Welcome to the first Hongda Business Services Roundup of December! It has been a year of ups and downs for China, with Xi Jinping's first state visit to the States and promises of increased trade and cooperation, to the stock market collapsing and the manufacturing sector shrinking to new lows.
It has surely been one to remember, but it isn't done just yet. Join us as we cover the last month of 2015, and this week we are going to kick it off with posts that include:
- Foreign Company Guide To Starting A Business In Hong Kong [FREE eBook]
- IMF approves yuan as a major world currency
- Is it still possible to open a HSBC business bank account in HK?
- Boom in Internet of Things devices draws more hardware start-ups to Hong Kong
1) Foreign Company Guide To Starting A Business In Hong Kong [FREE eBook]
Great news for those of you who are interested in starting a business 
in Hong Kong!
Whilst Hong Kong is as close to a Western country as you'll find in Asia, there are still a lot of differences and new issues for foreign companies to contend with before setting up shop there. Starting something new and unfamiliar without enough information may result in problems and difficulties further down the line.
Wouldn't it be great if there were a way to be better informed about Hong Kong company registration and the subsequent running of a successful business there before starting the process?
If you don't have local contacts to give you the low-down, then Hongda Business Services have got your back! We have put together a FREE guide book for foreign companies in your position.
Keep reading to see what's covered...
2) IMF approves yuan as a major world currency
The decision on Monday by the International Monetary Fund (IMF) Executive Board to include the Chinese currency RMB into its Special Drawing Rights (SDR) basket has won widespread applause.
IMF Managing Director Christine Lagarde announced the decision on Monday noon after the vote by its executive board.
She said the board decided that RMB met all existing criteria and, effective Oct 1, 2016, the RMB is determined to be a freely usable currency and will be included in the SDR basket as a fifth currency, along with the US dollar, the euro, the Japanese yen and the British pound.
She explained that the date of launching the new SDR basket next October is to provide sufficient lead time for the IMF, its members and other SDR users to adjust to these changes.
Lagarde called the decision "an important milestone in the integration of the Chinese economy into the global financial system."
3) Is it still possible to open a HSBC business bank account in HK?
Registering a Hong Kong company requires one to open a business bank account (as it is part of the registration process). This whole process, however, has been made a tad more difficult in recent times for individuals hailing from certain countries (see list below) due to the implementation of anti-money laundering policies by the Hong Kong Monetary Authority (HKMA).
Despite these measures acting as somewhat of a barrier to entry for some people, it is STILL possible to open a HSBC business bank account in HK. Join us as we take you through what this will entail below...
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4) Boom in Internet of Things devices draws more hardware start-ups to Hong Kong
A smart device for air conditioners to help keep pets cool in Hong Kong’s sweltering summer, a wearable metronome and a gadget that bestows on its wearer a personalised sound are among the increasingly colourful catalogue of products being rolled out by local hardware start-ups.
A global boom in connected gadgets has seen a rising number of related hardware start-ups base their operations in Hong Kong to use the city’s laws, financing and logistics as well as its proximity to manufacturers in southern China to get their products onto the market.
That it for this week's edition of the Hongda Business Services Roundup! Please let us know about any of your thoughts regarding some of the topics we recapped this week in the comments below, or let us know about any other topics you'd like for us to cover.
Hope everyone has a great weekend and that you catch us again next week for more of the news that matters in our world!
Looking at starting a business in Hong Kong?
Click below to download our FREE eBook to discover everything you need to know about business in Hong Kong, the types of companies one can set up there, and how to stay compliant!
