Digital Nomads March 1, 2020

Book on creating and running HK company

rmamba

Started working on this last year to sell it as sort of a manual for people that are looking to form a Hong Kong limited company and do business.

The most difficult thing to achieve is opening a business bank account. Especially remotely from EU.

I describe my experience with forming and running a new HK startup as a digital nomad.

million $ question is would ppl be interested in this book at all?

answers to what questions would you like to find in the book?

  1. 2

    How about a comparison between setting up a company in HK vs setting up one in Singapore? Pros and cons for both countries? This topic could merit its own book! 😀

    1. 1

      I can do more research on Singapore companies and compare them, sure. Only did basic stuff coz I settled for HK one soon after research.

      1. 1

        That's great! Looking forward to learning what you discover!

  2. 2

    Q: How is a HK company better than an EU one

    1. 1

      Two main reasons why I opened it in HK even when I already have a company in EU:

      1. Company profit tax is lower.
      2. If you don't live in HK you don't pay any taxes on your salary (as company owner).
      1. 2

        Point number 2 is not accurate. You're supposingly paying taxes on your income in the country where you reside in general.

        1. 0

          Point 2 is meant for paying tax to HK on salary.

          Your comment is also wrong because you assume all countries collect taxes on world income ;)

          1. 2

            That is why I said "supposingly" and "in general". I got a company in HK as well, and used to live in China so I know that all countries do not necessarily collect taxes on income coming from oversea. I'm not criticizing you, I am trying to provide extra information on the context cause every situations are different and your comment could be misunderstood by readers who might think we do incorporate in HK because it is a tax heaven.

            1. 1

              I agree. There are pitfalls you want to avoid going this path.

              Biggest mistake, I heard, you can make with HK company is to apply your company for 0% tax as all of your income is from outside of HK.
              But then the gov. cracks down on you with million questions you need to answer with the help of auditor, which is not cheap.

              So unless you can afford 0% tax you are better off just paying regular tax on the profit. Which, to be fair, is lower than most countries. And in HK they even halved the tax if your below thresh hold.

              But my plan is to just pay profit tax and not go the 0% tax rabbit hole way.

              Maybe you can share your experience on that since it looks like you had your company for many years?

  3. 1

    I would be interested in buying a book like that for about $10USD, assuming there's around 100 pages of content, and links to current resources. Also, your marketing would need to establish your authority on the topic.

    1. 1

      It should be enough material for 100 pages. Marketing for authority would be expensive :) I rather set the price a bit lower to sell more books and spread the word that way, assuming of course ppl find it useful and would recommend it further.

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