How to set up a new business in Hong Kong

If you are coming to Hong Kong to set up a new business or perhaps set up a representative office for an existing company, this short video by ServCorp Smart Offices, a global serviced office provider with a presence in Hong Kong, is well worth watching. In the video, John Barclay of Primasia Corporate Services discusses just how easy it is to set up and maintain an office or a business based in Hong Kong with the initial startup requirements being:

1. One director and one shareholder.
2. Issuance of one share of stock worth one Hong Kong dollar.
3. A Hong Kong company secretary and a Hong Kong address.

A company in Hong Kong can be taken from the shelf and fully activated within one week and all that is required to administer it is a simple annual registry return and a tax return supported by audited returns – reasons why Hong Kong is consistently rated one of the most business friendly environments in the world.

Should you rent a serviced office in Singapore?

If you are coming to Singapore to set up a new office or complete a short-term project or you are already in Singapore and your business is in a period of transition, renting a serviced office may be an option that you should consider.

Who should rent a serviced office in Singapore?

In general, you should consider a serviced office if you:

• Are a start-up, a consultancy, a representative offices or a project team.
• Need a temporary space as you plan to change locations soon.
• Want to have prestigious office address in a central location.
• Are unsure as to whether you will need to expand or contract the size of your operation.
• Have a short-term term project and need additional office space.

What are the advantages of a serviced office in Singapore?

There are several key advantages to renting a serviced office when in Singapore, namely:

• There will be little in the way of start-up costs for fit-outs or brokerage fees to pay.
• There will be little in the way of hidden costs that are associated with setting up or running an office.
• Lease terms are more flexible and can be short-term.
• You will likely have an address in a Grade A building in Singapore’s CBD.
• You will have onsite support services such as conference room facilities and admin help when you need it.

What are the disadvantages of a serviced office in Singapore?

However, there can also be some disadvantages to renting a serviced office when in Singapore, namely:

• Rental costs may be more expensive over the long-term.
• You will not be-able to extend your personal brand to your office space.
• There is less visibility for your business as it is unlikely to appear on the building’s directory. 
• Shared facilities may not be available when you need them.
• Some of your customers or clients may perceive your business to be unstable or small.

Rental costs and terms:

Most serviced offices in Singapore will ask you to pay a refundable rental deposit, usually 1-3 months, prior to occupation. Otherwise, the cost of renting a serviced office with vary according to:

1. Location of the serviced office
2. Size of the space
3. Duration of the lease
4. Types of additional services you use

Monthly rental costs will cover basic services/facilities while other additional services that are not covered in your rental fee will be charged on a pay-per-use basis. 

Some final advice:

If you are setting up a new office in Singapore or you are in a period of transition and want a convenient and flexible option for office space, than a serviced office may be the right option for you. However, it is still important to weigh the pros and cons of renting a serviced office, especially for the long term, and to fully understand the terms of the lease that you will end up signing.

Interviews with the CEO of The Executive Centre serviced offices

In these interviews from three years ago, Paul Salnikow, the CEO and founder of The Executive Centre, one of the leading providers of serviced offices, virtual offices and conference meeting room facilities within Asia and especially China, discussed the company’s expansion plans and the general market characteristics of serviced office space - such as how moving into a serviced office during a slowdown acts as a hedge to avoid capital expenditures.

At the time of the interviews, their plans included adding 20 new centers in China and moving beyond the major cities of Shanghai and Beijing into China’s secondary cities. In fact, Paul mentioned that they were already doubling their China network every 3 quarters while the group was already the largest serviced office operator in Hong Kong:

Hong Kong’s Admiralty district: Almost central in Central

Located on the eastern side of Central and bordered by Wanchai to the east and Victoria Harbour to the North, Admiralty owes its name to the former Admiralty Dock in the area which once housed a British naval dockyard. In fact, much of the area was once used by the British military who also built the Murray Barracks, the Wellington Barracks and the Victoria Barracks. However and starting in the 1970s, the British slowly started turning the area over to the Hong Kong government who demolished the docks and some of the other military installations and reclaimed additional land to turn the area into a commercial district with parks (High Court and Hong Kong Parks). They also built the Admiralty Station of MTR to allow easy access to the new commercial district.

Today, Admiralty contains a number of important office and shopping complexes worth noting. These include the Admiralty Centre, British Consulate General Hong Kong, CITIC Tower, Far East Financial Centre, Lippo Centre Towers, Pacific Place shopping mall, Queensway Plaza shopping complex located just above the MRT station and United Centre. Many of these office and shopping complexes are connected to the MRT station via underground walkways allowing easy access to the area.

