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Business Registration in Hong Kong

Singapore

These are some of the best opportunities of business in Hong Kong that may offer you good margins of profit. Some business opportunities you can plan to run in Hong Kong are as follows:

  • Business Consultants
  • Travel Agency
  • Product Sourcing Agent
  • Call Centre Agency
  • Freight Forwarder
  • Manufacturing (Clothing, Bags, Accessories, electronics, tablets, etc.)
  • App Developer
  • Furniture Making and Remodeling
  • EBay or Amazon Seller
  • Shipping Agent

Hong Kong is an autonomous territory, and former British colony, in southeastern China. It’s vibrant, densely populated urban centre is a major port and global finance hub with a skyscraper-studded skyline.

Hong Kong provides a great opportunity for business. There you can earn good profit if your skills are good enough to satisfy the customers.

The economy of Singapore is primarily based on banking and financial services, the electronics industry, the Creative Technology, and the maritime sector; its port is ranked in the premier class in the world in terms of exports and oil.

Hong Kong is a freest economy for which it has a record from last two decades with a minimum level of bureaucracy and restrictions.

Hong Kong is an excellent choice to start up company for many entrepreneurs. According, to government statistics, the number of companies which got registered is around 1,407,750 by end of June 2018.

The Hong Kong government has contributed approximately HKD 5 billion to the technology and innovation Fund in order to encourage venture capital flow to startups. Setting up a company is much easier in Hong Kong then in any other city throughout the world.

Hong Kong is one of the most competitive economies in the Asia-pacific region and ranks 6 th in the world economic forum competitiveness index.

Business Registration Process

So, here is a step by step guide to establish your business in Hong Kong:

    • Determine Your Company Name - The initial step for setting up a new company in Hong Kong is to select he name for your company that can be either in Chinese or English or both. You cannot select the name which has been already used by some other business entity so you have to be careful while selecting the name for your business enterprise. You can conduct an online session at startup portal to know the guidelines for the registration of a Hong Kong company.
    • Choose a Legal Structure for your Business – This step is done after market analysis and research for your Startup. The next step is determining the legal structure for your company before registering your company. Determine structure for your startup based on your company’s needs and requirement. You can consider the below business structures :
      1. Brach Office
      2. Sole Proprietorship and Partnerships
      3. Limited Company
      4. Company Limited by Guarantee
      5. Company limited by shares
    • Register Your Company - You need to register your business with the Companies Registry. The companies Registry is responsible for the incorporation of your company. Most entrepreneurs choose to register and incorporate their companies as a limited company in Hong Kong because of the numerous advantages associated with it. Limited companies have a separate legal entity and offer a protection of personal assets from business risks.
    • Incorporate Your Company – The process of opening a company is relatively straightforward but you have to submit these forms before incorporating your company.
      1. Copy of identification of directors and shareholders
      2. Proof of address
      3. Signed Incorporation form by the authorizing partners
      To incorporate and register your company, you need to pay the applicable fee along with the above documents which are mentioned. You can also submit the form online through Hong Kong’s 24 hour Companies E-registry or you can also submit the hardcopy at the government department at Queensway.
    • Open a company Bank Account – In order to start funding your ventures you need to open a corporate bank account. While the process of opening a personal bank account is straightforward, you will need to prepare more paperwork and documents to show to the bank to open a corporate bank account. Some of the documents that are needed to open a corporate bank account are as follows:
      1. Most of the banks in Hong Kong require the registered address as well as the contact information of the company and its owners.
      2. All documents required and specified in the bank’s application form which includes certification by a company secretary, public accountant, banker or lawyer.
      3. Incorporation documents of the company
      4. True copy of company’s identification documents
      5. Business Plan
      6. Details of beneficial owners for nominee shareholders/stockholders of a company
      7. A certified true copy of the Company’s business registration certificate.
    • Get Permits and Licenses – The next step after all this is to obtain any permits and licenses your specific company or business entity may require. There are many types of permits and licenses that might apply to your business depending upon the nature of services and products you provide. Checkout government websites in order to check which license is best suited for your business.
    • Hong Kong Tax – Hong Kong has a territorial tax regime. In short, there is no profit tax enforced for companies who are conducting their business outside of Hong Kong. Hong Kong has some of the lowest tax in Asia, and in the world. Also there are numerous deductions from which your business will be able to benefit. For more information and updates regarding the rules and regulations for the Hong Kong Tax you can check the official website of government HK.
    • Pensions and insurance requirements – Before starting a new business in Hong Kong, you will need to enroll your employees in an MPF scheme (mandatory provident fund). This ensures that you have a proper policy in place to cover all the employees of your company. In addition you also need to make sure that all the employees of your company that are working as part time or full time, are aged between 18 years to 65 years.
    • Annual Filing Requirements – In order to maintain the success of your company, you are also required to follow all the rules and regulations regarding the annual filing for your company. You are also need to be aware of the deadlines that has been provided by Registry Ministry. The requirements that you need to follow are as follows:
      1. Under the Companies Ordinance (CO), you need to file an annual return every year.
      2. A tax return must be filed to the Inland Revenue Department (IRD) every year, with audited accounts.
      3. The requirements for filing an annual report varies with the type of business structure, whether you are registered Non-Hong Kong Company or a local Limited Company in Hong Kong.
    • Accessing Resources and Funds – As a financial hub for many entrepreneurs, Hong Kong offers grants to small business. If you wish to get funds for your Startup in Hong Kong, below are some of the resources that are available in Hong Kong market which can help you provide funds:
      1. Startup Programs such as HKTDC offer various services.
      2. Entrepreneurs can also meet with Invest HK, a government organization which helps foreign entrepreneurs set up in Hong Kong.
    • Finding workplace for your office – It’s easy to find working place or place where you can set up your office because Hong Kong offers so much flexible workplaces which many new business need at beginning.

    So, these were the steps which can help you set up your business or company in Hong Kong. Starting a company here can be done in matter of days.

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About Exberant

Exuberant advisor are leading International Company Formation and Corporate Service Providers. Whether you’re looking to broaden your business into a new geographical area or minimise your corporate tax bill by incorporating in a tax efficient jurisdiction, we are here to help. We have incorporated literally thousands of companies for our clients. One of the main benefits of using Registration expert is the cost effective pricing that we offer, which is typically only a fraction of the price offered by the large legal and accountancy practices.

Exuberant advisor offers a welcoming environment for foreign investors to start their business in the country. It is a natural gateway for broaden your business in various regions including Europe, Asia, and the Middle East. Exuberant advisor is a leading offshore company registration consultant that enables foreign investors to smooth launch their business project in world. With more than a decade of experience in incorporating and assisting offshore companies across more than 20 jurisdictions of the world, Exuberant advisor is the trusted choice for all the national and international clients.
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