Are you considering Hong Kong business registration? They, like many other startups, will go through the following three stages:
● Form a corporation
● Make (and re-make) a business plan.
● Look for business partners.
Step 1: Establish a business.
Putting your toe in the water of business will expose you to the possibility of both growth and mistakes. As a result, you must balance the possibility of profit and the risk of loss.
It is necessary to set a maximum loss limit. The most basic risk-management tool is the formation of a limited company, after which you develop your business under the name of the company rather than your own.
Hong Kong, like many free economies, provides a legal entity known as a “local private company limited by share” (“limited company” in short) for entrepreneurs to conduct business.
Step 2: Create a business plan.
It’s time to start working on your business plan. The plan is listed under your company’s name rather than your own. If you’ve ever wondered why you started your company in the first place, it’s because a company is a legal structure to scale up for inviting talents — would-be investors and partners — and it gives everyone a good impression of how you do business.
Step 3: Look for business partners
In the context of starting a new business, everyone who can contribute to its growth should be considered a partner. The idea is that your business plan will demonstrate to them that you are serious about doing serious business and that you will get them there.
Here are the type of partners you will come across:
- Bankers: Your business plan is required for an application of business account opening in a Hong Kong bank. The plan should help the bankers, who you will meet in the interview and the managers of who on the above level, to understand your business and quantify the risk level of misusing their account service.
- Skilled workers: You need talents, then you need to show your prospective employees your business is a reality — it is more than an idea because your have set your goals, action plans and additionally their place in your business to achieve these goals together.
- Cooperative companies: As a company in the startup phase, you probably be an unknown player in your market, then you are likely to partner with other companies for mutual benefits and thus accelerate your business growth. Setting up a formal agreement with other business could make all the difference in getting your business off the ground. Then, a business plan to utilize the uniqueness of your business is most welcome.
- Lenders: Investors, including angel investors or venture capitalists, generally require a business plan in order to evaluate your business, and financial projections describe where you plan to go.
