Originally posted on http://www.wynd.hk/
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.
Creative leaders are like prized possessions for their organizations. They are commonly known as innovative leaders or innovators who are the masterminds or creative thinkers of leading industries. Who are these leaders? What kind of attributes, attitudes, skills, and qualities do these personalities possess? What drives them to be innovative within an organization? Creative leaders not only think out of the box but envision a path that leads their followers to take big, bold steps to turn an innovative idea into stark reality. It is a famous quote that the creative genius comparatively holds less significance in an innovative leader’s success than the ability to form an insight around an idea or set of ideas. So before we go on a hunt to find out the topmost creative leaders of recent times, let’s first discuss what distinctive behaviors set this group apart: They
The word scrappy might sound like it is a hard and negative word but in a real sense, “scrappy” associates with companies or organizations which have been just launched and have been growing very quickly. On the other hand, the word, “startup” can be defined as the enthusiasm enjoyed by a company due to its successful fight and struggle. If a company is started to solve a problem with the implementation of the right strategies, there are high chances that it will be successful. If could be turned from a scrappy startup to a great company rather soon. There are a few ways to grow fast from a scrappy startup to a great company.
Solve a Problem with Your Startup
Your startup needs to solve a problem. Let it be an efficiency problem in an industry or climate change. Your company has a better chance to thrive if there is a real market for the product or service you are making.
Make sure the market likes the way you are trying to solve the problem so your company could be growing. You could always do a quick customer survey or an easier way to test it would be your website retention rate or your subscription rate.
Design efficient but relevant strategies
As a scrappy startup, you don't have the resources big companies have to push out a product and push for a product launch only to watch it fail. Make sure you design a strategy on how to enter a market before you launch. If a design fails, you can always rip up the piece of paper. It is a lot cheaper than having a failed product.
Encourage teamwork tradition
Starting a company the scrappy way needs a culture where teamwork is the basis of things. As there is a limited amount of resources in a scrappy startup, you need to make sure your team is not filled with divas. Make sure your team is willing to get down as there could be a problem with cashflow in a startup. Working as a team ensures that all the strategies are put into tasks and that every bit of the startup works harmoniously to meet a particular goal. Same Team, Same Dream. A scrappy startup simply can't afford otherwise.
Proper and efficient leadership
Leadership makes a good team a dream team. Leadership is very important as an effective leader would strategize, eliminate problems, guide the team in the right direction toward a goal within a set timeline, pivot when necessary, and charismatic. A scrappy startup highly depends on proper leadership.
Every entrepreneur should want to start a scrappy startup in his/ her lifetime. Leading a scrappy startup could be such an accomplishment especially when it becomes a successful company with the start of zero. It is important to value and cherish whatever little you have. It is important for you to remember that everything starts small and in order to succeed as a scrappy startup, you need to be enthusiastic and keen to detail even if you may not like the humble beginning.
The golden year is also known as the bonus years and these are that comes after your retirement. As soon as people reach the age of 65, some may become confused as to whether to start a business or just rest forever. Well, maybe it is called the golden year for a reason. It could be a golden opportunity for you to start a business.
Considering that your golden years are here, you now need to seize the opportunity and start your own business. You might think that you are too old for it since you are already retiring from your regular job but that is the perfect timing to start another life. Especially if you did not have had an opportunity to do things that you love during your sunshine years.
Here are a few reasons why:
Life span is longer than ever
The retirement age of 65 is not an accurate age to retire as the human life span is now longer than ever. Some people might not die until 100. What are you going to do for the rest of the free time if you don't start a passion project?
Starting a business is a source of satisfaction
Starting a business of your own during your golden years and especially after your retirement is very crucial as it is the basis in which you can accrue a certain level of satisfaction. It is very crucial therefore to start a business to get satisfied.
It is a source of implementing your hobbies and earning from it
Did you know that you can convert your hobbies into a business? Yes, that is very possible. For example, you might have been a huge fan of soccer and other games and as soon as you retire and enter your golden years, that will give you an opportunity where you can create things related to your hobby.
