Requirements and advantages for Hong Kong startups
We should not neglect small things because we want to do something big. In people’s life, a career is the most attractive and inspiring enthusiasm.
As a free trade, international finance, and gradual trade center, Hong Kong attracts many mainland and foreign companies to do business in this international metropolis every year. It also encourages more and more young people to start businesses here, so why are there so many young people? Are people willing to come here to start a business?
Reasons to start a business in Hong Kong
1. Implementation of Hong Kong Science and Technology Introduced Project
The HKSAR Departments reserves funds to support the development of the city’s innovation and technology, which is a measure to introduce technology talents.
Requirements for the introduction of technology talents:
- (1)Full-time employees employed in this city by the applied technology company or agency;
- (2)Mainly engaged in R & D outstanding talents in biotechnology, artificial intelligence, network security, mechanical technology, data analysis, financial technology or materials science;
- (3)Talents with degrees in science, technology, engineering, and mathematics awarded by specially recognized universities, that is, one hundred universities in the world university rankings. Holders of a master’s or doctorate in a related industry do not need to provide work experience, while those with a bachelor’s degree need to provide one year of experience in related technology jobs;
- (4)Remuneration for related technology talents in the city is about the same (this is also to protect the basic rights and interests of this city’s local technology talents).
Technology talents introduction plan implementation process:
(1)For these related technical talents, the principles of the rapid review and fast processing are adopted;
(2)The relevant degree certificate must be true and valid, and all those who falsify will refuse
(3)The conditions for renewing visas in the city are similar to the visa requirements for talented professionals.
2. Support for Hong Kong policies
(1)The tax rate is lower than the domestic
Hong Kong profits tax rate is relatively low (its profits tax is equivalent to domestic corporate income tax). Starting a business in this metropolis has advantages and it is easier to attract mainland companies to invest in this city and start companies.
(2). The city exempts most goods from customs, fast customs inspection
The city adopts a duty-free system for most goods, but tariffs are required for alcohol, tobacco, hydrocarbon oils, and methanol. The customs clearance is fast, the review time is short, and the random review is fast. Reduced time costs for these companies.
Conditions for starting a company in Hong Kong
- (1). Company name: The industry that needs to provide the company name is clear, and the Chinese and English names of the company also have certain requirements;
- (2). Corporate legal person (director or shareholder) ID: corporate identity (director or shareholder) identification;
- (3). The company’s registered capital: lower capital does not require verification qualifications, it can increase capital, but it will generate a certain stamp tax;
- (4). Business scope: Generally, the default is international trade, or you can write the scope of the industry in which your company mainly operates;
The above are just the basic factors for setting up a company in this city. The number of companies in the Pearl of the Orient has gradually increased. The main business scope of the companies that set up companies is financial technology, e-commerce, supply chain management and logistics technology, professional consulting services, information technology services, etc.
It can be said that the main business direction of non-local enterprises established in the city is the direction of financial technology, logistics and commerce, transportation industry, and service industry, which precisely shows that this metropolis is very welcome for talents and enterprises in these types of industries.
In recent years, the preferential conditions for the introduction of talents in Hong Kong have been relaxed, and the implementation of the Science and Technology Program will gradually make this city the center of international financial trade, free trade, and shipping trade.
So what are the advantages of startups in Hong Kong?
(1). Cost of capital
The city’s administration has a lot of preferential conditions for newly established companies. In terms of tariffs and profits tax, its convenient policies have at least reduced the company’s capital investment.
(2). Review time of founding company
The time for the establishment of this city’s company to be reviewed is faster than that in China, which reduces the legal time for the company to be established and facilitates the attraction of mainland entrepreneurs to the city.
(3). Easy procedures for starting a company
To set up a company in this international metropolis, you only need to provide the resident address of the legal person, the corporate legal person’s identity document, and the registered capital have decreased a lot compared with those in China, which has increased and attracted more and more young people to start businesses in the city.
(4). Adopt the strategy of introducing talents to some industries
For the technical talents engaged in the research and development of biotechnology, artificial intelligence, network security, mechanical technology, data analysis, financial technology or materials science, increase support and reward policies for talents in these industries, and strengthen the talents in the above industries. The degree of attraction has increased the establishment of companies in this industry.
The Chinese official department has adopted a non-intervention free trade policy with the HKSAR relevant department for a certain period and has not intervened in the management right of the SAR official administration. For most companies in this city, especially those in industries such as biotechnology, artificial intelligence, and cybersecurity technology, an excellent policy is a strategy for talent introduction.
Conclusion
Its convenient international conditions developed shipping trade, and the colorful development of the financial trade industry has stimulated the competitiveness of local and non-Hong Kong domestic companies and foreign companies in the city. This healthy competitiveness has stimulated the “Pearl of the Orient” Economic development.
Policy support, healthy competition in all walks of life, talent introduction for local and non-Hong Kong companies, implementation of talent and talent programs for relevant talents in this metropolis’ industries, strengthening its economic and trade development, and deepening the city links with other parts of the world, attracting trade between many countries and regions around the world and the Pearl of the Orient, further promoting economic globalization and the development of the “Belt and Road” policy implemented by the Chinese official administration.
