Since 1997 when Hong Kong gained independence from the British and got designated as a Special Administrative Region of China, its administration has been on a journey to make the jurisdiction a business hub. They have done it excellently because Hong Kong is now among the best places for investments. It is one of the most liberal places, and the World Bank has repeatedly ranked it at the top of the ease of doing business.

To take advantage of this high-potential jurisdiction, the first step is company incorporation. Note that the process of registering a company in Hong Kong is pretty simple because you can do it without even traveling there. Simply identify a good company registration agency, and it will complete the process fast and professionally.

With your company properly incorporated, it is time to achieve your dream by starting operations. However, hold on for a short moment because you also need to do the following three things:

Opening a Company Bank Account

Armed with the certificate of incorporation, one of the next important things will be a bank account. It is an important facilitator for your business because it allows you to get paid and also to pay business bills. More importantly, the bank account will come in handy in bookkeeping and filing your tax returns.

While it is true that registering a company in Hong Kong can be done without traveling to Hong-Kong, you need to be physically present when opening a bank account. The banks in Hong Kong want to know you personally, ensure you are comfortable and be your partner when growing in the new jurisdiction.

Register your Business with the Internal Revenue Department (IRD)

Like other enterprises operating in Hong Kong, one of the obligations that you need to meet is paying your taxes. So, you will need to register your company with IRD so that it is issued with a Tax ID, which will be used when filing returns at the end of every financial year. Unlike opening a bank account that you have to do yourself, registering for a tax ID with IRD can be done by an external service as your company secretary.

Craft a Good Entry Plan

If you have always wanted to join the Hong Kong market, here you are now! The next step is getting started. Because there are other businesses already in operations or joining the market like you, it is important to have a clear plan. Here are some tips to help you craft an excellent entry plan:

• Do some market research to determine the targeted audience and what it wants.
• Carefully study the competitors and focus on offering services or products that are better than what they have.
• Run an aggressive marketing campaign that tells your customers, “see, here I am, and have the best products.”
• Consider starting with a “bang,” which could be something like an irresistible offer for a specific period.
• Work with consultants or agency that understands the market well and has helped other companies to become successful.

Hong Kong is an investors’ paradise that no business wants to miss. Once you get the certificate of incorporation, you are ready to go. Ensure to also have the above three things to make your early operations smooth, and map your way for further growth.

Read Also:

• Answers to Common Questions on Doing Business in China
• 9 Lessons Leo Burnett Taught Us About Building a Marketing Team