Look at the hiring process at Apple or Google for examples of how to do it well. Apply; respond to applications with a request for a phone screen or a rejection letter. Do the phone screen. Those that pass, do a technical interview via FaceTime, then those that pass that, send them to the final round. If you reject anyone during the process, notify them immediately.
Be respectful to the candidates and you will end up with better hires. Don’t treat them like you are doing them a favor: you aren’t.