For many investors, incorporating a company in Hong Kong is a dream coming true because of the jurisdiction’s huge potential to support growth. From its world-class infrastructure to a supportive administration, Hong Kong has everything that you need to grow your business into a revered multinational.
Once you have registered a company in Hong Kong, you need to do the following four things before starting your operations.
Open a Bank Account
As a new business, you need a bank account so that your clients can easily make payments for the products or services offered.
Notably, although you can register a company in Hong Kong with the help of an agency without flying there, opening a bank account will require physical presence. Most banks in Hong Kong strictly follow know-your-customer (KYC) protocols and want to meet you before agreeing to open a corporate bank account.
When opening a corporate bank account in Hong Kong, it is advisable to identify a good institution that can help your enterprise to grow. For example, the bank should be ready to help you with most of your financial issues, such as offering overdrafts to offset short-term financial shortfalls.
Apply for the Relevant Permits
Depending on the nature of your business, it is important to check whether it will require additional permits or approvals, and get them. For example, suppose you are offering financial services, telecommunication services, or healthcare-related products.
In that case, the Hong Kong administration will require you to get additional approvals before your products can be allowed into the market. Therefore, make sure to check the Licensing and Permits section of the Hong Kong government to see the types of approvals that you might need.
Employ Qualified Staff
As a business, one of the things that you need to be successful is qualified workers. Because the Hong Kong environment is very competitive, it is important to only select staff with ample experience in your type of work. For example, a company dealing with apps development should look for employees with a background in software development. Consider partnering with an expert recruitment firm to help your Hong Kong company easily narrow down to the best employees. Other traits to look for in potential staff include:
- Teamwork capabilities
- Good learner
- Problem-solving skills
- Commitment to results
Draw Your Operational Strategy
In addition to having the right staff, you also need to draw a good strategy for your Hong Kong company to be successful. First, you should put a lot of effort into product development and link it with comprehensive marketing to ensure that only what your clients want goes into the market. Your strategy should also include competitor analysis and focus on outdoing them in the market.
When you join the Hong Kong market, registering your business in Hong-Kong is only the first step. To become successful, you need to do the above four things.
Furthermore, it is important to bring on board an expert for help. Professionals who have been in the Hong Kong market know the strategies that work and can tell you about those that do not.