Originally posted on http://www.wynd.hk/all-you-need-to-know-before-starting-up-in-hong-kong/
Considering one of the best cities for building your own business, the number of registered local companies in Hong Kong has approached 1.4 million in early 2018 while around 43,000 newly registered companies are added to the list during the period of 2016 and 2017. The statistics are stunning, and it has proved the attractiveness of Hong Kong’s business environment. Further to the government resource, nearly 160,000 local companies have been registered in 2017 and the result matches the third position held by Hong Kong in the World Bank’s report on “starting a business” internationally.
Isn’t it exciting to start a new business in Hong Kong? If you have a fantastic idea wanted to start with, don’t wait until the last moment, come to know more about how to start your own business in the most competitive city in the world.
Company Name and Type
Well begun is half done. A good business always starts with a great name which is better to be precise and easy to be familiar with. You should be careful with the duplication issue and you have to check through the Companies Registry’s Cyber Search Centre or the Company Search Mobile Service to ensure the legality of your chosen name. You should also make your consideration according to the guideline from the official.
Besides, depending on your needs and requirements, you need to consider the business entities of your company. In general, there are several types of entities available in Hong Kong, including limited company (public or private), sole proprietorships or partnerships. You may select the most suitable type for your start-up after clear understanding and careful consideration. Our team (WYND Co-working Space) is always ready to help with if there are uncertainties or confusion with the registration process.
Company & Business RegistrationThe application of a company in Hong Kong has been simplified throughout the years. The following required documents can be hand in via, the online E-Registry, “CR e-Filling” mobile application in App Store or Google Play Store, or in-person to the Shroff on the 14th floor of the Queensway Government Offices :
** Details of the business registration fee can be referred to this link for further information.
Further up-to-date information for both registration processes can be found in Company Registration as well as Inland Revenue Department or you may hold a meeting with WYND team, we are eager to help and explain all you are not clear with.
After Successful Registration
With well-prepared planning, the online and mobile application for company and business registration can be completed within around an hour. Once the request is approved, the certificate can be downloaded and printed accordingly from the email received from officials.
With the hard copy application, the process of evaluation will take 3-5 working days. Moreover, the corresponding certificates will be issued or faxed out within 4 working days. If you are WYND‘s member using our address for business registration, our team can help to collect and display the certificate to avoid any delay or legal issues.
Rules and RegulationsConcerning some special business forms sat, specific permits or licenses may be required for your company, more details can be found in import and export operations or other business operations.
For start-up operators, you must be familiar with the taxation system and labor legislation in Hong Kong in order to make sure that your business is legally running with proper management with rules and regulations specified by the Hong Kong SAR Government.
Although setting up a new business in Hong Kong is relatively easy compared with other cities in the world, there are still basic responsibilities and duties needed to be understood and followed, for instance, Intellectual Property, Code of Practice on Employment or MPF system, you can find out more detailed information on GovHK. Moreover, as a start-up founder, you can also easily have the administrative assistant in a co-working space, like WYND to have professional consultation services for any problems with a start-up business.
Hong Kong as the Pearl of the Orient has its own attractiveness for start-up entrepreneurs who wish to become the most outstanding one. After your completion of the registration process, you have now become a newcomer to the Hong Kong market, yet you still have a lot of challenges needed to be faced and solved respectively.
About the Author:
WYND Co-working Space is located in Central district, in Lan Kwai Fong and near SOHO. The vicinity is the most diverse and vibrant neighborhood in the prime core of Hong Kong. It is the stronghold of international corporations and distinguished local businesses. A place where top talents worldwide gather to live their dreams in career and leisure. Wynd is a platform to synergize the talents and opportunities offered by the city for entrepreneurs, innovators, and pioneers alike.
Being the leader of a company that has so many potentials of growing and doing your best to stay in the path of this growth, you get to face some kinds of anxieties that hang under the surface of your daily tasks
You probably are already treading the water regularly and you do not have the mental energy to deal with another thing, but one thing you need to consider is where do you want your company to work from? After all, unless you already have robots running your company, your company is built by humans, but even West World robots need a place to be based out of, so maybe your team of robots and humans need an office. However, having an office lease is a big commitment.
Bear in mind that, any bad office lease decision will waste no time in killing the dreams you have of your startup before killing the startup in real-time.
Although, when you need the space, it seemed like a wonderful idea it is likely not beneficial to your company over time.
Tips To Avoiding Office Lease Issues
In a bid to avoid all of these office lease issues, there are tips to take along with you for you to keep your startup dream alive. These tips include:
Always have an idea of what your next move will be even though it will happen either in some years to come or even months. Especially in San Francisco where permits process takes an unusually long amount of time. Plan plan plan!
