SetupHK unveils HK$1 company setup scheme to lure startups

SetupHK has rolled out a HK$1 company establishment programme to attract entrepreneurs to set up new businesses in Hong Kong by lowering the entry barriers and reducing the financial burden for startups.

The programme is a strategic response to the current economic challenges and reflects the company's commitment to the local entrepreneurial community, said Marx Chan, director at SetupHK.

"We believe that by lowering financial barriers to entry, we can stimulate a wave of innovation and entrepreneurship to drive economic growth and resilience. Our goal is to empower every Hong Kong entrepreneur and provide them with the tools they need to succeed, rather than burdening them with excessive initial costs," he added.

The exclusive services offered in the programme include a selection of precise company names and types in accordance with the "Guideline on Registration of Company Names for Hong Kong Companies", laying out the foundation for successful business operations in Hong Kong.

In addition, the programme offers convenient document preparation and submission since clients only need to provide the most basic initial information, and SetupHK will prepare and submit all necessary registration documents.

Meanwhile, clients will promptly receive the official registration and business certificates once the submitted documents are approved, followed by customised services to ensure the acquisition of any necessary additional licenses or permits is in full compliance with Hong Kong's regulatory framework.

In response to the global anti-money laundering regulations, SetupHK will help accelerate the account opening process and provide ongoing support to ensure the business can operate without delay, leveraging its strong banking relationships in Hong Kong.

MARKETING-INTERATIVE has reached out to SetupHK for more information.

Don't miss: 136 family offices mull setting up or expanding business in HK, says treasury chief

On the other hand, 136 family offices are preparing or have decided to set up business in Hong Kong, according to the city's treasury chief Christopher Hui. 

In a written response to legislator Adrian Ho, Hui disclosed that out of the 136 family offices, 82 are from the mainland, 13 from the rest of the Asia, 27 from Europe, nine from the Middle East, four from Oceania, and one from North Africa.

Meanwhile, the dedicated team of Invest Hong Kong, under the Commerce and Economic Development Bureau, has assisted 64 family offices in setting up or expanding their businesses in the city, according to Hui.

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