We all know that stress can be a killer and the budding entrepreneur can easily become stressed, as their future largely depends on outcomes we cannot control, and if you think you are ready to move into a foreign market, this could be a very stressful experience. If, however, you engage the services of a respected law firm that specialises in aiding foreign businesspeople that wish to enter the domestic market in Hong Kong, they will not only handle the legalities, they can also offer valuable advice for foreign investors.
Available Business Structures
If you wish to do business in Hong Kong, here are the options:
- Representative Office – This is ideal for companies that wish to carry out market research for business development projects. This is a non-trading entity, with no minimum share capital, and you are issued with a Business Registration Certificate, which allows you to carry out specific business activities. Suitable for a company that is interested in the domestic market and would like to investigate further.
- Private Limited Company – This is the most popular form of foreign business formation in Hong Kong, and it allows you to conduct business, acquire assets, enter into business contracts and go into debt. There are no restrictions on foreigners regarding company Registration in Hong Kong, and you can be a sole director or shareholder, and there are no residency requirements.
- Foreign Branch Office – A foreign company might wish to open a branch in Hong Kong, which allows retail activity and you are subject to local laws. No minimum share capital is required and you are allowed one foreign manager, while the rest of the staff must be local people. This is designed for the retail company that wishes to trade from a retail premises, and your business activities are unrestrictive. Here is an easy way to improve your wardrobe, for those business meetings that will surely follow.
Seek Out a Hong Kong Business Law Company
The Internet will provide you with a list of legal firms in Hong Kong, and they will handle everything on your behalf, while also providing great business advice. Entering into a strange business environment can be very stressful, so let the professionals handle the application and process, which leaves you free from stress. Once you make contact with the law company, they would likely schedule a video conference, when you can discuss your needs and the lawyer can advise you accordingly. They would confirm your business activity is within one of the lists that are issued by the Ministry of Commerce, and they would guide you through the application processes, assuring that you are informed every step of the way.
It is easy for an entrepreneur to dismiss the daily workout, especially when there is a lot to do, so take 30 minutes in the morning and evening to workout. It is also important to have a balanced diet, especially with the current Covid-19 global pandemic, and research tells us that too much work and not enough play is not good for our overall health & well-being.
When you hire a Hong Kong lawyer, setting up a business will be a breeze, and you can focus on getting the business off the ground.