For business travelers or expatriates seeking either short or long-term accommodations, the Central district itself offers a number of service apartment options. These include the Four Seasons Place Hong Kong, Pacific Place Apartments, The Putman, Shama Central and Shama Hollywood. In addition, for business travelers and expatriates who will be needing serviced offices, the Admiralty and its immediate vicinity offer a couple of choices that includes the One International Finance Centre, the Regus Lee Gardens Centre and the Shui On Centre.

So if you will be needing accommodations or office space that is relatively central in Hong Kong’s Central, look no further than the Admiralty area.

Bangkok’s Pathum Wan district: Something for everyone

Pathum Wan or Pathumwan is roughly located in the center of Bangkok and is surrounded by several other well known districts that include Ratchathewi, Watthana, Khlong Toei, Sathon, Bang Rak, Pom Prap Sattru Phai and Dusit. However, the area is probably best known for its numerous shopping centers and malls which include Siam Center, Siam Discovery Center, Siam Paragon, MBK Center, Bonanza Mall, CentralWorld, BigC Ratchadamri, Narayana Phan, Gaysorn and Central Chit Lom. Here, both tourists and residents alike will find just about everything they might need (or not need for that matter!).

In addition to shopping, the area is also home to a number of notable institutions or attractions worth mentioning. Some of these institutions or attractions include Chulalongkorn University (the oldest university in Thailand), Chulalongkorn Hospital, the Thai Red Cross (home to a snake farm known as the Queen Saovabha Memorial Institute where venom is extracted to produce serum to treat snakebites), Jim Thompson House (home to the American who helped to develop the Thai silk industry), the Royal Bangkok Sports Club (a horse racing track), the National Stadium, Lumphini Boxing Stadium (home to traditional Thai boxing matches), Lumphini Park (the oldest park in Bangkok) and several shrines.

Moreover, Pathum Wan is well served by public transportation with trains to destinations throughout Thailand departing from Hua Lamphong, four subway stations (Hua Lamphong, Sam Yan, Si Lom and Lumphini), the main interchange station (Siam) for the Skytrain, four other Skytrain stations (Chit Lom and Phloen Chit on the Sukhumvit Line and National Stadium and Ratchadamri on the Si Lom Line) and express boats that run along the Khlong Saen Saeb (a canal on the district’s northern border). 

For business travelers or expatriates who need either short or long-term accommodations, the Pathum Wan area is served by a number of serviced apartments that include Fraser Place Urbana Langsuan, Bliston Suwan Park View, Centre Point Wireless Road Serviced Apartments, Centre Point Wireless Road Serviced Apartments, Centre Point Langsuan Serviced Apartments and Chateau de Bangkok. In addition, for business travelers and expatriates who need office space, the Amarin Tower and The Offices at Central World offer fully equipped serviced and virtual offices.

So if you want to live and work in a district of Bangkok that is not only centrally located but also has something for everyone, look no further than Pathum Wan.

Seoul’s Jung-Gu district: Literally the “central district”

Located in the heart of Seoul on the north side of the Han River, Jung-gu literally means “central district” in Korean. In fact, it is the historical center of the city and contains a number of historical and cultural sites such as the Myeongdong Cathedral, the National Theater of Korea, the Seoul Museum of Art and the Bank of Korea Museum along with well known Seoul landmarks such as the N Seoul Tower and a number of department stores, shopping centers and entertainment venues. In addition, several member companies of the Hanjin conglomerate have their offices in the area along with international airlines such as Air China, Hainan Airlines and Air France.

For business travelers and expatriates looking for either short (minimum of one night) or long-term accommodations, the Han Suites Serviced Residences is located at the foot of Mt. Nam San with spectacular views of the city and offers 120 fully furnished and equipped studio, one and two bedroom suites. In addition, for business travelers and expatriates who will be needing office space, the Executive Centre Seoul Finance centre offers 60 offices and 215 workstations along with fully equipped conference facilities that can cater to meetings and seminars for up to 60 people. Moreover, the location offers easy access to all parts of the city via the City Hall Station just a two-minute walk away.

Hence, for business travelers and expatriates coming to Seoul who literally want to live and work in a “central district,” look no further than Jung-Gu.

