Eternity Law International News Startups and technologies in Hong Kong

Startups and technologies in Hong Kong

August 21, 2020

Startups and technologies in Hong Kong – development during quarantine. The rapid widespread of COVID-19, as well as the measures taken to completely isolate people, have led to the fact that most firms have introduced remote work for their employees.

Contrary to popular belief that telecommuting is far less productive than regular scheduled jobs, experience has shown that some industries have even managed to improve significantly their sales figures.

At this stage of technological development, the following works can be performed online:

  • Organization of negotiations and conferences
  • Drawing up of contracts and agreements
  • Maintenance and approval of project developments
  • Conducting lessons, training seminars, refresher courses and other

It is clear, that the activity that lies directly in production processes cannot be carried out remotely. However, remotely it is possible to resolve all issues that relate to some other aspects of the enterprise.

It is allowed to open a business remotely. It is also possible to register a new company, just sitting at home. Moreover, in this way it is possible to register a company abroad, for example, in Hong Kong.

What support is provided to the population and business during a pandemic?

The economy of the Hong Kong region is going through extremely difficult times, as is the whole of China. The demand for some product groups has dropped by almost 90%.

Here we are talking about jewelry, travel packages and more. However, despite such difficult conditions, the government introduced certain measures to support business activities and the population in general:

  • permanent residents who have crossed the 18-year threshold are entitled to a one-time payment of HKD 10,000 (in terms of USD 1,200);
  • tax cuts;
  • low-income families renting public housing pay one month.

Hong Kong for new start-up and technology development

You can register a new company in Hong Kong remotely. The regional government took care of this. Using this measure, you will be able to organize and officially register a company, no matter where you are.

This is a good move not only to attract more investors, but also to create a favorable environment for future entrepreneurs, because movement within and between countries is currently difficult.

In addition, Hong Kong itself has many advantages for those looking to start a new firm.

  1. Thanks to the location of Hong Kong, ways are opening up for interaction with China, which is considered the epicenter of world trade.
  2. The regional government interferes with the functioning of new business to a minimum and does not impede investment.
  3. Favorable tax payment structure (territorial scheme).
  4. A reliable legal system.
  5. Hong Kong welcomes startups and supports them in every possible way.

You can manage your business project remotely by successfully developing it. In the future, you will have the opportunity to go to Hong Kong and settle there on a permanent basis.

To register a company, contact specialists who know a lot about such matters and have many years of experience in such cooperation.

The accounting department of the company must compile quarterly, annual financial reports and provide declarations to the tax service. Contact us for more information.

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