Immigraion To Hong Kong

THE CLIMATE GETTING HERE ENTRY REQUIREMENTS TEMPORARY VISITORS OBTAINING APPROVAL TO RESIDE AND WORK OR INVEST IN HONG KONG EMPLOYMENT VISA INVESTMENT VISA DEPENDANT RESIDENCE HONG KONG IDENTY CARD TAXATION DEDUCTION AND ALLOWANCES PAYING YOUR DUES SETTING UP BUSINESS IN HONG KONG BUSINESS REGISTRATION Immigration   Business   Health and Fitness

SETTING UP BUSINESS IN HONG
KONG

According to the World Bank in its “Doing Business in 2004
- Understanding Regulation” book, Hong Kong is one of the
easiest places in the world to set up business, ranking eighth
out of 133 countries included in the study that led to the
book. The study was based on the time needed to complete
five procedures prerequisite to setting up a business, as well
as taking into account the cost of these, where applicable.
Further information on the World Bank book can be found at
http://www.worldbank.org .

There are two fundamental aspects to setting up in business
in Hong Kong – establishing your business premises and
workforce, and meeting the legal requirements. Both are
relatively easy, but for anyone needing expert help there are
numerous resources available from the various Chambers of
Commerce, government websites and management
consultant companies. OFFICE ACCOMODATIONSIf you want to get started as soon as possible, one option is to
set up business initially in one of the many private business
centers, where office accommodation, secretarial support, Ecommerce and other resources are available as a package.
This will get you up and running almost immediately.
Later, as you settle in to your routine, you can look around at your leisure for suitable dedicated premises and staff. There is a wide range of office accommodation throughout urban Hong Kong, the rental costs, amenities and convenience varying according to location. The prime areas are the central business district of Hong Kong Island (originally named Victoria, but now known simply as “Central”) and, on the opposite, Kowloon, side of the harbour, Tsimshatsui. Locals, incidentally, often differentiate between Hong Kong Island and the mainland side of the harbour by referring to them, respectively, as “Hong Kong side” and “Kowloon side”. The most prestigious, and in many ways most convenient office location is Central, Hong Kong’s financial centre where the major banks and most of the multinational commercial corporations have their regional headquarters and flagship office towers. Here, monthly office rentals range between $20 and $35 a square foot, whereas over the water in Tsimshatsui you can expect to pay between $16 and $22 a square foot.

In both of these areas there are also many restaurants, hotels and shops, making them equally popular as tourist centres. Leases on office accommodation normally run for two or three years with an option to renew subject to negotiation of terms. Several months’ rent will usually be required in advance, as will management service charges, including the cost of central air conditioning, building maintenance and cleaning, and security. Other overheads will include government rates, at an average five per cent of thepremises’ rental value, power and water utilities. If you use an estate agent to find office accommodation for you, you can normally expect to pay a fee equivalent to one month’s rental value of the premises