About this course
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Welcome to Hong Kong Supercharged, where you take the shortcut and bypass all the clutter in understanding what it takes when opening a Hong Kong based business. I look forward to interacting with you and answering any questions you have throughout the course.
- Michael Michelini
Module 1: Introduction To Hong Kong BusinessLesson 1.0 - Overview
We're going to kick this program off with some insights as to why you might want to choose to establish your international business in Hong Kong.
In this video I will be covering:
- Why having a Hong Kong business might be for you
- What the advantages having a Hong Kong company will give you
Module 1: Introduction To Hong Kong BusinessLesson 1.1 - Comparing HK to Alternatives
Now we’re going to compare the benefits of having a Hong Kong company compared to other options some companies look at.
Here we’re going to compare Hong Kong to:
– China
– Singapore
– British Virgin Islands (BVI)
– Seychelles
– Cayman
– Philippines
– South East Asian countries in General
Also I talk about Sole Proprietorships in Hong Kong.
Module 1: Introduction To Hong Kong BusinessLesson 1.2 - Visa Options
What are the best options for you when you come to Hong Kong?
Module 1: Introduction To Hong Kong BusinessLesson 1.3 - Visiting Hong Kong
I highly recommend if you haven’t been to Hong Kong to come check it out.
In this video I’ll be talking about:
– Do I need to ever go to Hong Kong?
– When is best to visit?
– When is the worst time to visit?
– Dealing with the languages
Module 1: Introduction To Hong Kong BusinessLesson 1.4 - Hong Kong Events
here are all kinds of business related events in Hong Kong that you can base your travels around so you can maximize your trip.
The events I’ll be talking about are:
– AmCham (American Chamber of Commerce)
– StartUps HK (Original HK Startup Community)
– Startmeup.hk
– Startup Weekend
– Startup Grind Hong Kong
– Barcamp Hong Kong
– Web Wednesday
– IT Fest
Module 1: Introduction To Hong Kong BusinessLesson 1.5 - Trade Shows
Traveling to foreign countries for trade shows is always a great way to really make the most of your time when you travel for business (and to help write off the trip). In this lesson I’m going to be discussing my three favorite trade shows in Hong Kong and discuss the strategies I’ve found effective when visiting them.
Global Sources Hong Kong Fair
HKTDC
Canton Fair
I’ll also be discussing schedules for each and where they overlap so you can factor that into your travel plans as it may be the best time to go to get the most out of your trip.
Module 1: Introduction To Hong Kong BusinessLesson 1.6 - Visiting Hong Kong – Lodging & Hanging Out
Now we need to think about where we’re going to stay. In this lesson I’m going to cover the different types of options you have when you are looking for your lodging in Hong Kong which like anywhere will vary depending on your budget, location and personal preferences. If you’re on a budget, I give you some good best of value budget options.
I give examples of the following:
– Hotels
– Budget Options
– Airbnb
I also go into nightlife if you want to go out and unwind after a long day of business and hustling. There is a lot to do in the night in Hong Kong.
Places I cover are:
– Lan Kwai Fong (LKF)
– Soho
– WanChai
– Knutsford Terrace
It will all vary depending on your preference, but I give you the run down of each area and the types of venues you can expect to find in each area.
There are a ton of different government agencies and finding your way through them can be daunting, however I give you some great information on where to start, what is useful and how to navigate the government on the web.
GovHK (Main Government Website)
Department of Justice
Company Registry (CR)
eRegistry (part of CR)
Government Bookstore (all government docs, books, gov. education resources)
Inland Revenue Department (IRD)
Invest HK (Free Consulting!)
Support and Consultation Center for SMEs (SUCCESS)
This is not a comprehensive training on each of these, the main thing is to be aware of what are the main government agency websites online and what their primary functions are.
Module 1: Introduction To Hong Kong Business Lesson 1.8 - Government Funding
In this lesson I will discuss some of the perks you can get working with the government like financial or other types of services you may want to use in your business.
In this video I talk about:
Hong Kong Trade Development Council (HKTDC)
Invest HK
Cyberport
Hong Kong Science Park
Any of these can be a great way to utilize government type of programs or facilities to help you with your business and getting it off the ground.
Module 2: Opening The CompanyLesson 2.0 - Introduction To Opening The Company
Alright! What we’re all here for…opening our Hong Kong company.
In this lesson I’ll cover:
– Types of Companies
– New Company Ordinance
Heard of the NC1 in your research? Now it’s the NNC1, learn more in this video.