The fact is that a good broker will work with you in a bid to be aware of your priorities when seeking out an office space and also understand your business plus its space needs.
Moreover, the ideal broker will have an idea of the buildings available in your area and have a good relationship with some of the owners plus an insight into the exact time that space will be vacant.
All of this will make things easier and less of a hassle for your business at the main time.
Too much space or even a space that is little can turn out to be a killer mistake. This happens most especially when you have not negotiated the ideal terms on the office space lease.
Also, you should embark on learning about what is known as a target amount of people to hire and try applying it to your educated guess.
This is because you could land on the hook for thousands of dollars worth of repairs or maintenance should anything go wrong in the space you occupy. A good broker will help you avoid such trap terms as well.
To Wrap It Up
As mentioned earlier, an office lease can contribute to killing your startup before you even think of making necessary expansions. The amount of liability is huge with a traditional office space. A useful tip to consider is to consider some of the shortest lease terms deals possible. Or you can try coworking! Whether if you are a solo founder who just needs a desk or a small startup seeking a private office, or a corporation needing a satellite space, we might just be the perfect choice for you.
Choosing Treehouse Society means that you can save time thinking about office space for your team and focus on what you do best. Take a tour today!
Sometimes the difference between a good coworking space and a great coworking space is all about the community and relationship. This is essential for fostering a good working environment for everybody.
Knowing fully well that these different sets of individuals who work for different organizations are in the same space as you require some extra effort to bond. So, how do you make your stay in that coworking space work? Highlighted below are five ways through which you can bond with your remote coworkers as a remote worker:
Communication between you and the other members fosters for improvement in the level of privacy required for your respective jobs. You can easily work up to your fellow members to discuss issues that could be affecting you from their actions if the avenue for communication has been created.
You must attend these coworking space activities to create and maintain the bond between your remote coworkers. These activities which could include exercises, extended invitation to their organization programs, mental health activities, and so on may also be useful to you.
This method of increasing the bond level that exists between you and your other remote coworkers might develop into an unexpected friendship. Your meeting could be at the activities organized by your coworking space or at an invited company retreat.
Through conversing, you might discover others who share your passion or have similar interests as you do. It is a good medium to network and improves your field of knowledge. Through this medium of bonding, there could be a collective structuring for a better corporation in the coworking space.
A coworking space can be the best place for you to work in if you like a community. You should try some of the points highlighted here to help you improve the bond that exists between you and the other members. Our kitchen in Treehouse Society is always a perfect place where our members enjoy coffee or lunch together and share updates of their creative journey.
It is important to arrive at your destination as quickly and as safely as possible. Thankfully, we have navigation systems that you can easily download on your iPhone and have on you at all times. It is also very crucial that the map apps you are accurate and have features that will make your journey easier. Here are a few of the best map apps you should consider using:
If you have ever shopped for a coworking space, you would notice that it is not a perfect competition type of market, and not all coworking spaces are made equal. In San Francisco alone, there is a wide range of what coworking spaces offer. The environment, vibe, and price are all very different. The owners of a coworking space could range from just a yogi to a small business owner to a corporation.
Coworking Spaces vs Large Corporate Spaces
Coworking originated in San Francisco by Brad Neuberg with the idea of combining the freelancing with a structure of a community of office space for freelancers to feel as if they belong somewhere. A coworking space is an environment that allows a different set of people to work on their desired project at an independent level. Since then coworking spaces have sprouted everywhere, not only in the Bay Area but also internationally. Smaller and independent business owners were first onto the idea of gathering other freelancers. And if you think about it, freelancers have a lot in common with small business owners. First of all, they all work independently and they don't belong to a large company who gives them directions on their work.
Once this movement gained tractions, larger corporations joined in. Corporate coworking spaces started sprouting everywhere. Large corporate spaces are normally larger and specially designed to accommodate larger companies. In truth, a large corporate space is the enterprise version of the smaller coworking space environment.
They both usually offer private offices for companies and the main area for independent workers.
Which Choice Is Best For You?
There are numerous points essential for consideration when picking out your preferred coworking space. But you should pick one that fits your vibe, energy, and budget. As relative as choices can be, here are some of the important points to consider while choosing between coworking spaces.
Picking a smaller coworking space could provide an environment with fewer people and less noise.
If you are in any type of environment that requires you to put in the work, you might need to consider going for the smaller coworking space for this advantage.
In a smaller space, it is easier to manage this with the fewer set of people in the same coworking space. People who opt to use smaller coworking spaces are also normally a set of more down to earth people.
