Episode #67 – Why Internet Business Owners Should Set Up in Hong Kong

Post image for Episode #67 – Why Internet Business Owners Should Set Up in Hong Kong  

This week, Dan and Ian answer a reader question about Hong Kong incorporation. You’ll learn

  • What Dan and Ian’s HK incorporation experience was like.
  • How much incorporating costs.
  • Why internet business owners should set up a corporation in Hong Kong.
  • Hong Kong vs. Singapore
  • Hong Kong vs. the Philippines

The quick tips will introduce you to a tool that makes your Mac even faster, a tool that makes using your computer at night easier on the eyes and some great podcasting advice from Dan Lyons.

If you want to support the show, check out our first 50 episodes on sale.

Have fun. Leave a comment. Give us a ring. 888-554-8428. Go make it happen! :)

Mentioned:

Quick Tips:

Repost of David Crandall’s tip:

Tip from David Crandall, originally posted at Dynamite Circle, our private community for entrepreneurs.

Remember when Dan & Ian made their list of things they’d “never” do? One of their “never do this” was searching competitors’ sites for any files they have laying around their domain. Customer lists, project plans, ebooks they are charging for elsewhere…that kind of thing.

 

Since they would never do that, they would also never want to use this bookmarklet either. Clicking on it while on a site opens a new tab and Googles the entire domain (regardless of how deep you were into the site) for any of the following file types:

  • PDF
  • DOC
  • TXT
  • XLS
  • MP3
  • ZIP

I would also “never” do this and would never have a few HUNDRED megabytes of files from doing this. Nope, no sir. Never.

 

Which means I didn’t rush right out and create this bookmarklet code or that I now use it multiple times a day every single day whenever I visit a new site (make sure to remove any line breaks that the forum might add):

javascript:var domain=location.href.replace(/^.+\:\/\//,”);domain=domain.replace(/\/.*$/,”);domain=domain.replace(/^.*\.(?=.+\.)/,”);window.open(‘http://www.google.com/search?q=site:’+domain+’+filetype:pdf OR filetype:doc OR filetype:txt OR filetype:xls OR filetype:mp3 OR filetype:zip’);

 

INSTRUCTIONS: I wish I could figure out how to just make this a draggable link, but alas…I could not; javascript does not like to play nice with HTML in forums. To use this code, right-click on your bookmark bar and select “Add page”. Give it a title (mine is called File Search) and paste all of the the above code in italics in the URL section. Then visit a site and give it a try…or rather don’t. Nope, you shouldn’t do that at all.

 

Call us with your questions or comments at 888-554-8428.

Episode length: 26:44

Download options:

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Published on 08.11.11
  • Brad West

    Episode 62 left a lot of questions about why someone, especially an American, would want to have a Hong Kong Corp. But this episode made clear a lot of those questions. Thanks for bringing it up again.

    It would be really sweet to get one of the guys from Greenback Tax Services on the show to talk about the tax details of off-shore businesses.

    • http://www.tropicalmba.com Dan

      Thanks for that Brad. Yeah I’m going to have David on the program, every time I meet up with him we end up hanging out and drinking beer, I’ll try to get down to work one of these days. Also seeing if Crandall has some support for you on that browser widget thingie. 

  • http://twitter.com/alexwmurphy Alex Murphy

    Loved the podcast.  I couldn’t get David Crandalls File Search script to work.  Nonetheless another useful tool can be found here:  http://www.yougetsignal.com/tools/web-sites-on-web-server/ it allows you to see what other domains are hosted on the same server. Cheers!

    • http://www.tropicalmba.com Dan

      Thanks for the shout Alex…. great tool here too! I’ve used similar as well and gotten some good information. Haha don’t think DC expected to be doing software support, handy little tool but some listeners having trouble with it. Easy to duplicate with site: search but tool is handy. I’ll shout ya on the blog if we figure a fix. 

  • http://twitter.com/createyourgood Matt

    Hey Dan and Ian, I am loving this weekly podcast thing as yours has got to be one of the most down to earth, no crap podcasts out there. 

    Looking at the fees on Jumpstart for setting up a Hong Kong corp, it is dirt cheap and seems like a no brainer for the security and tax benefits it offers.  However do you have any idea about what the ongoing costs for running this corp are from a government fees and charges perspective?  Thanks

    • http://www.lifestylebusinesspodcast.com/ Ian

      Matt, I don’t have an exact figure but it will cost you probably around $100-300 USD to maintain the status yearly.  You need to factor in the cost of a secretary, someone to file you taxes, a local address and phone number if necessary, and gov. fees.  We haven’t filed taxes yet and won’t until next year so I don’t have a figure.

      • http://www.tropicalmba.com Dan

        That sounds about right. It’s way cheaper than I would have though, primarily because this is such a common bundle of services in HK. They’ve got huge scale and efficiency and keep the costs for entrepreneurs low. 

        • http://twitter.com/createyourgood Matt

          Thanks Guys, really appreciate the info!

  • http://twitter.com/Yemoonyah Yamile Yemoonyah

    Awesome episode! learning more and more about setting up in HongKong. I do have one question though. Do I have to physically be present in HK to set up a Corp or LLC and get a bank account? I know you guys went there but I did not think it is a requirement, is it?

    • http://www.lifestylebusinesspodcast.com/ Ian

      Yamile, you do not have to be present in HK to set up the corporation, all of the paperwork can be mailed.  However you do need to show up in person to open a bank account, based on my understanding there is no real way around that.

      • http://www.tropicalmba.com Dan

        Thats my understanding as well. 

  • Michael Murphy

    Cool, thanks for fielding my question guys.

    You brought up an interesting point, which is a comparison
    of benefits between using a HK Corp and a Singapore based company.  I’ll have to look into that further.

    Thanks again, good episode!

    • http://www.tropicalmba.com Dan

      Cheers Michael… appreciate you supporting the show. 

  • http://www.adventurecapitalist.net Wille

    I love your

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