There are several steps that a business owner has to follow to set up their own company in Hong Kong. The first step that should be taken is the identification of a suitable location for the new business. The next step is to ensure that all necessary documents such as a business license and registration are in order before setting up the business in Hong Kong.
Starting up a new business is often the most challenging thing a small business owner has to undertake. How to for a company in Hong Kong? Fortunately, this can also be one of the most rewarding aspects of operating a business, since one has the opportunity to launch a business in one of the most diverse and vibrant cities in the world.
If the business is a sole proprietor, then the company name must be selected following the regulations that govern this type of business. When starting up a business, the name of the company must be chosen by the business owner according to the kind of business he/she intends to run.
Once these documents are in order, it is time to submit the business registration papers to the Hong Kong Trade Registry, following the law. These papers contain details about the nature of the business and the owners.
After this, the business is registered with the Hong Kong Trade Registry in the name of the business. The name of the company must be clearly stated and in alphabetical order. Any business with any other letter or numeral in its name would result in the registration being null and void. If the business is a limited company, then the company name and registered office address should be the same as the name of the limited company.
The registered agent of the company is responsible for submitting tax returns for the business and collecting the company’s monthly and quarterly accounts. How to register a limited company in Hong Kong? This agent has to be a resident of Hong Kong and a resident of the Hong Kong trade registry in the office of the secretary of the company.
Once the business has been established, then it is time to set up an account with an international bank to handle the company’s financial activities. The business should be started as a Limited Liability Company (LLC) because the company is not liable for paying income tax on its profits. Although the company must be able to pay tax on its profits, this cannot be done in the beginning because most companies have very low-profit margins.
As soon as the business is established, it is time to set up a bank account, which can be opened in the Hong Kong Trade Registry. The business must be registered with the local office of the bank as well because the latter will issue a business license to the business and ensure that all relevant documents relating to the business are in order.