3 ms·

I love the response. See, I don't care about "keeping up appearances" or anyone thinking that I'm "a nobody"-- in hong kong. I'm not going to be trying to per

by lzw 16y ago

I love the response. See, I don't care about "keeping up appearances" or anyone thinking that I'm "a nobody"-- in hong kong. I'm not going to be trying to persuade anyone in hong kong of anything, other than technical points at meetups, maybe. But $6k to have a business and bank account and be set up, and it sounds like you can do it in a day, that is valuable. That is damn good compared to many parts of the world, especially if speed is important.

chpapa 16y ago
I'm a native in Hong Kong and have been doing my first startup (PandaForm) here, hope these information are helpful: 1. It is true that you can have only HKD 5k (~USD 650) to start a business up here. Something like HKD 5k (~ USD 650) to hire someone to help you do the company / business registration so you don't have to worry about. Every year you need to pay a small fee for the registration again and pay another HKD 5k for an certified accountant to do your audit report. That's all. 2. Frankly the government is not very "pro-technology" but there are still different programs from funding (such as SERAP) to cheap and nice office (Cyberport and Science Park). Plus you enjoy a nice but very cheap Internet and wireless network here in HK. 3. Lack of funding is probably the biggest problem for startups in Hong Kong, but since you've mentioned it is not that important… Otherwise a lot of local startup moved to ShenZhen or Guangzhou solely for better funding opportunities. 4. Startup Culture is becoming better here. Just take a look at Startups Saturday 2010 (a event for startups this Sat.) here: http://startupshk.com/sus2010/ http://startupshk.com/sus2010/ There are about 4 - 5 different technology user-groups / web events every months.. 5. Other factual information to share: 5.1. HKD have a linked exchange rate with USD for HKD7.75 - 7.85 : $1 5.2. Rent is about HKD 10k - 16k per month for a reasonable nice office for 5 man team. 5.3. Young programmer salary are about HKD15k - 20k per month
quant18 16y ago
The problem in Hong Kong is that business setup is not equivalent to residency permission. The Companies Registry will let you fill out your lawyer's office or even your friend's uncle's plumber's address on your business registration certificate. The Immigration Department, on the other hand, will not just automatically give you a visa to come live here and run your business. They are not mysterious and arbitrary like in the U.S. --- but they are quite strict when it comes to new businesses. They want you to have a nice office, local employees, long years of work experience, brand-name degrees, and a formal business plan with revenue projections. See this link for a lot more details: http://www.emigra.com.hk/hongkong/page76.php http://www.emigra.com.hk/hongkong/page76.php On the other hand, if you can qualify for the Quality Migrant Admission Scheme, you have a year before you need to show them any of the above. But they only let in one batch a year, I think in June. http://www.immd.gov.hk/ehtml/QMAS.htm http://www.immd.gov.hk/ehtml/QMAS.htm http://en.wikipedia.org/wiki/Quality_Migrant_Admission_Scheme http://en.wikipedia.org/wiki/Quality_Migrant_Admission_Schem... As for the business climate: if you have a physical product, HK is still the world's greatest gateway to China. If you're developing webapps, the broadband is good here and there's enough coders floating around. Once you're profitable, the immigration department suddenly becomes much nicer to you and will let you sponsor whatever staff you need. Taxes are low and simple (BUT, if you're a US citizen, they're not, because the IRS treats any American who owns a company overseas as a tax evader and demands insane documentation. You will have to understand at minimum the IRS forms 5471 and 8832, or more likely hire a lawyer to understand it for you). And, a final warning: if you're trying to do anything pertaining to real estate or telecoms (AirBnB, Renthop, etc.), bring a pair of brass balls and a copy of Alice Poon's "Land and the ruling class in Hong Kong", because you're up against monopolists who own the government and all the infrastructure and will use them to crush you: http://news.ycombinator.com/item?id=1493290 http://news.ycombinator.com/item?id=1493290
- gizmomagico 16y ago
  If they'll let you start a business just like that, but won't let you live there, can you just run your business abroad, over the Internet then? That's what I'd like to do anyway.

by lzw 16y ago

chpapa 16y ago

I'm a native in Hong Kong and have been doing my first startup (PandaForm) here, hope these information are helpful: 1. It is true that you can have only HKD 5k (~USD 650) to start a business up here. Something like HKD 5k (~ USD 650) to hire someone to help you do the company / business registration so you don't have to worry about. Every year you need to pay a small fee for the registration again and pay another HKD 5k for an certified accountant to do your audit report. That's all. 2. Frankly the government is not very "pro-technology" but there are still different programs from funding (such as SERAP) to cheap and nice office (Cyberport and Science Park). Plus you enjoy a nice but very cheap Internet and wireless network here in HK. 3. Lack of funding is probably the biggest problem for startups in Hong Kong, but since you've mentioned it is not that important… Otherwise a lot of local startup moved to ShenZhen or Guangzhou solely for better funding opportunities. 4. Startup Culture is becoming better here. Just take a look at Startups Saturday 2010 (a event for startups this Sat.) here: http://startupshk.com/sus2010/ http://startupshk.com/sus2010/ There are about 4 - 5 different technology user-groups / web events every months.. 5. Other factual information to share: 5.1. HKD have a linked exchange rate with USD for HKD7.75 - 7.85 : $1 5.2. Rent is about HKD 10k - 16k per month for a reasonable nice office for 5 man team. 5.3. Young programmer salary are about HKD15k - 20k per month

quant18 16y ago

The problem in Hong Kong is that business setup is not equivalent to residency permission. The Companies Registry will let you fill out your lawyer's office or even your friend's uncle's plumber's address on your business registration certificate. The Immigration Department, on the other hand, will not just automatically give you a visa to come live here and run your business. They are not mysterious and arbitrary like in the U.S. --- but they are quite strict when it comes to new businesses. They want you to have a nice office, local employees, long years of work experience, brand-name degrees, and a formal business plan with revenue projections. See this link for a lot more details: http://www.emigra.com.hk/hongkong/page76.php http://www.emigra.com.hk/hongkong/page76.php On the other hand, if you can qualify for the Quality Migrant Admission Scheme, you have a year before you need to show them any of the above. But they only let in one batch a year, I think in June. http://www.immd.gov.hk/ehtml/QMAS.htm http://www.immd.gov.hk/ehtml/QMAS.htm http://en.wikipedia.org/wiki/Quality_Migrant_Admission_Scheme http://en.wikipedia.org/wiki/Quality_Migrant_Admission_Schem... As for the business climate: if you have a physical product, HK is still the world's greatest gateway to China. If you're developing webapps, the broadband is good here and there's enough coders floating around. Once you're profitable, the immigration department suddenly becomes much nicer to you and will let you sponsor whatever staff you need. Taxes are low and simple (BUT, if you're a US citizen, they're not, because the IRS treats any American who owns a company overseas as a tax evader and demands insane documentation. You will have to understand at minimum the IRS forms 5471 and 8832, or more likely hire a lawyer to understand it for you). And, a final warning: if you're trying to do anything pertaining to real estate or telecoms (AirBnB, Renthop, etc.), bring a pair of brass balls and a copy of Alice Poon's "Land and the ruling class in Hong Kong", because you're up against monopolists who own the government and all the infrastructure and will use them to crush you: http://news.ycombinator.com/item?id=1493290 http://news.ycombinator.com/item?id=1493290

gizmomagico 16y ago
If they'll let you start a business just like that, but won't let you live there, can you just run your business abroad, over the Internet then? That's what I'd like to do anyway.