The city of Hong Kong enjoys political stability and excellent infrastructure. The city remains a an important financial center in Asia and its free port is beckoning several entrepreneurs to start their businesses in Hong Kong. If you are considering doing the same thing, we have a brief guide which can help you greatly.
Some may say that starting a business in Hong Kong can be quite difficult but it is very much possible. The benefits which you can get will make all your efforts worth it. The government in Hong Kong is more than willing to assist investors in realizing their dreams of having their very own business in the city.
Visa for Self-Employment
Those who wish to start their very own business in Hong Kong or join a company needs a Hong Kong visa. This visa allows them to be their own boss and there is also no need to prove that the company will be able to fill a niche in the city which local residents cannot. However, residents of Cuba, Nepal, Laos, Vietnam, North Korea, Albania, Afghanistan and Mainland China are not included in this visa.
As with other work visas, you need a sponsor to start your own business in Hong Kong and sponsors can be companies or individuals. Sponsors need to be a resident of the city; at least 18 years if age and well acquainted with the person who is applying for the visa. An applicant needs professional qualifications and a good education to apply.
Documents Needed to Support Visa Application
- Detailed 2-year business plan
- Copy of passport
- Recent passport photograph
- Copy of business registration
- Background information on business activities
- Proof of academic qualifications
- Proof of professional experience
Choosing your Business Name
It is important that you choose your business name wisely. Investors can search the Hong Kong Company Registry to find out if their business name of choice is already taken. One of the things which must be taken into account when deciding on your business name is the recognition value. After choosing a business name, it has to be approved.
Business Entities in Hong Kong
There are various types of legal entities and they are:
- Partnership – is a business which is owned and run by at least two people.
- Subsidiary – considered a separate legal entity in Hong Kong but is unable to make legally binding deals.
- Limited company – has no requirement for capital and most often chosen by small and medium enterprises.
- Sole proprietorship – best for small businesses and has one owner.