Do you Wish to Start a New Business in HK? Hire a Consultant...

Starting a new business is certainly not an easy decision, and comes with its own set of advantages and disadvantages. However, by utilizing a consulting service in Hong Kong, it becomes easier to decide whether to start a new business or not. Once you have decided to start a new business, there is all the possibility that you ignore the need for licenses and permits. If you fail to take care of this aspect right from the beginning, it may lead to various unprecedented issues.

You need to contact your state’s business license department to find out about getting a business license; The procedure for companies licensing and companies registry Hong Kong allows you to operate in an area. Many areas ask for a conditional-use permit in order to operate.

The best part is that there are various consulting services in Hong Kong that offer complete assistance in licensing, advisory, audit or monitoring, and likewise. For instance, if you wish to start a new business at home, such a consultancy can help you with the Business license, Company Registry, Fire Department Permit, Sign Permit, State Licenses, Federal licenses, Health Department licenses, and likewise. Also, it can help you with your business structure (sole trader; partnership; or company). It can help you in finalizing the most suitable name for your business (a name that is not in use). All in all, it helps you define a vision and set a goal for your business, and leaves no stone unturned to kick start your business...

What is Compliance - Defining Briefly!

The term due diligence and compliance are often heard in the world of business. Compliance is basically a term that explains one’s ability to act as per a standard order or set or rules and follow them. When we talk about compliance in the context of financial service then it functions on two levels:

• The first level is about complying with external set of rules that are imposed on a company
• The second level is about compliance with internal set of protocols and set of rules imposed on an organization.

What are the responsibilities, duties, and objectives of a compliance officer?

Duty of a compliance officer– A responsible compliance officer in Hong Kong will have the duty of working with staff and entire management so as to manage and identify regulatory risks.

Objective – the objective of one such officer will be to make sure that the organization for which he is working has proper internal control and adequate ways to manage and measure the risks that it might face at any time.

Responsibility – general responsibility of a compliance officer will be to offer compliance services to the organization that supports it across areas in ensuring that they are following all the relevant laws, internal procedures, and regulations.

Key functions of a responsible compliance department officer in Hong Kong.

• Identification - To recognize the present risk that company is facing as well as potential ones, and advise the organization on how to handle them.
• Prevention - to lie down and ensure implementation of control measures to safeguard the organization from those risks.
• Monitoring - To see how effectively controls are being implemented by the management against risks
• Resolutions and advisory – to resolve any difficulties and to offer advice about rules and control.

The requisites to get a non permanent license from SFC Hong Kong

If a company that is established and is run on foreign investments does not have any business associates in Hong Kong and is looking forward to continue SFC controlled activities in the city for a short-term, it will be required to apply for a non-permanent license from the Companies Registry Hong Kong. A non permanent license holder may only continue to deal in one or a set of the activities mentioned below.

1. Type 1 - trade in securities
2. Type 2 - trade in upcoming contracts
3. Type 4 - giving counseling on securities
4. Type 5 - giving counseling on future and upcoming contracts
5. Type 6 - giving counseling on corporate finance

The non permanent license holder is also prohibited from keeping client assets while pursuing the above mentioned activities. Another requisite for applying non permanent license is that the applicant enterprise or organization must have their business registered in Hong Kong. This implies that the applicant party must set up an official branch of their organization or an auxiliary company in Hong Kong. A representative office cannot fulfill this requisite for the application of temporary license as it cannot manage or carry out any business activity on its own in Hong Kong. 

Heinbro Consulting Offers Licensing Services in Hong Kong

When you plan to setup a business in Hong Kong, you must understand that you need to have license to operate your business. Many businesses such as retailers, food, beverages or tobacco, and telecommunication providers need proper licensing Hong Kong to operate. Only a reputed compliance solution company can help you deal with licenses and setup your business successfully.

 

To expand your business in Hong Kong, you must have the required certifications, licenses, permits, and approvals. We at Heinbro Consulting help you by offering licensing services in Hong Kong. From filling the required forms to getting license, we help you in every way. Our team assists you with all types of licenses and additional license application to the Securities and Futures Commission or similar regulatory bodies. We work in close association with the regulatory authorities and ensure that licensing process is smoothly handled by a team of experts who specialize in applying for licenses and getting them without any inhibitions. 

