Top 5 Amazing Tips On How To Take Your Business To Next Level in HongKong With Belinda Wong
Take Your Business To Next Level in HongKong With Belinda Wong
MNC Multi-National Company. Everyone dreams to work with MNC, those sky-rise buildings, corporate environment, cushioned chairs, centralised air conditioned glass cabins. We all dream to work in MNC, their work environment, culture, their official parties just fill our mind with joy.
Every college grad dreams to be selected by a MNC after their college. But a better dream or a vision is to own a MNC and not work for a MNC.
Meet Belinda Wong a visionary, an entrepreneur and a corporate strategist who assist businesses for their expansions and reach new heights.
If you are looking forward to get your company incorporated in Hongkong which is today the leading hub of businesses around the world and very famous among corporates as tax heaven and a favorite destination due to several facilities available from governments to incorporated business in Hongkong as well as more famous for its corporate legal structure.
We are glad to present her views and thoughts today as well as presenting a little summary about her entrepreneurship journey to upcoming entrepreneurs.
1.What is the Name of Your Venture?
Leader Corporate Services Limited (“Leader”)
2.Who is your target Audience?
Any person or business interested in setting up a business in or through Hong Kong.
3.Where is your venture based ( city, state, country) & What are your target areas?
Leader is based in Hong Kong. We target both local and international clients.
4.What problems does your venture solve? What are your products or services.
We help clients incorporate companies, choose the appropriate corporate structures and handle all corporate compliance work so that they can focus on their core business.
5.Share the idea or story behind the venture. How did it come to an existence?
I had worked in Big 4 and international law firms before setting up Leader at the end of 2010. There has been a huge demand for quality service at a reasonable price. My main aim is to capture and cater for this demand.
After I set up Leader, CCH Hong Kong was then looking for someone to write the ‘Hong Kong Company Secretary’s Practice Manual’. I approached this publisher and wrote the book. The 1st edition was published in 2011. It’s been a success. The 3rd edition was published in 2015 on the changes introduced by the new Companies Ordinance which became effective in March 2014. A new book, ‘Hong Kong Company Secretary Checklist’ was published in December 2016.
Since 2015, I have been invited to speak at the CPD (continuous professional development) seminars and to conduct in-house training for commercial as well as government officers on the Companies Ordinance.
Writing and speaking help me build up a good brand name and also enable me to share my knowledge and experiences with market practitioners like lawyers / accountants / company secretaries etc.
6.How did you identify your co-founder?
I don’t have co-founder and do not intend to have one in the near future.
7.What expansion plans are you looking for the next 2 years, next 5 years?
As the Companies Ordinance is being reviewed and amendment may be forthcoming in the medium future, I intend to write further on the same topic.
On top of this, my plan is to expand my client portfolios further.
8.Where do you want to see yourself in next 5 years?
The sky is the limit!
9.Have you raised any funding? Or have any plans for the funding?
No. Starting Leader did not require lots of funding.
10.What were the problems you faced during the starting days and how did you resolve them?
The main issue is to find clients. As a professional, I have not approached any of the clients of my former employers. I, therefore, use social media platforms e.g. Linkedin to connect with people who may be interested in having a business in Hong Kong.
11.Are you married, single or in a relationship?
Prefer not to answer
12.What are your hobbies? What do you do in your non-work time?
I like hiking and meeting up with people.
13.Whats your favorite food & holiday destination?
Prefer not to answer
14.Whom do you consider your idol or biggest motivator?
Prefer not to answer
15.What do you feel is the major difference between entrepreneurs and those who work for someone else?
The main objective of entrepreneurs is to make a difference not only in our own lives but also to our community. To chase and to fulfil our dreams are important. Employees may be more concerned with their paychecks.
16.If you had the chance to start your career over again, what would you do differently?
I have chosen the right profession. As the business environment and laws change so rapidly, there are lots of challenges and changes to keep my passion burning.
17.How has being an entrepreneur affected your family & Social life?