Module 2: Opening The CompanyLesson 2.1 - Choosing An Address
It’s a good idea to know what the different types of districts are in Hong Kong. In this lesson I’ll be discussing the 2 main districts for business and the 3 areas where you probably won’t be doing business.
I walk through a map of Hong Kong and the different districts and discuss the business areas, nightlife areas, shopping districts and residential areas. I also break down residential vs. commercial addresses. There are benefits to utilizing both, it will depend on the type of business you have.
Topics I discuss are:
– Districts to Consider
– Advantages of Residential vs. Commercial Addresses
– Serviced Offices
Module 2: Opening The CompanyLesson 2.2 - Researching Your Company Name
In this video I’m going to cover how you can do some initial research to find out if someone has already established a company with the name you have in mind.
Also if you are considering working with a company in Hong Kong that you would like to do a little research on, you can use the Companies Registry to find out some of the company’s particulars.
There are a lot of services on the Companies Registry website. We’ll walk through looking up companies and what all you can see on this site.
In this video I will discuss:
– Companies Registry
Module 2: Opening The CompanyLesson 2.3 - Intellectual Property in Hong Kong
Taking the steps necessary to protect your intellectual property can prove to be a smart move when forming your company. In this video I’ll be discussing how to search for trademarks, how to have the IP Department to do it for you and how to File a Trademark.
In this video you will learn:
– Trademark Search DIY
– Pay IP Department to search for you
– Filing A Trademark
Also you might want to look at the US Intellectual Property website as it seems to still be the king of intellectual property.
– United States Patent and Trademark Office (USPTO)
Module 2: Opening The CompanyLesson 2.4 - Filing with eRegistry
Now we’re going to start the process of getting our company registered with the government eRegistry service. I walk through the process step-by-step and provide tips at each stage of the process.
NOTE: You’re going to need to use Internet Explorer 6, 7 or 8 for this site to function in it’s full capacity as well as use the resolution of 1024×768 so the site can be best viewed. (I know, crazy right?)
In this video I discuss:
eRegistry
Hong Kong Post e-Cert (Personal) Certificate
Personal ID-Cert
Companies Registry
Module 2: Opening The CompanyLesson 2.5 - Setting Up The Company
Now we’re going to walk through actually registering your company on the Companies Registry website. I am going to walk you through the process step-by-step.
NOTE: The site may change from the time of this recording and some people may give you conflicting information if you’re looking at other websites talking about registering your company. This video is as of March 2014.
Go here to get started: Companies Registry
Module 2: Opening The CompanyLesson 2.6 - Company Setup Tricky Questions
In this video I’m going to go over miscellaneous things and questions you may have in the company setup process.
Topics I discuss in this video:
Addresses to Use
The differences between a Founder, Director and a Secretary
Articles of Association (Simple Template | Advanced Template)
How Many Shares To Issue?
Module 2: Opening The CompanyLesson 2.7 - Choosing An Agency
Now we’re going to look at using an agency to help you register your Hong Kong Company. I will give you a few agencies I know of based on my experience and the experiences of people in my network.
In this video I discuss:
Agencies
Sunny Wong, Grand Consultancy
Bridges Hong Kong
Regus
Jumpstart Offices
Compass Offices
Benefits Of Using Agencies
Shelf Companies
Changing Company Name (English and Chinese Names)
Module 2: Opening The CompanyLesson 2.8 - What You'll Get
Now, once you’ve opened your company, you’re going to receive some things as part of a company opening package.
In this video I discuss:
The Green Box
Certificate of Incorporation (CI)
Business Registration Certificate (BRC)
Other Licenses (Usually for Local Businesses)
http://www.success.tid.gov.hk
Chops
Seal
Articles of Association
Share Certificate
Meeting Minutes Statutory Book
Module 3: Banking In Hong KongLesson 3.0 - Banking Overview
Banking! We all love it – NOT! But we need it. This module we will go into details of various banks.
In this video I’m going to mostly discuss banking with HSBC as most foreign owned business use them to bank in Hong Kong. I will however talk about what you will need to open a bank account at most of the banks I mentioned in the intro video. Each may vary slightly in their requirements.
In this video I talk about the following:
Applying for a Bank Account and What You Need
Full List of HSBC Criteria To Open a Bank Account
Non-English Documents
FATF (Non money laundering banks)
Certified Translation
Various Account Levels at HSBC
HSBC Business Direct
HSBC BusinessVantage
HSBC BusinessVantage Plus
Comparison Chart of the HSBC Account Levels
Criteria that the Bankers Check
Bank Interview Do’s and Don’ts
Service of Opening HK Bank Account - 2020
Would you want to try a HK corporate account at HSBC. I have much stronger inroads w/ corporate banking.
