Preparation For A New Tech Startup To Get Off The Ground

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Before a new technology business gets off the ground, most tech entrepreneurs or startup founders may have to reach at least ten distinct milestones. On average, almost 40% of all small businesses were able to launch within the first six months (from the incubation of ideas). There are only about 40% have taken more than a year to launch the product. The top ten milestones for Hong Kong tech entrepreneurs to get off the ground would include the following.

  • Choosing a business name and going through company registry.
  • Developing a customer pipeline for the acquisition of new customers.
  • Getting the required permits/licenses and/or patents.
  • Making sure the product comply with the product-market fit.
  • Actually virtually acquiring the first batch of customers (for using your alpha/beta product).
  • Setting achievable and concrete business goals, per quarter.
  • Purchasing the necessary technologies and systems. including process optimization tools like employee monitoring software (you can click here to learn more about how to implement one).
  • Designing, developing and launching a company website, and showing the products/services on the website.
  • Setting up the social media accounts (including Facebook, etc).
  • Setting up to accept payments from customers, whether it is online on the website, or offline through POS.

But what Is Incorporation? Incorporation (in Hong Kong) usually refers to the legal process that is used to form a corporate entity or a company. A limited company is the resulted entity which legally separates the assets and income of the company from its owners, shareholders, and investors. Not only in Hong Kong, but limited company can be created in almost all countries in the world. Depending on the different countries, limited companies may be identified as Inc. or Limited (or Ltd.). When setting up a new company in Hong Kong, go through the steps below.

  • Decide a name for the company. The name may be a Chinese name, or an English name.
  • Decide and select a legal structure for your business, such as limited company, sole proprietorship, partnership, etc.
  • Decide who the shareholders are and how many shares each get.
  • Go through the company registration with application submission.
  • Provide the identification documents (e.g. HK IDs, or Passports of their respective countries) and proof of address documents.
  • Submit the name of a secretary. The secretary may be a person or an entity, but must have a locally based address. In case it is a person, the secretary must locally reside in Hong Kong.
  • Get a HK registered address.
  • Open a company bank account.

The purpose for opening a bank account is to have your business venture funded by investors. Another reason is to receive payments from customers. When opening a company bank account in HK, the process is usually straightforward. You will need to prepare the required paperwork and documents to show to the bank officer. Most banks in Hong Kong require the registered address of the company as well as the contact information of the company and its business owners. The banks will need the company’s business registration documents/certificates, business plan or audited financial statements, and more.

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