Being an entrepreneur is a 24-hours all-year-round life.
My social exposure has increased exponentially. My company has joined the Hong Kong General Chamber of Commerce (“Chamber”) and I am now a member of the SME Committee and Taxation Committee of the Chamber.
Besides, I also contribute to the community by being a Business Advisor of the Junior Achievements Hong Kong Chapter. I am also a mentor of the United College and also a sub-committee member of the Chinese University of Hong Kong Convocation. Time management has become utmost important.
18.Anything, you would like to say to our readers or upcoming entrepreneurs?
Go for it!
19.Tell us something about your education & family background.
I am a sociology graduate of the Chinese University of Hong Kong. I took the examination of the Institute of Chartered Secretaries and Administrators after graduation and have been working in the company secretarial field ever since.
As education is a lifelong process, I later studied and got the Master of Business Administration degree from the University of Strathclyde UK.
I am also a member of the Hong Kong Securities and Investments Institute (again by taking examination) as well as the Hong Kong Institute of Directors. All these academic and professional affiliations give me a global view of the business community and help me communicate with different industries from all over the world much easier.
20.What is your USP which makes it unique & different from other start-ups in similar domains.
My academic qualification / my past experiences / my books and seminars place me in a very unique position different from others in the same industry.
21.Please share complete name, address, phone number, email id & website of Your Business & Contact Person
Belinda Wong
Leader Corporate Services Limited
www.lecorp.hk
[email protected]
Here are some benefits to starting a company in Hong Kong:
#1. Tax Rate is 0% for Transactions Outside Hong Kong
While you may not pay taxes in Hong Kong (assuming your transactions are outside Hong Kong), as an American (if you’re not, check with a qualified accountant in your home country) you still need to pay taxes. It doesn’t matter if you are overseas.
Yes, this can get complicated, but you’ll be able to save on corporate and sales taxes, since you only pay personal income taxes you earn from your company. Considering that it is a 35% corporate federal tax rate, I don’t see why you wouldn’t want to save on that.
#2. You Don’t Need a Physical Address
There are many services out there (do your research!) that can help you with setting up a holding address, which can save you tons of cash. No longer do you feel like you have to pay rent just to hold down your business license.
#3. It’s Pretty Cheap and Easy
We all know that growing a business isn’t easy. And while you’re thinking about how you are going to save money on corporate taxes, you might as well think about how much you can save on setting up an offshore company. Sure, it might sound scary, but setting up in Hong Kong is much easier than you may think.
There are many companies that offer services to help you set up a company, and you’ll be ready to get your company started in a few weeks for less than $1000 USD. There are a lot of these services out there, so do a lot of research and make sure you go with a company that can answer all your questions and concerns. For much of the process you don’t even need to be in Hong Kong to do it.
The only major expense might be that you will need to be physically in Hong Kong when you open a bank account (which you obviously need for your company). Save yourself a bit of money by not traveling during peak seasons, and take advantage of budget hotels or even sites such as AirBnB to help out. You can even make a holiday out of it, and you don’t have to stay long, as it takes less than half an hour to set up an account.
#4. Hong Kong is Globally Recognized
Hong Kong is generally regarded as one of the safest and reliable global cities. It truly is a great way if you are looking to diversify your assets outside of the US.
Having a company Hong Kong most likely won’t land you on any IRS blacklists (as long as you’re not doing anything illegal), unlike some other countries. Also, it is pretty easy to transfer money into various currencies, as banks in Hong Kong is used to handling multiple currencies safely and efficiently.
Conclusion
Despite all these financial benefits to starting a company, make sure you take due diligence and consult a tax attorney, particularly one that understands international tax law before proceeding. Also understand that rules a jurisdictions can change, so make sure you do your research.
Save yourself from a lot headache and ask as many specific questions that pertain to your situation to make sure opening a company in Hong Kong is right for you. After that, it’s just a matter of days before you have your very own company.