It is very important to pick the coworking space that will facilitate your productivity and provide you with a comfortable environment to work in. If budget isn't a constraint, of course, you should sign an office lease to work in your workspace. However, you could always do cooler things with your money than renting an office space.
Come check out why Treehouse Society could be a great choice for your team's productivity, budget, and space needs.
With the use of social media and fast-paced marketing, there are so many expectations for us in the world right now in whatever screen we are staring at. It's human nature that we do not want to accept who we are, what are our flaws and lacking, and what negativities that we adapted in our nature. We do not want to come out from our nutshell to think positive and accept who we are from inside. Sometimes, when expectations and realities don't exactly align, it can cause a lot of frustration and anger to build up. That could cause us to react aggressively and become outrageous if even a little thing goes against our nature. If we are unaware of our emotions and mental state, we can become disconnected from our emotions and the cause of the anger. Then, we will be unable to understand the real reason behind the situation. Here are some tips to overcome these frustration points:
Accept Who We Are
That is why it is important to bring in patience and peace in us. One way to do it is to stop being so connected all the time. Take a deep breath and recollect on our surroundings. Take notes of your surroundings and notice what you like or dislike. If you dislike and are irritated, just nod and continue breathing. We need to accept who we are and our current state. We need to move on. We need to continue moving on with what we are to become more productive. We do not need to prove ourselves to others. Tell them openly who we are and make them accept us.
How do we stop getting angry on our self and move on
It is important that you quickly ask yourself a question whenever you feel angry. Ask yourself right away that is it necessary and something really serious to get angry at? This is because we do get angry with ourselves within seconds even if there is a slight mistake or we did something disadvantageous to us. We curse ourselves and get demotivated. That is a lot of energy wasted. We do not think proactively so that we quickly fix what we did wrong. It is for our health and peace that we bring positivity in our self. We try to help our self through patience. We need to move on by not wasting more time and energy on thinking and cursing our self.
Leave anger and get productive:
Anger stops us from moving on and to do something productive in life. It brings negativity in our thoughts and nature. Anger is like a poison in our life. It does not let us achieve what we dream of. Getting angry on our self makes us more frustrated and we tend to leave things like that. This is the worst part. We are not able to continue with our productivity and get success in life. It is better and beneficial to leave anger and take a positive move. We need to think patiently about the consequences that how negative they are.
Act patiently and think wisely:
Sit in solitude. This will make you think before any action or move you plan on to take. This will bring peace in your soul and reduce your anger. It will bring patience in you and will encourage you to think wisely. Unlike anger, it will halt every positive thought entering your mind. You can never become successful if you let anger defeat your thoughts. That is why, stop being angry with yourself, accept your current state so you can move on and get productive.
After you have accepted the state of the happenings, you will notice that you are 5x more productive than ever! Bring that new energy here and cowork here with us!
The old stories of success in America from the 80s always involve a garage somewhere. The garage seems to be the American innovative culture from garage bands to Apple. However, given the current housing crisis, would it affect American innovation? Or is the genuine American garage innovation taken somewhere else?
Coworking could be the answer given the lack of garages in an urban setting. Coworking fits the budget and allows you to have an extra space where you can meet with others, connect, and innovate. It can simply be described as a new way of working and sharing. As many believe it is not just the sharing of cost and infrastructure where different people work. This is bigger, this is about a community, accessibility and even sustainability.
Coworking spaces are usually designed in such a way to provide a productive and collaborative environment for their energetic occupants. The best thing about coworking spaces, especially the small ones, is that these are created free from corporate constraints of the perception of an office. Most of the smaller coworking spaces flexible memberships that will fulfill the most needs of the occupants.
One of the reasons much work is done in the office is due to the environment. Going to a dedicated workspace creates an energy and mindset of “hard work” that can only come from the interaction with other colleagues. The fact remains that people who go to a workspace are more motivated to work and get the job done. Similarly, in coworking spaces, every person is busy and passionate about his/her own work and working on different projects. The work buzz is highly contagious and will definitely be a reason to motivate you to make your business a success.
In a way, coworking space might even be better than a garage space as you get to interact with others. Others' ideas might help you innovate and create a better product. The life of an entrepreneur can get lonely and sometimes, you are too dependent on your initial idea and opinions without seeking others' council and it could be a fatal mistake. On top of that, isolating oneself, even for work, can harmful to mental health and wellbeing. Interacting and communicating with other people is an important aspect of the work environment. Even if you are working on completely different projects, having a companion to share a day with is a good way to be mentally fit and keep your eyes on the goal. Coworking with similar minded people will leave you feeling joyous, social and even energized.