Central Kuala Lumpur: A true golden triangle

Central Kuala Lumpur includes the old City Centre area where the former colonial administrative center center was based along with Chinatown and an area to the Northeast of this known as the Golden Triangle where many of the city’s shopping malls, office complexes, and entertainment spots are located. Here you will find the major shopping district of Bukit Bintang which contains half a dozen malls along with the shopping streets of Jalan Bukit Bintang, Jalan Imbi and Jalan Sultan Ismail. In addition, the Suria KLCC located just below the Petronas Towers offers upscale shopping and plenty of restaurant options while the Asian Heritage Row offers both restaurant and nightlife options. The entire Golden Triangle and City Centre area is easily accessible via monorail, LRT and the North-South Expressway to the rest of KL and to the airport.

For business travelers and expatriates coming to KL who need accommodations, the Golden Triangle area offers a wide selection of serviced apartment offerings including the Maytower Hotel & Serviced Residences, Ascott Kuala Lumpur, The Nomad Sucasa All Suite Hotel, Citrus Hotel, Lanson Place Ambassador Row and The Maple Suite. In addition, business travelers and expatriates will find the serviced office offerings in the Golden Triangle area to include offerings in many of KL’s most prestigious office addresses including the Menara IMC, Menara Citibank Building, Megan Avenue 1, Central Plaza, Petronas Towers, Menara Rohas Perkasa and Menara Standard Chartered.

Thus, if you want to live and work in the golden heart of KL, look no further the Golden Triangle area in the middle of the city.

Tokyo’s Shinjuku Ward: Where a foreigner will feel at home

For a neighborhood that is not only a major commercial center but also a place where a foreigner will more likely feel at home, Tokyo’s Shinjuku (新宿区) ward is well worth considering as it has the highest number of registered foreigners of any neighborhood in the city. Furthermore, it also the home for the metropolitan government of Tokyo and the Nishi-shinjuku skyscraper business district which contains several of the city’s tallest skyscrapers. For these reasons, its Shinjuku Station is considered to be the busiest train station in the world while in its immediate vicinity are numerous department stores and specialist electronic and camera shops that Tokyo is known for along with plenty of entertainment venues (such as cinemas, bars and restaurants). In addition, located nearby is the Koenji neighborhood which was recently profiled by the New York Times as the area is considered to be the birthplace of Japanese punk rock and a laboratory for local musicians.

For long term business travelers and expatriates who wish to stay in the area, the Oakwood Apartments Shinjuku is conveniently located near the Shinjuku Station and the the office towers of Nishi-Shinjuku. The 140 unit Oakwood offers a high-tech Business Center, a spectacular Sky Lounge with expansive views of the city and stylish apartments equipped with 37" LCD TVs and Bose stereos complete with iPod docking stations. And for business travelers seeking serviced offices, the Shinjuku Nomura is located in the heart of Shinjuku and includes restaurants on the 49th and 50th floors offering spectacular views of the city and even Mount Fuji. In addition, the Regus centre located in the Shinjuku Park Tower is also well situated as the building is situated next to the Shuto Expressway Number 4 and there is a complimentary shuttle bus service to Shinjuku station.

So if you are looking for a neighborhood in Tokyo where you can live, work and feel at home while being at the center of action, look no further than Shinjuku.

Singapore’s Orchard Road: Asia’s Rodeo Drive

Once lined with nutmeg orchards, including one owned by someone with the last name of Orchard, Singapore’s Orchard Road is now the retail and entertainment heart of the city-state. In fact, no trip to Singapore would be complete without spending at least one evening in the area – especially around the Christmas holidays when reindeers and snow topped gingerbread houses are set among the street’s palm trees and flower beds.

Orchard Road’s primary attraction and activity is shopping. Just some of the malls lining the road worth noting include Ngee Ann City (the largest mall on the road which contains numerous upscale boutiques, Japanese department store Takashimaya and Books Kinokuniya - Southeast Asia’s largest bookstore), Wheelock Place (home to Borders bookstore and a Marks & Spencer), Paragon (also home to a Marks & Spencer, a Metro and a Toys 'R' Us), the Hilton Shopping Gallery (branded boutiques) and The Centrepoint (home to a Robinsons and another Marks & Spencer). Furthermore, access to the area is easy via the MRT as there are major stations (Orchard, Somerset and Dhoby Ghaut) in the Orchard Road vicinity while a number of bus lines along with plentiful cabs operate in the area.

