Tuesday, 21 April 2015

How to Set Up a Business in Hong Kong- Part 3

5.   Choosing business premises

Hong Kong has a wide variety of business premises even within a close distance from its CBD. While property prices in the premium “Central” location can be very high, Hong Kong’s compactness and excellent transport system mean that good-value sites can be found within short travelling distance of the CBD. The central corridor on Hong Kong Island extends from Sheung Wan in the west to Quarry Bay in the east, whilst accommodation is generally cheaper on Kowloon (across the harbour).

Office searches are normally arranged through an agent and procedures are straightforward. Renovations and refurbishment can be carried out quickly and economically.

Leased offices are typically rented for two or three years with an option to renew. A tenancy agreement covers the respective duties and obligations of landlord and tenant; a cash security deposit equivalent to up to three months rent, inclusive of service charge and government rates, is normally required from the tenant. Other office rental costs may include: a one-off fee to the property agent (normally equivalent to a month’s rent shared between landlord and tenant); management service charges, which typically covers air conditioning, security, common areas, cleaning and other building services; government rates at five percent of annual rental value, payable quarterly in advance; and legal fees, should you engage a lawyer to process the tenancy agreement (many people do not).

Some companies prefer the option of a serviced or virtual office when they first arrive in Hong Kong. Serviced offices are available across the city and allow for short-term leases, providing tenants with a range of secretarial services. Virtual offices provide a mailing address and a receptionist who will answer the phone in the name of the company. At the date of writing, Primasia Corporate Services Ltd. has workstations and individual offices for rent, with telephone answering and other administrative support.

A number of specialist centre options are available for companies involved in science, technology, design or research and development. These companies typically require an office environment with specialised facilities and, possibly, incubator services. Service providers include Hong Kong Science & Technology Parks, the Hong Kong Applied Science and Technology Research Institute, Cyberport and the Hong Kong Design Centre.

6.    Hiring staff and applying for work visas

Please ask us for more details on the Hong Kong employment and visas.

7.    Business licences

Some businesses will require licences or registration to conduct a specific activity. These include, among others: restaurants, travel agencies, employment agencies, banks, fund managers, insurance brokers and lawyers.

Every business has different needs and requirements. Our contacts with InvestHK will enable us to introduce you to the appropriate department for further assistance on this.


Need more information?
Please contact:
John Barclay -Email
Teresa Tam - Email 
Follow us on:
Website: Primasia HK / Primasia China
LinkedIn: Primasia
Primasia Corporate Services Limited
Tel: +852 2882 2088
Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai, Hong Kong

No comments:

Post a Comment