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In compliance with the policies and regulations of Hong Kong Bank Ordinance, all director(s), shareholder(s), beneficial owner(s) and nominee(s) must present themselves in Hong Kong at the bank to open a business bank account.It takes around around 15 working days for the account to be approved and activated.So you may have already been wondering why this blog is specifically focused on HSBC (Hong Kong and Shanghai Corporation Limited) and now I am going to tell you why.
A business plan isn’t written once; it’s a living document that you return to periodically to help you spot potential pitfalls before they happen.
A business plan should contain your overall vision for the business, its objectives, the marketplace, its funding, people and products, as well as any additional elements that are specific to your marketplace.
Your competitors will be offering them a product or service that is the same or very similar to your own, which means they may become your customers too.
Researching your competitors can ensure that you learn from their successes and avoid any mistakes they have made.
If you will operate from a physical premises then location is crucial; if you will operate online then an understanding on how people interact across digital channels is paramount.
There are various things you will need to consider when researching your target market: You should also research your competitor's customers.
The initial deposit required to open the account is 10,000HKD.
The bank will deduct a total of 500HKD from the balance for fees including the service charge.
A good business plan will let you structure your finances efficiently, show potential investors the strength of your business, and focus your efforts on developing your business.
Typically a business plan has a three-year forecast which acts as a roadmap for your future growth.