Attaching a normal checklist I work with you on Our workflow / price / structure is like this,
1) If you feel comfortable to do corporate account and we work together to build the case and I prepare to get the banker appointment.
2) Once banker agrees, 995 usd (normally 1295) payment upon appointment confirmation. Credit card, PayPal, bank, all ok https://www.globalfromasia.com/bank-account-service/
3) Appointment set, you go to HK HSBC, I work with you via Whatsapp and with followups
Module 3: Banking In Hong KongLesson 3.2 - Using HSBC Online Banking
Online banking is the key to our success in keeping guage on our finances in Hong Kong. In this video I’m going to walk through how the HSBC Online platform works.
In this video I’ll cover:
– Online Banking Overview
– Business Alerts To Use (Free and Paid)
– Admin Tools
– Creating a User (ie. Secretary, Accountant, etc)
– Setting Permissions For Your Users
– FX Contract Types of Currencies You Can Hold In Your Account
– Transfers
– Payments – Sending Money To Another Party (not yourself)
– The Secret “Refresh” Button
– Bank Statements
Module 3: Banking In Hong KongLesson 3.3 - HSBC Extra Features
In this video I’m going to give you some tips and tricks in dealing with your finances and banking. I am going to explain how you can impress your Chinese clients by being able to accept RMB.
In this video I’ll cover:
– Advantages of HSBC and Having RMB (Chinese Currency)
– How to Add Staff & Bookkeeper
– Access Levels
– What You’ll Get When You Open Your HSBC Account
– Withdrawing From ATMs
– How Paper Checks Work
– More HSBC Tips
– SME Center Perks
– HSBC HK to HSBC HK Transfers
– Email / SMS Alerts
– Correspondence Address Updates
– Departments (Banking, Credit Cards, Insurance, Bank Loans)
Module 3: Banking In Hong KongLesson 3.4 - Hong Kong Credit Cards
Some say, “Why bother with a Hong Kong credit card?” I’m going to break down why it’s nice to have one and how to use it.
In this video I’ll discuss:
How the Hong Kong Credit Card Works
Time Security Deposit
Enroll In Autopay
Hong Kong Residential Address
Business Cards vs. Personal Card
Business Card Types (Platinum Business and World Business)
Applying For a Hong Kong Business Credit Card With HSBC (not an affiliate link)
Perks of Having a Credit Card
Travel Perks (Travel Insurance, Complimentary Office Service)
How To Get Your Yearly Fee Waived
American Express
Wing Luk Bank Cards
Closing the Credit Card Accounts Secrets
Skipping the HK Credit Card?
Module 3: Banking In Hong KongLesson 3.5 - Paypal Hong Kong
Are you a PayPal user? In this video I’m going to discuss how to use PayPal in Hong Kong and what it takes to setup and the tricks to using it as it’s not always simple to do normal daily transactions.
In this video I discuss:
– Opening a PayPal Account in Hong Kong
– Verifying Your PayPal Account
– Withdrawing From PayPal
– Adding Funds to PayPal
Now we’re going to talk about merchant accounts. Most of us conduct most of our business online so you’re going to really love this module breaking down merchant accounts and how they work in Hong Kong.
In this video I discuss:
What Is A Merchant Account?
Challenges In Hong Kong
Features To Look For
Some Use US Corps.
Global From Asia Public content to refer to if you have time:
Global From Asia Merchant Account Ultimate Guide
– Merchant Account Comparison
Global From Asia Podcast Episode 72
– Struggling with Merchant Account Options in Hong Kong or Asia?Brainstorming w/ Daniel Kerr
Global From Asia Podcast Episode 51
– Why Merchant Accounts Are Hard To Get in Hong Kong with Jon from Paymentwall
Global From Asia Podcast Episode 31
– Worldpay Merchant Account Application Process & Fees w/ Marie Bosch
Global From Asia Podcast Episode 26
– Hong Kong Needs Stripe Merchant Account Services
Global From Asia Podcast Episode 17
– Running Retail & E-Commerce from Hong Kong with Jennifer Cheng
Global From Asia Podcast Episode 16
– Opening a Merchant Account From Hong Kong with Jo Chan from Asiapay
Global From Asia Podcast Episode 06
– Tips on HK Company Share Transfer & Merchant Accounts with Marshall Taplits
Global From Asia Tags
– #Merchant Account Tags
NOTE: If you have any specific questions about anything that any of the above interviewees can answer, send me a message and I will do my best to see if I can get you an answer.