For business travelers and expatriates who want to stay on or just near Orchard Road, the Pan Pacific Serviced Suites is conveniently located right next to the Somerset MRT station and offers amenities such as fully-equipped kitchens, world class entertainment systems, a fully equipped gym and hydro-therapeutic spa with a mineral water pool. And for those who will be needing office space in the vicinity, the Ann City Tower B is located above Ngee Ann City on the heart of Orchard Road and offers serviced offices, customized virtual office packages and meeting room space.

Hence, whether you need to shop or are looking for a place to both work and stay, look no further than what Orchard Road has to offer.

Sydney’s Darling Harbour precinct: Live & play

Located on the western edge of Sydney’s CBD and once part of city’s bustling commercial port and rail yards, Darling Harbour and its immediate vicinity were redeveloped into a recreational and residential district and even served as a venue for the 2000 Summer Olympics. In fact, the area in around Darling Harbour includes a number of notable attractions including the Sydney Entertainment Centre (a major concert venue), the Star City Hotel and Casino (the second largest casino in Australia) and the LG IMAX theater (the home of the world’s largest screen). Moreover, Darling Harbour contains numerous shopping, restaurant and pub venues that will keep visitors and nearby office workers and residents alike both well fed and entertained. Furthermore, the area is easily accessible from the CBD by the Sydney Monorail and a ferry wharf provides access via the Inner Harbour ferry services to the Circular Quay and the city suburbs.

For short or long-term business travelers and expatriates, there are currently 50 sqm and 65 sqm one bedroom apartments available for rent. Furthermore, there are a number of serviced and virtual office options available just a short walk or monorail ride away in the CBD.

So for business travelers and expatriates looking for an area to live and/or play that is also convenient to where they work, look no further than what Darling Harbour.

Melbourne’s Southbank neighborhood: Sparkling and convenient

Located just one kilometer south of Melbourne’s CBD and the Yarra River, Southbank was once a gritty industrial area that has been transformed into a sparkling and thoroughly modern high-rise residential and office district. In fact, the area is fast becoming an increasingly popular alternative office district with well known corporate names such as PricewaterhouseCoopers, Fujitsu, and Foster's Group having relocated to the area. In addition, the area now boosts an arts precinct, the Crown Casino and Entertainment Complex and the Melbourne Exhibition and Convention Centre which is located in the newer South Wharf area on the western edge of the district. Furthermore, the area is easily accessible via Melbourne’s famous tram network.

For short or long-term business travelers and expatriates looking for accommodations, the Southbank vicinity offers a number of options that include studio apartments, 1-bedroom apartments and 2-bedroom apartments. In addition, for business travelers and expatriates coming to Melbourne to set up an office, Regus located on the 28th floor at the 303 Collins St. complex offers fully furnished and equipped offices with spectacular views of the city and convenient access to all of the banks, restaurants, and shopping centres that are located in the area.

So if you are looking for a centrally located and thoroughly modern Melbourne neighborhood to work, play or call home, then look no further than Southbank.

Hong Kong’s Wanchai: At the center of it all

Located on the North Shore of Hong Kong Island, Wanchai was one of the first areas of Hong Kong to be developed and hence, it is one of the most densely populated and busiest commercial districts in the city. The area contains a number of historical spots, shopping centers, restaurants, entertainment venues, and skyscrapers as well as the Hong Kong Convention and Exhibition Centre (HKCEC), the Hong Kong Academy for Performing Arts and the Hong Kong Arts Centre.

For business travelers and expatriates needing serviced office space, DIFC Global Hong Kong and the Plaza Business Centre are both located in the 78-story Central Plaza, Hong Kong’s second tallest skyscraper. Both serviced office providers offer fully serviced offices in a building that contains a full range of amenities expected of a building that is one of Hong Kong’s most prestigious and visible office addresses.

For business travelers and expatriates needing long-term (minimum of 1 month) accommodations, Wanchai offers a number of options to choose from. These options include the pet friendly Shama Wanchai which is located in a quiet area just off busy Queen's Road East, the 24-story luxury Eaton House Wanchai Gap which is located in a historical area, the resort style Hong Kong Parkview Serviced Apartments which is located on a hill above 3,000 acres of parklands, the Fraser Suites Hong Kong which is the first international Gold-Standard Serviced Residence in Hong Kong and the V Wanchai which was the winner of the 2007 Asia Pacific Interior Design Award and Best Hospitality Interior of Perspective Awards. All of these serviced apartment offerings are conveniently located near public transportation and major shopping and restaurant venues.

So for business travelers and expatriates who need the convenience of being at the center of it all, Wanchai offers a place to live, work, and play.