We offer ongoing regulatory support to the clients. They need not have in-house compliance to handle the growing needs of their business, as we help them by being a constant support whenever they need it. We add full time resources to the already existing staff of our clients. This helps our clients have dedicated support at cost effective rates. Heinbro consulting adds value to the our clients and streamlines their day to day operations. Besides handling licensing in Hong Kong, the company offers advisory, training, audit and monitoring, investigation, and legal services to the clients. We value our clients and strive to offer them the most dependable services. You can count on us for excellent customer services. 

All the team members at Heinbro consulting are highly qualified, skilled, and experienced professionals who understand the needs of the clients and offer them appropriate solutions. They work with international publically listed companies, state, local, and international governments, and private equity.

Permits and licenses for doing business in Hong Kong

A business permit or license is the one thing that will allow you to legally start a particular type and nature of business activities in Hong Kong. These permits are generally issued by an agency or department of the Hong Kong Government. Fortunately there are only a few types of activities that demand the person to first acquire a license before conducting them. If you want to apply for corporate licensing in Hong Kong then you need to make sure that the company has first been registered with Companies Registry.

As discussed earlier the company incorporation and underlying activities are governed and conducted by the Companies Registry in Hong Kong. However, depending on the nature of actual business activities, it could also be subjected to regulation and control by several other government bodies too. For that, it becomes necessary to apply for a business permit. Before the obtaining of license, the person cannot legally commence his activities.

A few of corporate entities that need licensing Hong Kong before starting operations include: employment agencies, insurance brokers, liquor distributors, lawyers, fund managers, travel agencies, moneylenders, restaurants, childcare centers, banks, etc. Once you have successful incorporated and registered a company you can then proceed ahead to apply for the permit. The success of how easily you are able to obtain the permit would depend on the expertise and knowledge of the corporate logistics company you have hired.

A good logistics firm will guide you through each and every step of license obtainment's in a way that there are no hiccups in the plan. Therefore, hire only best of the best firm to help you in the obtainment of the required permits.

Hedge Funding- Financial Instrument For Sophisticated Investors

An exotic form of mutual fund reserved for only sophisticated and wealthy corporations and individuals, hedge funds in Hong Kong are used for earning profits regardless of market conditions whether bullish or bearish. These funds are mostly unregulated and comprise of less conventional trading activities and strategies such as short-selling. These types of strategies are not available to mainstream mutual funding.  Its history goes way back to 1949 when it was first attempted by Alfred W Jones. He tried to compensate the risk of purchasing stocks by short-selling them. To do that he also increased his portfolio’s leverage. The hallmarks of modern day hedge funding are short-selling and leverage.

Functions

As discussed above this type of funding allows fund holders to earn profits irrespective of how the market is functioning. If the manager of funds feels that real estate is a better investment option than stocks or commodities, he will instantly put money in real estate. However, if he thinks that the market is dropping he will go with short selling to play the downward movement to his own advantage. No type of investment deems too exotic to the hedge fund managers whether it is a financial derivative or any other item.

Investing in hedge funds is becoming a common practice in Hong Kong considering it a fast growing economy. If speculative figures are to be believed than this market is supposed to be of almost two trillion dollars of worth. The figure continues to fluctuate quite chaotically than mutual fund market since it is always going through quick rise and falls. It should be duly noted that this type of funding is only for extremely wealthy individuals and establishments. Most of the funds require an initial investment of around one million dollars or more than that.

Beat The Challenges Of Business Licensing

Running a business is a huge challenge and the bigger challenge lies in getting it started. Regardless of which country or city you want to establish a startup, you will have to deal with countless hurdles. Although the major hurdle is that of procuring enough finances but even after you have procured the necessary funds, you need to take care of all the paperwork involved. You need to ensure that all the business operations are compliant with the state and country’s corporate rules and regulations.

If you break in any of those rules unknowingly it may end-up winding-up your business. That is why businesses need to obtain the necessary permits related to manufacturing and various other operations. For that they need to obtain various licenses. Going for licensing in Hong Kong and everywhere else seems like a nightmare. A newbie who is not familiar with the world of business may not even know where to go for to get a license and what the necessary documents are for getting one.

That is why every business needs help of advisors and logistics experts who guide them throughout the course of company formation and even afterwards. They help companies in proceeding in the right direction. They know which type of business should go for which types of licensing. Their knowledge allows startups to get the right work permit depending on the nature of business.

For example, if the business deals in manufacturing food items licensing services in Hong Kong will get you necessary permits from the food corporation before any operations are commenced officially. These people know the common problems people face in the obtainment of permits. That is why they use that knowledge to get things done without the client facing any troubles.