Business during the golden years is a source of extra income
Pensions are now a thing of the past. What is going to happen to your bank account when you retire? You might need to spend those golden years running a business that you started with the aim of earning something extra. Life is expensive during golden years and this calls for the need to have a business that will be a source of income crucial for supplementing your retirement funds.
Starting a business is not only limited to young people. No matter what age you are, you could always start a business. What are you starting in your golden year?
The ideal dream team is the one that works together and promotes positivity to create a learning and growing environment that can help in flourishing the company and its profitability. While the research always for such employees who can work in a team and lead it to prosperity however sometimes you might even encounter a toxic employee who basically drains the employee happiness and productivity and hinders the profitability of the company as well. No HR manager ever wants to hire a toxic employee as it is said: “One bad berry can spoil the whole basket.”
Effects Of Toxic Employees On The Organization:
A toxic employee can damage the company daily as well as in the long term. The research has shown that 56% of employees tend to leave a job because of a toxic co-worker. The toxic employee can blame the other workers for the failures of his own, bullies other workers around, or creates drama where other teammates feel annoyed and humiliated. These things make the working conditions hard for the other employees and they tend to leave the job to find a much peaceful one.
Identifying Toxic Employees:
So now, the question arises: How can one identify a toxic employee? Mostly in organizations, the toxic employees are pretty much visible if there is any. However, some of them are too clever and know how to keep themselves low key or their manipulative nature leads people to believe that it was others' fault. The basic traits of toxic employees are that they are defensive and aggressive with other workers, they do not take responsibility for their faults, and they tend to resist growth or change. You can even find them bullying and gossiping about others. No matter what they do in the organization, the result is that they damage the efficiency and morale of others on the team as well.
Dealing With Toxic People:
It is easier said than done that toxic employees should be weeded out during the hiring process especially when the core team is being built. However, some toxic people make the hire because of their resumes. They sell themselves well on a piece of paper and they are even better during the interview process as sometimes the toxic people are charismatic. However, their toxic personality often shows up after they are given responsibilities, left with coworkers or given challenges. Although, still the best way to counter such toxic employees during the hiring process so it needs to be aligned accordingly.
The interviewers should be sharp enough to ask questions which can show how civil the candidate is and what can be achieved by asking them how they will resolve conflict instead of asking them how they will handle the difference in opinion with other teammates. Make sure that during the interview you have investigated the candidate about their previous experiences at other companies and how they handled different conditions and personalities there.
It doesn't matter what kind of organization you are running, from nonprofit to startups. It is quite important for you to not allow toxic teammates to enter from the start as it can create a blockage in your growth and productivity. The best way to tackle it is during the hiring process to prevent negativity. If it still surfaces, then take action upon it as soon as you get to know. Once the employee is in your organization, you need to provide honest feedback. Maybe the toxic employee doesn't even know that he is being toxic. However, if the behavior continues, you should figure out a strategy to rid him/her ASAP.
References and Citations
Different types of unique relationships exist between people, family, romantic, business, etc. Some people might not realize, but relationships take a lot of active work, especially the relationship of cofounders. It is a lot more than even a significant other, as cofounders not only need to share the same idea and dream but also need to manage finance and build a team together.
Smart cofounders are sensible enough to give their best and look great when the occasion arises. It is very unwise to reveal the cracks that may exist in their relationship during a pitch. Cofounders make point of fixing their strain to get the best productivity out of themselves.
Numerous reasons could cause sour development in the relationships that exist between cofounders. This could be one of the determining factors that determine if they are staying together or going their separate ways.
Below are some of the ways cofounders' relationships go sour and how to fix these issues:
Here, there has to be some level of compensation and a genuine understanding of your partner’s perspective. It could be the energy level or other commitment issues. It could be health issues or another side project. These differences have to be worked on to continue that positive desired relationship.
However, if you are already into the project for a long time and there still exist some level of differences, you should consider redefining and communicating your mind.