Coworking space will have you being in a room with someone with a completely different set of skills and talents. This can be a great source of ideas for you and your project. Getting a fresh perspective from a person with a very different set of skills can aid you to reach your goal sooner. This will even train your brain to view problems and hurdles from a different point of view. This could help a lot with creativity.
Apple was founded in a garage space in the 70s. Had the time been changed and if Steve Jobs was facing a housing crisis, he might have founded it in a coworking space. In fact, his cofounder, Steve Wozniak looks like someone who could be hanging out at a coworking space.
Instagram is one of the most popular apps in the world. Almost everyone knows about it and almost everyone knows it. People use Instagram for their own business startups. The lesser-known fact is that Instagram is a product of just eight weeks of work in a coworking space in San Francisco by Mike Krieger and Kevin Systrom. It is the most popular image-sharing app there is.
Coworking space could be better than a garage space as many coworking spaces offer free coffee, brightly lit space, and super-fast internet. Also, it allows you to connect with other creative people. Check it out for a week and let us know what you think!
Running a business in today’s world is risky and one must always be ready for some kickback. Especially with the volatility of the market every day. With the volatility comes rumors, and the latest rumor is that the recession is coming. The best time to prepare for a recession is when the business is still running. You will have the chance to make your choices playing offense instead of reacting to circumstances playing defense to make sure that your business survives.
Because the recessions are unpredictable and can occur anytime without any prior notice, you will be learning the tips & tricks to get your business ready for recession. Currently, the yield curve is looking bearish, as in a bear market is coming. But judging from the current world situation, anything could happen.
One of the very first signs of a recession is that invoice payments of the companies become slower and start demanding earlier payment from their clients. The flow of cash is disturbed and without that, the survival of the company during a recession is not possible.
The idea of cash flow and cash reserves are two different things so make sure not to confuse those two. Of course, a business can be profitable even when the cash flow is not good and you do not have any cash reserves, but you do not want to do that when the economy is not going great.
If you want your business to build a cash reserve, then the idea is simple but acting upon it is not that easy. Make sure to store enough money in your bank account for the times of recession. The longer period your cash reserve covers, the better. It depends upon your business how much you can cut and put aside. Coworking can definitely help you save money so you can put more aside.
One disadvantage of putting money in a bank account is that the money just sits there without giving you any profit since you are not reinvesting that money. The money sitting there without being invested can hinder the growth of the company.
Payment and Invoice Management:
As mentioned earlier, during the recession your clients will take longer to pay and some may never pay because they went bankrupt. The times of recession are really hard and can impact your business even if you are stable. The best you can do is manage your invoice and collection more carefully.
Most of the clients may want an extension of terms, make sure that you check the credits of the client before you offer them a term. If they have been paying their other vendors on time then they might be worth giving an extension.
In the end, if you do not have any means to know the track the invoices then implement a system to do so so that you can collect the overdue invoices.
Another reason for having a good invoice and tracking system is that you will get to know when the clients will change their methods of payments. The change in habits of payments can be used as a measurement for the indication of recession. If the clients have not been paying immediately then it means they are getting ready for downtimes.
The mistake most of the business owners make is that they do not give any attention to the new costs, probably because the business is good and the cash is flowing smoothly. When not given any attention, new costs can pile up and cause a problem. The worst-case scenario is that this pile of costs can pose a threat during a recession and maybe too late to go back. This is the reason you must not spend the money on something unnecessary. You can spend the money on things that can improve the business but be fair with the cash.
Keep track of the financial statements of a company is crucial and it is a good practice to be followed by good company owners, does not matter if the times are good or bad.
Keep the reports and accounts updated while reviewing them regularly so that there is not anything missing from the picture.
If you want to prepare your business for a recession that you will have to expand your client base. A wise man once said not to put all your eggs in one basket. Most of the businessmen make the mistake of keeping only a few clients and only concentrating on them. This can cause problems for you in the future if you do not diversify your client base because with the few clients that you have if they start to leave then you can go out of business. This happens very often when the recession hits.
To make sure that you survive, diversify your client base to fix the situation. If the cash reserve is more important, diversifying the client base can become the second priority. During peaceful times, if you diversify your client base then you can have the chance to try different techniques and strategies to get a better hold of the business. Diversifying your client base can make the recession times easier for you and increase the survival chances of your business.
Similar to the diversification of the clients, diversify the means through which you acquire your clientage. Do not depend on a single channel through which you get your channels, it can pose a threat to your business if that single mean of getting clients ceases to exist. Diversification of your channel for getting clients shall be on your list of priorities. If you prepare when the times are good then you will not have to worry much when the recession hits.