Module 3: Banking In Hong KongLesson 3.7 - Paypal Hosted Solution
For more advanced PayPal functionality there is PayPal “Pro” in Hong Kong.
In this video I discuss:
The Fixed Fee For a Pro Account
Virtual Terminal
How To Get a Rep
Special Features
Integrations
Merchant Rates
Payments Pro – Hosted Solution (Best way is to talk to a rep!)
Virtual Terminal
How to Apply for the Hosted Solution (HSS)
A Different Integration from the US or EU (Developer will need a special code)
Module 3: Banking In Hong KongLesson 3.8 - More Merchant Accounts
There are several options for merchant accounts that you can use with your Hong Kong business. In this video I’m going to go over a few different options that you can consider for your business and my opinion on each.
NOTE: In this video I cover those options in brief and if we need to go deeper into any of these then please let me know and I’ll either create a video based on your needs or I will interview an expert just for this group based on your questions and their secrets that business owners might not think about.
In this video I discuss:
Worldpay
Paymentwall
Asia Pay
Pay Dollar
Skrill Business
2Checkout
Module 3: Banking In Hong KongLesson 3.9 - Bitcoin In Hong Kong
Bitcoin was all the rage in 2013/2014 and it’s been interesting to see where it has gone over the last year and half. In this video I’ll walk you through using Bitcoin and some of your options in using it in Hong Kong.
In this video I’ll discuss:
Bitcoin for International Payments
Best Use of Exchange
Daily Use Cases
Use Case for Mike to Pay Contractors
ANX
Paying out
Bitcoin in Hong Kong
Bitcoin HK
ANXBTC
BITFINEX
These are the questions Airwallex will ask after applying:;
Good day!
Thank you for your interest about Airwallex service. We have received account opening request from you, in order to provide the best fit solution to your company. May I understand more about your company background and information that listed below?
Company official website
Company Industry:
Company business model & business background in detail:
Which country, & currency and what kind of sender will deposit fund into your company's Airwallex's wallet in the future? Purpose for?
Which country & currency and what kind of payee will send money from your company's Airwallex's wallet in the future? Purpose for?
Estimated monthly volume once the account open in the first 12 months:
About the #4 & 5 questions, KYC team would like to have 1 supporting document (such as service agreement) with the sender/ beneficiary to understand the business relationship among them and your company.
Let me know if you have any questions. Sincerely look forward to hearing from you soon.
Module 4: Operating Your Hong Kong CompanyLesson 4.0 - Intro to Operating Your Hong Kong Company
In this module we’re going to get into business operations and how to handle some of the twists and turns in daily operations you might experience and the best ways to handle those.
I also cover my disclaimer. While I am explaining my experiences and those of my network, I cannot specifically advise and take responsibility if you do not experience the same results.
Module 4: Operating Your Hong Kong CompanyLesson 4.1 - Getting Paid
All businesses need to get paid. Getting paid is the lifeblood of keeping any business open. In this video I’ll share some of my experiences in how I was able to get paid.
In this video I’ll discuss:
– Invoicing
– Payment Instructions Document
Module 4: Operating Your Hong Kong CompanyLesson 4.2 - Cashflow
Now that we’re getting paid, we need to handle the cash flow. To do this there are several strategies you can employee here to manage your money. I’m going to discuss how I use my savings and my checking. I’m also going to discus HSBC vs PayPal, B2C examples and running a global operation.
In this video I will discuss:
– Foreign Exchange / Currencies
– Multiple HKD Accounts
– HSBC, Paypal
– Paying Invoices
– Some Examples (B2C)
– Global Operation
– How Cash Flows Through Businesses
Module 4: Operating Your Hong Kong CompanyLesson 4.3 - Logistics Overview
Logistics is a huge topic and I can really only go into a overview here and touch on some of the main points and areas you’re going to experience in dealing with logistics of physical products.
In this video I cover:
– Physical Products Logistics
– Warehousing
– Transportation In and Out of China (when dealing with China)
– 3 Ways to Import to China
Module 4: Operating Your Hong Kong CompanyLesson 4.4 - Cross Border Tips
For those of you who will be going in and out of China from Hong Kong this is a great breakdown of what to expect and some good tips and tricks to help ease the process.
In this video I’ll discuss:
– Types of Gear You Might Be Carrying
– What’s In Your Wallet?
– SIM Cards For Your Phones
– Headphones (a must!)