Having a detailed cofounder agreement is also useful to help keep everyone in line. The honesty and openness that exists between cofounders help in bringing out the best versions.
Interestingly, it is not always hinged on history. It depends on how well you think you know your cofounder and your dynamic as well. Irrespective of the time spent previously, there seems to be a correlation between a deeper friendship with your cofounder and the longevity of the relationship. Earmark out time to further bond with your cofounder to develop a deeper bond.
Interestingly, your business going well and the positive profit being made does not necessarily reflect that your relationship is working. Investors always have an eye in spotting any form of strain that might exist between cofounders. This may affect the business in the long run.
Wrapping It Up
Understanding your cofounder’s perspective and effective communication is very vital in preserving cofounder’s relationship. For a longer and more productive business, cofounders have to make it work through various practices in their cofounder relationship.
Mental health is such a taboo topic, especially in the startup world. However, it is one of the most important factors to consider in everything from personal life to business. Due to the immense pressure to reach a goal, most employees of a startup develop mental health issues, especially the founders. The level of stress from the fast-moving pace can affect their mental health.
What Is Mental Health?
The mental health of an individual is the psychological and mental well-being of the concerned individual. It can also be used to categorize the collective condition regarding the psychological and emotional well-being of an organization.
Having a positive mental health condition in and around a startup is one of the best things you can hope for as better mental health can lead to better products and better work. Taking care of mental health should be an active investment as poor mental health has its consequences. Poor mental health conditions often lead to a drop in the creativity and productivity of employees and the startup itself.
Symptoms Of Negative Mental Health In A Startup
Various symptoms manifest in the employees of a startup that must be monitored. Due to the high pressure, mental health can deteriorate quickly.
Often time, these people suffer from some of the highlighted symptoms below
Effect Of Negative Mental Health In A Startup
Venture capitalists who invest in startups are most times just interested in the returns of their investment. They are not interested in the sweat and turmoil went through by the founders and the team in getting the agreed results. Hence, there is immense pressure on the startup team to get the result or face the consequences. But startups are run by humans, not robots, and humans have emotions. It is ok to experience emotions.
Some mental health issues have been linked to the pressure developed through the tough conditions found in startups to reach set targets. Some of the known effects of these negative mental health condition in startups include
Starting up a business can be hard but it is important to pay careful attention to the mental health condition of its employees. A healthy working environment and a wellness program should be in place for companies for productivity.
To Wrap It Up
It is important to monitor the mental health of a startup and its employees. This can be monitored by taking note of symptoms that could be manifesting in its employees. Startups need to keep the mental health condition positive for a more productive environment.
It does not matter if you love it or hate it, the fact remains that, the sharing economy is here to stay.
The 21st century is all about finding creative ways to satisfy the needs of its targeted consumers with all of the resources that are made available. Smart entrepreneurs know that these resources already exist and all they need to do is to connect the owner to the users from cars to houses to a desk at a coworking space. There are sharing economy platforms ready to connect the resources to the users. The owner of the resources might provide better items to share than a boring corporation who just treat you like another customer. In the sharing economy where items are rented from a peer to peer, not only does everything work more efficiently, but customer service is also better as you are treated as a peer.
In other news, the sharing economy is basically about effectively utilizing and sharing available resources instead of creating or obtaining newer resources. All of these are achieved as it makes use of idle assets.
Nevertheless, technology has made known the benefits of the sharing economy and now it is practically disrupting how we do business.
Changes Brought By Sharing Economy
The sharing economy is revolutionizing our business landscape in so many ways than one and even in ways that professionals do not foresee. Some of the changes this sharing economy has brought to our business world include:
All of this gave businesses so much control but decreased efficiency in the long run. Over time, the process of production has grown much more complex and the businesses that had the sole goal of doing everything alone are faced with a crushing cost in money, labor, skill, and of course, time.
Here, the production process will entail a set of unique tasks that will be outsourced to people who are skilled enough to carry out the job. Such a method will assist in reducing costs for the original owner of the business.
