As the number of startup businesses in Hong Kong have increased over the years, so have the number of platforms offering online company incorporation services to accommodate the trend. Compared to their traditional counterparts, online company incorporation services excel in several areas:
- Efficiency – Traditionally analogue processes, such as company registration, can now be completed quickly online. Application forms have been simplified, and many situational company documents can be requested on demand.
- Reliability – An online incorporation platform can set automated reminders for critical deadlines such as an annual return filing, which can significantly reduce instances of non-compliance that carry heavy fines.
- Competitiveness – Traditional incorporation services cost around HK$10,000 to hire. An online incorporation platform can save you up to half of this expense thanks to automation and fewer overhead costs.
There are many online platforms that offer company incorporation services. However, not all platforms are created equal. To make the best decision for your business, you need to know what to look for when choosing a platform. To illustrate, we’ll be comparing the incorporation services of local companies Binery, Osome and Startupr.
Disclaimer – All the information below is based on publicly available information, and we do not guarantee the accuracy or completeness of our reviews.
Online company incorporation services have shortened the time needed to submit and process application forms by distilling the information needed down to several specific questions about the registering business. While virtually all online incorporation platforms share this trait, a good online company incorporation platform makes the process easy to understand while collecting all the specific information necessary to fill in the form.
Startupr’s application process demonstrates this well; the form is divided into steps, and each section is accompanied by concise explanations and recommendations. Options are also prepended with boldly marked prices difficult to miss, leaving no room for doubt on the part of the applicant. The process also takes payments in the form of credit card at the end of the form, or cheques sent by mail for traditionalists.
Osome’s process in contrast lays much of the burden of initiation on the user. The application process begins with an email that requests some details from a company, but does not specify what details they need, nor is there a link to where these detail requests may be. Payment details are not specified on the email either, leaving it up to the applicant to initiate the queries to the company.
Binery’s company incorporation process is similar to Startupr’s in that it involves a concise form complete with brief explanations and recommendations for first-timers. Tabbed sections can be followed by a sidebar, and payment details are also clearly marked. Like Startupr, Binery’s form also has the option to save the draft for later.
A good online company incorporation platform makes the process easy to understand while collecting all the specific information necessary to fill in the form.
Online company incorporation services are typically sold in packages. Some packages will include all the bells and whistles your business might not need, while others charge extra for services that would be considered essential. Some platforms are also guilty of disclosing government fees in the fine print, leaving it up to the user’s diligence to be aware of it. Failing to count the costs now can come back to haunt you later.
It is also not unusual for a platform to cross-sell other services to a client, but the costs for these add-ons are often revealed later in the registration process. For example, Osome offers several add-ons to their online company registration, but the costs for these add-ons are displayed fully on their website before beginning registration. Startupr makes clear that the government fee is not included with their published rate in the fine print.
Binery’s services and fees are all included in a single price, with a breakdown of all the services included.
Documents and Resolutions
Running a company involves many formalities, and a lot of formal documents. The standard opening of a company bank account for example needs the agreement of the company board and a form submission to authorise, not to mention that different platforms may charge additional fees for documents beyond company incorporation. Having a platform that can provide documents for various actions at affordable prices therefore is tremendously useful and greatly impact your overhead fees.
For their part, Osome and Binery include all the documents you’ll need, including complementary legal documents like NDAs and employment agreements, providing the peace of mind you need to run your day-to-day business. Startupr on the other hand, charges individual fees for standard resolution documents, such as change of directors.
A price overview of incorporation services
|Business Registration Certificate||✓||✓||✓|
|Certificate of Incorporation||✓||✓||✓|
|Company Seal/ Stamp||HK$500*||HK$930*||✓|
|Bank Account Opening||HK$3,000*||HK$960*||Included|
|Mail/Digital Mail Forwarding||✓||HK$3,680*||✓|
* Extra charge
Binery Combines the Best Practices on a single platform
At Binery, we feel that a good online company incorporation experience should be easily accessible and affordable to as many startups as possible.
We want to uplift your experience, which is why we’ve taken on this mission to provide the company incorporation experience at a very reasonable price.
With our platform, you can incorporate your company within hours at an affordable rate! Binery is not only user friendly but also versatile, with all the services you need to get your company off the ground.
At Binery, we feel that a good online incorporation and digital company experience should be easily accessible and affordable to as many startups as possible.
With Binery, you can:
- Complete the registration process within 10 minutes.
- Receive your company incorporation documents within a few hours
- Save your application draft and continue later.
- View all your secretarial documents at a glance.
- Generate ownership structure and stock issuance documents.
- Get notified of important deadlines.
We hope you have found useful tips on finding your company name, choosing best business structure, and selecting the right online incorporation platform for starting your business in Hong Kong.
Starting a new business can seem daunting to a newcomer, but with the power of online tools at your fingertips, incorporating your new company has never easier!
Register now to unlock a 10% discount when you incorporate your new venture with us!