Opening a business in Hong Kong as a foreign worker is an experience that should not be taken lightly. However, if you are ready to take the time to get through the maze that lies ahead, then you can be assured that your success will be well worth it.
The first thing you will need to do when opening a business in Hong Kong is to obtain work papers from the Department of Employment (DOE) that will help prove your legal and social status as a resident of the country. Once you have obtained this information, you can begin applying for jobs. You will need to do so to work in Hong Kong. These requirements can sometimes be confusing to foreigners, but they are relatively simple.
The next step in opening a business in Hong Kong is to locate the right place to conduct your business. There are many different avenues that you can choose from in this regard. You will find that many companies cater to business establishments of all sizes and from all over the world, so your selection will be narrowed down to two or three before you even begin looking.
Once you have chosen the location and business licenses, you will be given specific instructions on how to run your business from the location. Your employer will follow many of these instructions. You should also consider that many employers do not wish to hire an employee with no previous experience. They will always want to know what their employees are up to before them hiring them.
One other thing you must do in opening a business in Hong Kong is to get an Employer Identification Number, which will be required of all foreign workers. The DOE issues this number. You should remember that these ID numbers will need to be used for tax purposes.
The last thing that you will have to do in opening a business in Hong Kong is to register the office with the authorities to accept and process work orders. In doing this, you will be required to pay a fee to do so. However, you will not be charged a lot of money to do so.
There are other things that you need to know about Hong Kong limited company formation. If you follow the above steps, then you will not have any problems. If however, you are still confused, you can consult with a lawyer to get some legal advice about how to get your business set up.
You should keep in mind that your success in opening a business in Hong Kong depends mostly on your attitude toward the business and how you operate the business. A business that is well established and well run is going to be more successful than one that is poorly managed.
You should keep in mind that your business does not need to have many products to offer. What you need to have is a product or service that is in demand. If you have a product that is in high demand, then it is going to be more likely that people will use it.
Another consideration for opening a business in Hong Kong is to take advantage of the tax advantages available to foreign workers. In this regard, you should consult with your employer about this and see what they suggest. As far as taxation is concerned, remember that the more you pay as taxes, the less you will pay in interest, so it is best to save up as much as possible.
Lastly, you must learn to manage your business from a time perspective that is different from your boss’ perspective. Your employer will always be looking to provide you with his or her opinion, which is a positive point if you can demonstrate a degree of competence and leadership. However, if you show that you are not only unproductive but also uncaring, you will alienate not only your boss but also your customers and employees.