reliable company to work for you in Hong Kong, you then select a name of the company and inform your agent to check whether the name is available or not. If it is, then the next step will follow.
The second step is for you to send in your documentation, i.e., copies of your passport, proof of Address in the country your live in, criminal record from the police, if any, CV, etc. You also need to give your agent the in-depth details of the nature of business you would like to carry out so that the agent can prepare your business plan for you, the names of the directors, and shareholders.
If you intend to start an online business in Hong Kong, this would be a simple company structure. The above documentation would be enough for the agent to register your company. But if you intend to open a large-scale business, then the procedure is different, and you will need to meet some specific requirements according to the law.
Online business registration is also possible after paying the required fees for the service. A copy of the business registration in Hong Kong is required. Once this is provided, then the process can start.
Hong Kong’s attractiveness in living and doing business is very appealing, offering uniquely available benefits among other cities: a strategic gateway to Mainland China markets, a regional financial and Logistics hub for expansion to Asia, and a stable, highly effective business-friendly cosmopolitan.
Hong Kong business opportunities for foreigners
Thinking of starting a business in Hong Kong as an expat, below are some examples of the types of business you can start. Many foreigners from America, Europe, and worldwide have set up their businesses in Hong Kong due to friendly tax laws, flexible working environments, and lower wage rates.
The list of businesses you can do:
- Business Consultants will require a lot of determination as your clients would need you to register their company, open Bank accounts, look for office space, employ staff, advertise their business, and many consulting companies fail as they do not provide the right service. It is a competitive market.
- Travel Agency – This is a lucrative business; millions of people come to Hong Kong for holidays and business. With the minimum investment, you can enter the market and be successful.
- Product Sourcing Agent – This is a business where you need to be honest with your client. Many foreign companies want to purchase goods from China in Bulk, and this has been difficult to do the bulkiness of the goods and language. This can only be possible with a user-friendly website and optimization of your presence on the internet.
- Call Centre Agency – Simple business and low investment sector. Many companies overseas want their customer service centers to be affordable and hence outsource their work. You need a good Internet connection and phone lines to be able to do this.
- Freight Forwarding – Hong Kong has one of the busiest ports in the world. This is a flourishing business and needs patience to grow. It has many options to start. You can start with an office and sublet the job or hire a warehouse and start.
- Manufacturing – Clothing, Bags, Accessories, Electronics, Tablets, Laptops, Toys, Phones, and laptop accessories, and more.
Small business opportunities:
- App Developer- these are mostly purchased from Hong Kong. You can start manufacturing high-quality top-of-range apps, and you will be successful.
- Furniture making and remodeling. This is a lucrative business, but hard work is required with patience.
- eBay and Amazon seller.
- Shipping Agents providing a collection of goods from suppliers and storage of goods would be an added advantage to the business.
All you need is the correct attitude with staff and clients in all the sectors, and you can flourish very well.
Hong Kong’s Business Start-up Process for Foreigners
The best place for a start-up company in Hong Kong is one of Asia’s busiest financial hubs. The city attracts foreigners in their masses who look forward to starting their own business, capturing the advantages and opportunities on offer, and being successful businessmen.
Setting up a company in Hong Kong as a foreigner, all you will need to do is look for a good agent who will be a one-stop-shop for you as we are at Stephen M S Lai &CO.CPA Ltd. Professional advisors to speak to you on a one-to-one basis and will make sure that you can start your business without any delays.
You will select your company’s name and send it over to us, and we will check if the company is available and revert to you. Once all is agreed, we will proceed after you provide us with a copy of the Director’s passport, proof of Address, CV and criminal record certificate, a questionnaire form filled and signed by you to proceed, and payment of fees.
The names of any shareholders and their documentation is required for KYC purposes.
The best and convenient way to do business in Hong Kong is to form a private limited company in Hong Kong that avails various benefits to the owners, such as fantastic Tax laws, no intervention by the government.
- Liability to owners is limited to their investment in the company.
- It is important to have a local address and a company secretary; this can be outsourced to a provider who will assist you with opening a trading company in Hong Kong.
- The nationality of the business owner is not restricted.
- The Director or shareholders do not have to be present in Hong Kong when the registration is handled by Stephen M S Lai & Co Business Consulting Ltd.
- It is essential to submit the Annual Tax and company filings on time, and we are professionals in this.
- The Business nature and location are not restricted.
The immigration policy is very open to most Nationalities, and they can visit Hong Kong without visas unless the stay is longer than 180 days. If you intend to work, then you must have the appropriate visas.