Advice 1: Make sure you start your new Hong Kong business with a model that will end up having a regular revenue stream. This is essential for the long term survival of the business. At this stage, you should not be thinking yet how and where (in HK or elsewhere in other markets) you are going to sell.
Advice 2: Getting and opening a business bank account is a start for your Hong Kong company to receive cash from your customers. Traditional, it is the local bank account that you will need. In this internet world, customers may pay you through other methods such as PayPal, Stripe, etc. In some countries such as Mainland China, customers get used to pay through WeChat Pay or Alipay. Depending on the nature of your business and how you want to receive payments, you may have to set up a bank account alongside some other online payment mechanism.
Advice 3: Before the bank lets you register with your business, your business has to be legally registered at Hong Kong’s Companies Registry. Company formation is essential. At later stages you company will need a lot more capital for expansion and growth in the Hong Kong local market or other international markets in the world. A formal company incorporation will let external investors who are interested in your business to be able to quickly offer fund to you that are necessary for growth.
Advice 4: Set up your accounting system. When you have a business bank account for your company, you should make use of an accounting program. There are the most sophisticated and expensive system out there. But these days every small business would start with or convert to using one of the cloud based accounting systems. They are much less heavy and inexpensive to use for businesses that haven’t yet become the big corporate. Keep in mind that using an accounting software is a good practice as you don’t want things including your money to go into a mess.
Advice 5: Split the responsibilities among the early co-founders. You cannot do it all alone. The first approach is to split the job responsibilities to all co-founders and business partners. Set up regular meetings to communicate about the progress from each individual person. Each co-founder has his choice to work from the rented HK office or from home. The aim is to get the part of their job done in time.
Advice 6: Rent an office space. The office space can be as few as a 2-3 seats/desks to begin with in a co-working space somewhere in town (in Hong Kong).
Keyword: Company formation