Module 5: Hong Kong Company UpkeepLesson 5.0 - Hong Kong Company Upkeep Overview
In this quick overview of Module 05, I’ll give you a quick run down of what we’re going to cover in this module as well as my disclaimer that this is based on my experience and I cannot make any guarantee’s to what your experience will be.
Module 5: Hong Kong Company UpkeepLesson 5.1 - Bookkeeping
All businesses have to keep their books and it’s best to keep them in order from the beginning. In this video I’ll discuss the wide range of the documents you will be using to help managing your bookkeeping process.
In this video I discuss:
– How Often You Have To Worry About Your Books
– How to Manage Your Receipts and Bookkeeping
– Ledger
– Vouchers (Internal Invoice)
– Balance Sheet
– Income Statement
– Digital Documents
– Requesting Bank Document Copies
Module 5: Hong Kong Company UpkeepLesson 5.2 - One Year Later
Starting to plan for the first year is critical as you’re moving through the year so you can plan to take care of the necessary business as the time draws near at the end of the year. I want to make sure you are prepared to take care of your end of year business paperwork and business requirements.
In this video I’ll discuss:
– Annual Return
– Profit Tax Return
– Renew Business Registration Certification (BRC)
– HK Company Audit (audit = CPA checks your documents before filing)
– Auditor Report
– Accountant vs Auditor
Module 5: Hong Kong Company UpkeepLesson 5.3 - Special Tax Situations
Let’s hope we don’t run into any of these scenarios, but I wanted to make sure you’re aware of some special circumstances that most people won’t talk about. I will discuss some special issues you might incur and some brief insights into each.
In this video I discuss:
– Dealing With An Inquiry
– IRD Extensions
– Holding of Provisional Tax
Module 5: Hong Kong Company UpkeepLesson 5.4 - Filing As Offshore
Here I give you some key insights into Filing as an Offshore entity and some of the advantages you may have.
In this video I discuss:
– Filing As Offshore
– Example Offshore Transactions
Module 5: Hong Kong Company UpkeepLesson 5.5 - Upkeep Costs
Like any business you’re going to experience costs to upkeep your business. In this video I will talk about the costs you will come across with some of the most common professional services.
In this video I discuss:
– Example Costs For Audit
– Example Costs For Accounting
– Tips On Choosing the Right CPA
Module 5: Hong Kong Company UpkeepLesson 5.6 - Buying, Selling, Transferring, Closing
Maybe you will decide that you want to buy another company out, or possibly sell your company to a competitor. In this video I’m going to talk about buying, selling, transferring and closing companies.
In this video I’ll discuss:
– Requirements In Transferring to Other Partners
– Issuing New Shares
– Selling A Hong Kong Ltd. Company
– Closing A Hong Kong Company
– Dormancy
– Deregistration
– Dormancy or Deregister?
Module 6: Case StudiesLesson 6.0 - Case Study Overview
Now we will go over the types of companies you may be starting and some specific recommendations on the do’s and don’ts for each business models.
Module 6: Case StudiesLesson 6.1 - Business Model Tips & Insights
So obviously not every single business model is the same and there are spcific ways to operate each so in this video I’ll give you some specific tips on different business models that will help you
In this video I discuss:
Business Types
– Trading Companies
– Service Companies
– Brand Licensing Companies
– Software Companies
– Real Estate Companies
Didn’t see your business type? Send me an email at mike@globalfromasia.com and I’ll try to do a video on your specific business model.
Module 6: Case StudiesLesson 6.2 - Case Studies
This course wouldn’t be complete without learning a little bit about other companies that have formed a business in Hong Kong.
In this video I discuss:
Companies
– Aftership (eCommerce Solution Tool)
– D2LED
I plan to add more and would love to add your success story. If you would like to add your information or do an interview case study please contact me at mike@globalfromasia.com and lets set up a time we can talk.
Great workshop! Thank you to those who made it for the live broadcast:
Ray Ng - for co-hosting with me and helping so much!
Andy Church
Leo Marrero
Rene G
Cheryl Giambattista
Andre Martin
Chris Pollard
Chris Davey
Marshall Taplits
A lot of fun questions - here's the recording - the intros are a bout the first 15 minutes - the "meat" starts after that.
We didn't get to go into audits - so we'll do that next call. I used Gotomeeting again - but next month we will really use the new one - just need to test it more beforehand!
Feedback always appreciated.
Here's our next member's call - we are going to bring on a HK bookkeeping expert and talk all about bookkeeping - I will have common questions people ask that we will go over, as well as you can ask your own towards the end.
At the beginning we will do introductions and get to know each other more.
