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A Toothsome Business – Set Up a Dental Clinic Business in Hong Kong
Want to know how to set up a dental clinic business in Hong Kong? 3E Accounting spills the beans on what you need to know.
Both general dentists and dental technicians service dental clinics in Hong Kong. For instance, they perform services such as oral hygiene, extractions, implants, and cosmetic procedures, amongst others. It is an essential service industry, and as such, the duty of care is higher. Entrepreneurs seeking to set up a dental clinic business in Hong Kong must follow very stringent rules and regulations.
Starting a dental clinic business in Hong Kong can be both exciting as well as daunting. There are many processes involved, requiring a significant investment of resources. Your first consideration should be on your company structure and company incorporation. As a dental medical practitioner, the following clinic structures are viable:
Take over an existing clinic – due diligence and background checks are essential; may save on time and money as the necessary facilities are already in place
Start a partnership – necessary to choose a compatible partner; workload, liability and investment can be shared
Go at it solo – gives full autonomy; finance and lack of support may be a problem
The next step is to incorporate your company with the HK company registry, which includes:
- Sole Proprietorship or Partnership
- Private Limited Company (PLC)
- Company Limited by Shares or Guarantee
If your business is new, then you will incur costs such as:
- Purchase of equipment & supplies
- Hiring of employees
- Setting up management systems
Of these, licensing is an extremely crucial issue and should be made one month before starting your business. Firstly, as the business owner, you must be a licensed and qualified medical practitioner. You must also be registered with the Medical Council of Hong Kong (MCHK).
Secondly, as of 2021, a clinic license must be applied for by all clinics under the Private Healthcare Facilities Ordinance (PHFs). Your business must adhere to the Code of Practice (CoP) of the Standards for Medical Clinics, which include, amongst others:
- The physical condition of the premises
- Clinic management systems
- Infection control
- Contingency plans
Licenses will also be needed for specific equipment such as irradiating machines, etc. All you license approvals will be based upon final on-site inspection of your clinic premises after renovation. It is essential to engage professional interior designers who have experience in clinic renovation and design.
Finally, do consider how you will be branding and marketing your dental clinic business. In Hong Kong, medical practitioners are required to abide by specific advertising rules. The safest way to make your brand a household name is by word of mouth. By consistently ensuring good practice and management, there is an excellent opportunity to grow your business.
Open Your Doors to a Great Venture
When you think about how to set up a dental clinic business in Hon Kong, you should also think about outsourcing. Hiring a professional firm such as 3E Accounting will make the whole process easier. This will allow you to optimise your time and focus on your business.
Contact 3E Accounting today and let the experts guide you on the most viable business solutions.