Company Incorporation and Business Plan – How A New Business Can Be Set Up?

It is good practice to go through the checklist below when you are starting a new business in Hong Kong.

Company incorporation: At the early stage, file your business with the HK Companies Registry. You may file your companyas a Sole Proprietorship, Partnership, or Limited Company. This move would provide you withthe necessary legal protection for your personal assets. It will provide the legitimacy as a legal business entity for you to have no doubt when running the company daily operations with your team. At this stage, outlining ownership stakes and pulling together a founding team is one important step.

Executive summary: You have a business plan. It would have started in your brain, but you will have to write it down. Make it readable. That is the full version of your plan. Now you will also need a simplified version of the plan i.e. an abbreviated business plan for the executives, which is known as an executive summary. An executive summary is a robust sales pitch for your business. It distills each key area of your business down into a paragraph or two for you to communicate with others and convey your business more efficiently.

Elevator pitch: In your business plan, it will have an elevator pitch. The elevator pitch will bea 2-3 sentence description of your idea (or your business).

Pitch Deck: At this point, why not also build the pitch deck? The pitch deck is the modern and ready-to-use version of your business plan. It is typically created as a PowerPoint (for Microsoft Windows users) or Keynote (for Macbook users) file that is readily presentable with all the necessary slides. The pitch deck would tell the story of your business and there is an introduction to main product included.

Website: Develop a website for your business. It is the face to the public through the internet. On the website, there are landing pages for promotion/marketing use. There are also pages that list your services/products. There are pages that show the details of your major products. You should include a contact page, or simply contact details on the website, so visitors may be able to contact your business.

Bios: Create/write bios for the major persons in your company i.e. co-founders, management team, etc. Publish the bios on your company website. This information is to show to other the users (or potential customers) and investors that there are real people who are behind the operations of the company. Being real builds truth in the human world. Spinning off from this aspect would be the company logos, each key person’s business cards, etc.

Financial documents. Maintain and keep a set of financial reports of your business.