Hong Kong is a natural first step for Irish entrepreneurs eyeing expansion into Asia. With a business-friendly environment, world-class infrastructure, and a familiar legal system, the city offers a smooth entry into one of the world's most dynamic regions.
But where do you begin?
This guide walks you through the essential steps to setting up a business in Hong Kong—demystifying the process from registration to hiring, taxation, and beyond.
1. Registering Your Business: Quick, Online, and Straightforward
Setting up a business in Hong Kong is fast and efficient. Most Irish entrepreneurs choose to incorporate as a Private Limited Company, the most flexible and internationally recognized structure.
Key steps:
Company name approval via the Companies Registry (can be done online)
Submit incorporation documents, including:
Articles of Association
Form NNC1 (for new companies)
Business registration application
You can complete the entire process online in 1–2 working days, especially when using a corporate services provider.
Cost:
Incorporation fee: ~HKD 1,720 (€200)
Business registration fee: ~HKD 2,000 (€230)
Registered address and company secretary (outsourced): ~HKD 3,000–5,000 annually
2. Opening a Bank Account: Be Prepared
Hong Kong’s banking sector is world-class, but opening a business account can be more time-consuming due to strict compliance and AML rules.
Recommended steps:
Prepare detailed documentation (business plan, ID, proof of address, company docs)
Choose between traditional banks (e.g., HSBC, Standard Chartered) or virtual banks (e.g., ZA Bank, Airwallex)
Schedule an in-person meeting (if required) or opt for a virtual onboarding provider
Tip: If you're not physically in Hong Kong, some service providers can help facilitate account setup remotely.
3. Work Visas and Hiring: Bringing Talent to Hong Kong
If you plan to relocate or hire non-Hong Kong staff, you'll need to apply for relevant visas.
Common routes:
Entrepreneur Visa (Start-up Visa): For business owners setting up in Hong Kong. Requires proof of solid business plan, financials, and local job creation.
Employment Visa: For hiring skilled professionals.
Top Talent Pass Scheme: For high-income individuals and graduates from top universities.
Local hiring is straightforward. English is widely spoken, and Hong Kong has a well-educated, international workforce.
4. Taxation, Accounting, and Audit: Low Rates, High Transparency
Hong Kong is one of the most tax-friendly jurisdictions globally:
Key highlights:
Corporate Tax Rate: 8.25% on first HKD 2 million of profit, 16.5% thereafter
No: VAT, capital gains tax, dividend tax, or withholding tax
Territorial Basis: Only profits sourced in Hong Kong are taxable
Compliance:
Annual audited financial statements required
Companies must file Profits Tax Return and Employer’s Return
Many Irish businesses use a local accounting firm to handle submissions
Tip: The tax year runs from April 1 to March 31. Plan your incorporation date accordingly.
5. Office Space and Virtual Solutions: Flexible Options for Startups
You’re not required to lease a physical office to start a business in Hong Kong.
Your options:
Virtual Office: Provides address, mail handling, and receptionist services (~HKD 2,000/year)
Co-working Spaces: Ideal for small teams or visiting founders (WeWork, The Hive, The Executive Centre)
Traditional Office Lease: Common in Central, Wan Chai, and Kowloon for scaling operations
Tip: If you're applying for a visa, having a registered local office (even virtual) can strengthen your application.
6. Practical Timeline & Resources
From decision to operation, you can be up and running in under 30 days, assuming prompt document preparation and bank account setup.
Suggested timeline:
Week 1: Choose structure, begin incorporation
Week 2: Open bank account, register for tax
Week 3: Apply for visas (if needed), secure office or virtual address
Week 4: Begin operations, marketing, and hiring
Why This Matters
Having clear, step-by-step guidance reduces the uncertainty of international expansion. For Irish entrepreneurs, Hong Kong’s ease of doing business, familiar legal framework, and strategic position make it an ideal springboard into the region.
With the right preparation—and the right partners—you can hit the ground running in one of Asia’s most efficient and opportunity-rich economies. Ready to get started?
Woodburn Accountants & Advisors is here to help. We specialize in supporting Irish entrepreneurs and SMEs set up and scale in Hong Kong and across Greater China. From company formation and banking to visa applications, accounting, and market strategy—we’re your trusted partner on the ground.
Woodburn Accountants & Advisors is one of China’s most trusted business setup advisory firms.
Woodburn Accountants & Advisors is specialized in inbound investment to China and Hong Kong. We focus on eliminating the complexities of corporate services and compliance administration. We help clients with services ranging from trademark registration and company incorporation to the full outsourcing solution for accounting, tax, and human resource services. Our advisory services can be tailor-made based on the companies’ objectives, goals and needs which vary depending on the stage they are at on their journey.