Come to Treehouse Society to cowork and ensure to meet others so you can diversify your client base and get creative on how to tackle your upcoming project!
Traveling – even though it can be a little exhausting and tiring but trust me, it is worth it. The way a journey impacts your life changes your perspective and transforms you as a human being is completely commendable. Thus, taking some time off of work, venturing and exploring, and making memories can alter one’s perspective quite a lot.
All the excitement, enjoyment, and eagerness to discover different places makes traveling a vital part of personality development.
But, most of the people often neglect traveling because of the workload. If you are one of those people as well then trust me you have to make a tough decision. Either choose to work day and night without taking a day off or take a vacation from work and plan a fun, thrilling and exciting journey. Once you are back you’ll see yourself more motivated, excited, and dedicated towards work. Honestly, adventuring and traveling are recommended by psychologists as well.
After this brief discussion most of us are probably thinking; “how can traveling change one’s perspective in life?” Well, if you are eager to find out as well, then keep on reading as you’ll find tons of interesting facts down there.
It’ll broaden your outlook in life:
Nothing impacts you more than observing how other people live. How they manage their life? What are their struggles? How is your life different from them? The answers to all these questions lie in an exploratory and learnable trip where you find out more about different aspects of life. Thus, a trip, no matter it is short or long, can help you grow as a person and broaden your perspective.
You begin to value experience:
One thing most of the people often realize during a journey is valuing experience over materialistic things. And trust me, no matter how much struggle you go through in daily life, you’ll hardly ever learn to value experience more than things. But once you’re out there you’ll begin understanding the value of experience.
Live in the moment:
Traveling teaches us to live in the moment. Rather than emphasizing and stressing over the mistakes made in the past and worrying about the future, it’s better to opt for making our present better. And this can be done through traveling. Traveling guides us to appreciate life, be grateful and enjoy every bit of happiness we have.
Accept different ways of life:
Life is a roll-coaster ride. It comes with its ups and downs. If you are one of those people who stress over little things and become anxious on the tiniest changes in life as well, then trust me, you need to schedule a journey and experience the different ways of life. Get to know the different people, cultures, beliefs, and traditions. You’ll see the apparent and positive changes and results in yourself soon after you come back.
Therefore, from the above discussion, we can say that traveling changes your life to a great extent after all. So, the next time you need some diversity and versatility in life, get yourself ready and go out on a trip. You’ll feel the change yourself.
Join other productive travelers at Treehouse Society and schedule a tour today!
There is no specific formula, be it secret or otherwise, that explains in detailed terms what it takes actually to be successful. However, there are lots of signs and even indicators that point to some typical factors.
So many people can predict if a startup will flourish or not. Nevertheless, we will be looking at some factors that will help determine this.
Some of the factors include:
Personal Finance Background of the Founder
Some people say that if you are incapable of leading your family on a responsible path, then why should you think you can lead those that are outside your circle of influence.
This notion has been taken to finances as well if you are not able to manage your finances, who can testify that you will do a fine job in managing a whole business.
If you have shown yourself as a good steward of money, it means you have a sound monetary head on your shoulder. Should you be struggling with poor credit, you will need to get a grip of yourself and solve it.
As a startup, you may need to put in your personal finance from time to time, and this is why you will need a good finance background before assuming the position of a founder.
A very huge prediction of startup success depends on the diverse team. Many people come across the word diversity and suddenly think about race, gender, and religion, but age is a factor as well.
In a bid to give your startup the best opportunity of being successful, then you will have to try your best to account for age diversity as well. Studies have shown that female-founded startups outperform those that are completely male.
However, as for the age, conventional wisdom suggests that experience is better, but the startups with older founders of about forty years upwards do not always perform better.
The business model is always in a finished alignment with the market trend that is current, and it plays a much more definitive role in building growth platforms that can align with the vision of the company.
With a very good business plan, the entrepreneur can map the future of the company, along with the sources needed to achieve all of its goals.
The process of identifying the business model for your startup is among the first responsibilities that you will be faced head-on with. However, note that these investors are more attracted to the type of business models that align with the needs of the current market as well as the trends.
To Sum It Up
To run your startup successfully, you should avoid running out of cash flow. If you can do this then you have a much better opportunity to be successful. Try ditching the mindset that says debt is good and embrace the mentality that positive cash flow is very healthy.
Start saving today by coworking at Treehouse Society! Coworking is not only a good way to save money, but also a great way to save the environment.