i think the cost may not be very high if u decide to setup a website company in hk.
1. register a company - can register a sole prop. business. even a foreigner can do that.
2. can use virtual office as u don't really need an office for your staffs at the beginning. i suggest u choose a virtual office in hk island as many big design firms are in hk island.
3. get a few freelance web designers contacts. outsource the task to them when you get a job?
hey.. are u still interested in setting up a web design company in hk? I run a design/manufacturing company in HK. I am looking for someone who can develop web applications. But it's been hell finding the right company. So now thinking about hiring staff to develop what I want.. john