Add dry instant yeast to warm water. Stir and set aside for ten minutes.
To a large bowl, add sugar, vegetable shortening, salt, heavy cream, egg, boiling water, and yeast mixture and stir to combine.
Incorporate a little bit of the milk bread flour slowly into the mix, then stir. Alternate between stirring and adding flour until you add a total of 4 cups of the milk bread flour.
Turn the mixture on your work surface and knead for a few minutes. Place into a bowl and cover with a washcloth to let the dough rise, approximately 2 hours and up to 24 hours.
Once your dough has risen, roll it out until it is 1/4 inch thick. You can cut them into squares or use a Mickey cookie cutter for the right shape.
Place your beignets on a parchment-lined baking sheet and let rest for 1 1/2 hours.
Pour vegetable oil into a deep pot to a depth of 3 inches. Heat oil to 360 degrees (F).
Carefully drop the dough into the oil. Cook each side for about 2-3 minutes until puffed and golden brown. Flip them in the oil using a long-handled slotted spoon and just gently press on one corner of the beignet.
Remove beignets with a slotted spoon and transfer to a plate lined with paper towels.
Generously drizzle with honey and dust with powdered sugar.