Monthly Archives: December 2013

HONG KONG: Another Biomedical Hub

If you are looking to extend your biomedical company, Hong Kong could be the perfect venue for you. The exceptionally advanced healthcare organization of the city offers many favorable circumstances, at the same time the briskly developing markets in Mainland China and some more parts of Asia serve profitable potential for expansion in future.

Pharmaceuticals and Biotechnology

The cosmopolitan healthcare structure in Hong Kong demonstrates an appealing market for pharmaceutical and biotech companies. High class clinical services, the consequences of which are acknowledged both by Mainland Chinese and international drugs registration authority, help fascinating the domestic clinical research and the third party operators to Hong Kong.

InvestHK’s Innovation & Technology group can serve realistic assistance to pharmaceutical and biotechnology companies desiring to establish in Hong Kong.

Healthcare and Medical Equipment

Medical equipment and device organizations in Hong Kong become good partners for joint venture manufacturing or contract Medical because of Hong Kong’s powerful allowable protection for any intellectual property. As the electronic content of equipment and medical devices remains increasing, the industrial base of powerful electronics in the Pearl River Delta facilitates manufacturers to step in to a more citified and creative market segments.

Medical Services

The immense professional standards of its medical personnel and the extensive use of advanced healthcare equipment and technologies make Hong Kong very popular for this category. With enhancing medical tourism and aging population, Hong Kong’s standard as a healthcare hub for the region is safe. To allow further expansion of the medical services area in Hong Kong, the government has reserved four places for private hospitals to be operated.

Traditional Chinese Medicine

The Traditional Chinese Medicine is an expeditiously developing field, with increasing international appreciation and understanding. Hong Kong has proved itself as a hub for the application and modernization of Chinese medicines and an impulse to grow and develop the industry is very strong here. Particularly, Hong Kong has led evidence-based and scientific research into various regions of modernized Chinese traditional medicine and is still developing Chinese medicine products for the international and domestic markets.

Facts about Hong Kong’s Medical infrastructure

Hong Kong’s per person healthcare expenditure is found to be one of the highest in Asia. Infrastructure and research funding is operating to support R&D schemes by biomedical companies. Highly experienced, most lingual and tech-savvy workforce is available to lift the business as well.

Industrialization in Hong Kong

Hong Kong’s industrialization dates back when it was known for light consumer goods that any other region would as well do. With competitive spirit, rigorous research and zeal to stand out, Hong Kong is now the regional giant and the control centre for both local and international manufacturing firms. Just a reminder, it is an hour drive from the great Pearl River delta (GPRD).

In the last three decades, most manufacturing companies moved from Hong Kong to the low economy regions where labor and cost of raw material were low, for instance, southern China. Today, the reverses have been created and companies are proffering Hong Kong to those regions owing the Hong Kong’s higher up to date value functions. They include, but not limited to, proto type production, Research and Development, supply chain management, Marketing and business development, technology and software services among many others.

The city is ideally located for such businesses and professionals to supervise and monitor source trading and manufacturing at the Pearl River delta region which is immediate north of Hong Kong.

The town’s excellence is present in the areas of logistical services and high performance in production management due to which, the city has been listed as the sole major exporter of light consumer goods in the Asia pacific region. Such goods may include; jewellery, toys, electronics and accessories, textiles, and finished clothes among others.

Due to the city’s logistical ease of doing business, many industrial international giants have moved their international operational centers, regional offices and global head quarters to Hong Kong. Companies like BASF, GE, Nissan Infiniti and Liebherr are enjoying great benefits and more in the packages of simple tax systems, free economy, effective transport, intellectual property protection, proximity to China’s mainland and many more in Hong Kong.

The city has the population that need to drive the industries in, since the vast population has technical knowhow in various fields. The energy source is reliable, constant supply of power generated locally for both industries and other support services in the industrialization process.

