Remote company in Asia, is it a good option?
If you are a freelancer or a digital nomad, you may be interested in having a remote company in Asia. Entrepreneurs and business owners that wish to expand their market to this region are interested in finding a legal way to do so. To make a registration in Hong Kong or Singapore sounds like a good idea. If you are living in any of these countries is a plus, but the whole point of having a remote company means that you are not there. So, when will this be advisable?
Let’s also consider how these Asian markets are growing, especially in digital and virtual markets. The Philippines is turning into a hot spot for digital entrepreneurs that wish to expand into Asian markets. For example, it has a growing English speaker community that will enable more opportunities if that is your working language. Businesses are growing into a more global market, and this country is not willing to be left behind!
So, why a remote company in Asia?.
Sometimes things like this can sound like a whim but, if you have a good motive, let’s start! Considering if you are going to start a business or open a new market route to Asia. A remote company is your best option. To hold a company will enable you to produce and sign contracts; deliver invoices and; to connect directly with suppliers, clients and partners.
Let’s choose a country
When you select a suitable country for your business it needs to be connected with your necessities and your geographical closeness. Asian companies will require that you will be present at some point of the administrative procedures. Probably, to open a bank account, or maybe to sign opening documents. You can have a remote company in Asia, but you will need to visit and show your genuine interest in your investment. There is one exception to this rule.
You will have access to some Fintech Solutions, like in many countries. But regular banks will always demand you to be present for the opening. For example, if you were to open an account in Hong Kong, many regulations will be for you. You will be charge with a minimum fee for opening balance is usually required and it can be at less USD 5000.
Opening a remote company in Asia, Hong Kong.
Yes, you can do almost all of your administrative procedures remotely. In Hong Kong, there are a lot of possibilities for you to open a business there. Keep in mind that it is a highly expensive market, and such procedures will be of high cost.
- Chinese and English names, or single Chinese or English name of the company;
- Copies of ID cards or passports of shareholders and directors.
- Living address of shareholders and directors (valid Australian driver’s license is ok)
- The signature scan copy of directors
To open a bank account, you have two options; or you hire a professional team of representatives to help you with a specific bank; or, you will have to travel to Hong Kong. There, the process will be smooth and forward. But, as it appears to be, sometimes bank account can be rejected. This will force you to do the process more than once.
Opening a remote company in Asia, Singapore.
A growing economy in the region, Singapore is currently known for many international businesses. Nowadays, many global companies have decided to set their regional headquarters there. If you were living in the country, you would have noticed how much this has shaped their reality. One crucial feature there is trade and investment turned into opportunities for locals and foreigners.
For all of this, now Singapore attracts global entrepreneurs and leaders, around those in interest. It has been called the most competitive Asian country to start a business. A few of the reasons; it has long been considered one of the best places to do business in the world because of richness; political stability, easiness location to do business, prepared and available labour force, and imposes no dividend or capital gains taxes.
Yes, it sounds fantastic! The thing is that Singapore companies are designed for already company owners. If you are to start your business there, well you should already have a business. When you are going to register, you will have between your choices:
- Subsidiary Company: is designed to be own by foreign companies. It includes 100% of its shares.
- Branch Office; is a registered legal entity which is treated as an extension of the foreign parent company.
- Representative Office: is a temporary setup which enables foreign companies to explore the market or manage company affairs in the city without conducting any profitable business activity.
All of these options present the possibility of having a company in Singapore as long as it is related and own by a foreign company, and the company is created to do business in the country.
What should I do?
Overall, before considering investing in any Asian market, research is mandatory. Anybody who wishes to expand their business there will have to keep in mind the cultural difference as an essential feature. Also, how the economy has been shaped during the past few years. There are a few available courses that are highly recommended for you to start learning on; Economic Transition, Financial Regulations, and Monetary Policy in the Asia Pacific.
The best thing that you can do is to make an informed decision. Hence, keep in mind browsing more about your keen market and perfecting your business plan to adapt it better. Of these two options, the balance seems to be leading to Singapore, but there are enough features to consider investing in Hong Kong too. Learn more about all of this and enlarge your business!