24Nov

Setting up a Company in Hong Kong

Hong Kong continues to be one of the best places for expats to set up business. Technology, commerce, and finance are the top industries that have successfully thrived for 2016. Usual practice for expats is to hire an agency to handle all the paperwork. This is easy and convenient for expats since they won’t need to be in the country while processing everything.

Below is updated information on how to open your business in the country.

DOCUMENTS

If you’re hiring an agency, you’ll need to pay the agency’s fee and submit the name of your company. The agency will then check whether the name is available in Hong Kong or is already taken.

Next, send a copy of your passport, a copy of an official document as a proof of your residence (for instance, a driver’s license) and a questionnaire with standard questions such as your address, your passport number and the name of the director and shareholders (if you plan to open the company alone, you can be both director and unique shareholder) to Hong Kong.

For a simple company structure, which unless you have special requirements shall be enough, your agency will setup your company via E-registration, which takes less than two hours, to get the brand new company’s certificate of incorporation and business registration certificate upon certified the relevant parties’ passport online, for instance via Skype

Note that in the past, expats were allowed to open a Sole Trader Company in Hong Kong without owning a resident permit. This is no longer allowed unless you’re planning to stay in Hong Kong or have the option of opening can a Limited Company.

COSTS

The incorporation documents and company kit (seal, stamp and so on): about 2,070 HKD (if planning to approach an agency

The Company Registration (Government fee): 1,730 HKD.

The Business Registration Certificate (Government fee): 250 HKD.

The Provision for the Company Secretary: 3,500 HKD

The Provision for the Registered Office Address: 2,000 HKD.

You will also need to open a Hong Kong bank account which is fairly easy to do on your own once you get in the country. HSBC and Hang Seng Bank are the popular choices among international businesses.

OTHER IMPORTANT NOTES:

Hong Kong has a straightforward tax system: your company will pay 16.5% of taxes on any profit generated in Hong Kong and nothing otherwise (as long as you apply for off-shore status).

The required registered capital in Hong Kong is much smaller than in the majority of countries (only 10,000 HKD). This makes it ideal for start-ups who have smaller margins to work with.

We also recommend subscribing to Liability Insurance as well as other crucial covers such as Employee Compensation and Office Insurance. Village Insurance Direct is one of the go-to agencies that helps expats find affordable and comprehensive insurance for business.

5Nov

Kids and Scoliosis: What you need to know

scoliosis-for-kids-2

WHAT IS SCOLIOSIS?

Scoliosis is a lateral (toward the side) curvature in the normally straight vertical line of the spine. When viewed from the side, the spine should show a mild roundness in the upper back and a degree of swayback (inward curvature) in the lower back. When a person with a normal spine is viewed from the front or back, the spine appears to be straight. When a person with scoliosis is viewed from the front or back, the spine appears to be curved.

CAUSES

The causes for 80 to 85% of all scoliosis cases are usually unknown. Boys and girls are equally affected by small curves, but girls are eight times more likely to develop progressive curves. According to recent research, about one in three children whose parents have scoliosis will develop scoliosis. Scoliosis is considered a partially genetic condition; however, exactly which genes cause scoliosis is inconclusive.

MYTHS

Parents should understand that the following factors are not associated with the condition:

  • Carrying school bags
  • Bad posture
  • Unequal leg length
  • Back injury
  • Playing musical instruments
  • Sports activities

TREATMENT

For moderate curves in growing children, brace treatment is recommended. Braces will not completely eliminate scoliosis. However, a well-fitted and diligently worn corrective brace can significantly slow or prevent curve progression.

For the very small number of children with severe curves, internal fixation is applied to the spine to correct the curve within the limits of safety. Nowadays, surgery for scoliosis has been made very safe by major advances in surgical techniques.

Get a family insurance policy that covers treatment and therapy for scoliosis. We help expats find the best health covers that include medical insurance for children. Get in touch with us today.