The effective and reliable transportation network makes both transportation of the raw material to the factories and the transportation of finished products to the market both locally and internationally. The whole of South East Asia is easily accessible from Hong Kong and owing to the city, being the management area for the manufacturing industries in the Pearl Delta region where, you can easily get what you want.

Company Type and Name

First thing first! Decide company type first and then name of your company.

Company Types:

In order to provide you a roadmap here are types of companies:

Limited Company:

Among the most common types of companies, one is limited company.  Having a limited company in Hong Kong, means that the owner is able to get full advantage of tax benefits and special considerations. Concessions are available for fully incorporated businesses, not only this but (CEPA) Closer Economic Partnership Arrangement and a free trade with Mainland China as agreement.

Branch of a Parent Company:

A company located outside Hong Kong, but intend to have a place in Hong Kong’s business then the company should have to registered as a “Non- Hong Kong’s Company” within a month. Unlike limited companies, the branch office will not be considered a separate part (legal entity) from parent. It will have the authority to leverage funds of its owner.

Representative Offices:

Such type of offices can’t be engaged in profit-making actions, but can perform limited function for the company. These offices can play a vital role if any company is interested in exploring the Hong Kong’s market trends before stepping in with huge investments. If the company is willing to enter in business transactions, then there is a legal obligation; the company has to change the company type as limited or branch office.

Company Names

Don’t forget to search for limited companies indexed names before choosing your company’s name. This is because of the law that companies cannot choose the same name that is appearing in the index records maintained by Registrar of Companies. Search indexed names online via Companies Registry’s Cyber Search Centre.

Company Structure

There are many limited companies in Hong Kong that are private companies, actually limited by their shares.

There must be at least one director and one secretary of the company else only a director cannot be considered a secretary too. For secretary, there is a restriction that he/she should be a resident of Hong Kong. If secretary is any corporate entity, then it should be registered as well as located in Hong Kong. For director, there is a flexibility of being a non-Hong Kong’s inhabitant.

This is obligatory that the company’s registered office must be situated in Hong Kong.

Shareholders are not restricted to be local and a sole shareholder can play his part as a director.

 

Provision of Government Schemes for Achievement of Commerce

There are a variety of schemes premeditated to assist abroad and confined people to live in Hong Kong contentedly. These are declared as
• Incubator schemes
• Mortgage assurance
• Resources for advertising
Incubator programs
According to this scheme, people can gain office location and place in finance rates along with discussion and monetary support programs. Provision of HK$100, 000 funding for SMEs is also performed by the Design Smart Initiative for completion of designing projects. DIP programs are also provided proper support in the matter of office location and designing with professional capabilities. Hong Kong’s Cyber port is managing this program for the support of those people which have creative minds and ideas to perform in the business.
Financial aid for apparatus and advertising
The SGS is offering support for safety of HK$12 million loan that is imperative for adjustment of business. The EMF assists firms to contribute in abroad presentation and trade assignment and to place B2B promotion. It can subsidize up to 50 percent of accepted disbursement, up to HK$50, 000 per submission. The SME mortgage assurance scheme can present assurance reporting of 50–70 percent on mortgages up to HK$12 million. The Create Smart Initiative is presenting monetary maintain to SMEs in the resourceful productions, donating them to manufacture their product through contribution in abroad presentation and contest. Provision of financial aid is also an important and supprotive programs for success of all kinds of commerce. The government is offering proper knowledge and support in this matter; businessmen can gain this help and make their professional life winning and succeeded in the market place. Through these programs, people can promote their business and live in the society with accomplishment by attaining high communal and financial success in the market place.
Technology and Innovation funding
The ITF is providing assistance for business to promote their equipment and introduce inventive thoughts into their commerce. The SERAP presents subsidy for R&D of machineries that can be conveyed to promote contained by two years. With this technique, people can gain proper information about their business and relevant rules because this is helpful to make business promotion essential and certain. The use of technological innovations is a favorable option for all businessmen but this matter should be treated with proper awareness of these resources. This technique is helpful to make success certain in the business without any doubt and reservation in the social order.