For now, these costs are related to maintenance. Owners of idle resources have to invest in the resource's maintenance else the earning power will be crucially reduced.
With the sharing economy, assets that sit idly by are equated to a loss of money. For every second that your assets are not being rented out to someone, potential earning is missed.
The issue of getting funds has been a huge challenge that hustlers, small business owners, and entrepreneurs once faced but with the exciting promises that sharing economy currently holds, anybody can begin a business and start making money.
Wrapping It Up
The world is becoming much more accessible, all thanks to sharing economy and technology. Many professionals have argued that sharing economy is an economy that is consumptive and not productive while some others claim that its use cases are quite limited. However, it is a sign that the sharing economy is a success when corporations start copying the sharing economy's business model. For example, Enterprise Rent-A-Car is now offering rideshare services and there are corporate coworking spaces.
Nonetheless, all these do not stop the fact that the sharing economy is disrupting so many businesses and existing industries in an exciting way.
by Catherine Choy
Tim Ferris is an entrepreneur, author of several knowledgeable books, and often the #1 business podcaster on all of Apple Podcasts. He frequently shares his insight and knowledge through all of his work. Here are five important lessons we can learn from Tim Ferriss:
Self-improvement is much more than achieving goals.
Of course, when one thinks of self-improvement, one thinks of setting goals and accomplishing them. However, Tim claims that it is only 50% of what self-improvement is. The other half is showing gratitude and focus on appreciating what you already have, not completely on future goals. Tim emphasizes the importance of not becoming one of those people who have accomplished and earned so much, yet is still unsatisfied. If you are not happy, what is the point? This means that constantly reminding yourself of what you should be thankful for is just as important as accomplishing future goals.
Use incentives to keep you motivated.
Often, we may lose motivation when working towards a goal that may take a long time. Some examples of these goals may be to write a book, lose 30 pounds, or save enough money to travel the world. The internal fire to accomplish these goals may be there in the beginning but then it starts to decline as time goes on. Tim says he lacks intrinsic motivation which means that he is not naturally motivated. If you find yourself relating to this, this means that you may work harder when there is a reward or punishment involved. If that is the case, Tim recommends that you set strict deadlines for yourself that are impossible to push back. This way, you are more motivated to work closer to your goal to avoid punishment. Another option is to reward yourself if you meet your deadline. In all, using external rewards and incentives is a great way to keep yourself accountable and motivated.
Continue developing your skills and relationships.
This may seem like a no-brainer as to why it should be important in your life. However, Tim relates explains how developing skills and relationships can positively change your perspective on failure. Tim essentially believes, "Failure isn't a failure if you can gain new skills and develop relationships for future advancement." This means the next time you evaluate a time you “failed”, make sure to ask yourself, “Were there any skills and relationships that I have developed and can help me in the future?”. If the answer is yes, then do not consider it a failure.
You do not need to be relevant all the time.
Take a week, month, or even year off for you to do some deep thinking, cleansing, or whatever it is you need to do before returning to the world. Remind yourself that it is perfectly fine to do this. Tim believes you do not need to be everywhere all at once if you are simply just good at what you do. It is important to diversify yourself from everyone else and to take some time for yourself to fully know who you are and what you want.
Your drive will be the thing to set you apart.
Often we relate success to intelligence. However, intelligence is essentially the minimum qualification it takes to become successful. Many people are intelligent but it is the drive and energy that will set you apart from the others. Tim was willing to use all of his energy and effort required to become successful. This effort and energy are what set Tim apart and essentially led him to his success.
Tim Ferriss is ultimately a productivity superstar and ultimately great at not only achieving his goals but also helping others at achieving their goals. His bestselling books include 4-Hour Work Week, Tribe of Mentors: Short Life Advice from the Best in the World, and Tools of Titans: The Tactics, Routines, and Habits of Billionaires, Icons, and World-Class Performers. Also, check out his podcast! You will be inspired.
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!