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Doing business in Hong Kong: A guide to business registration in 2021

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Hong Kong is positioned as one of the top global cities to set up a business.

Entrepreneurs decide to set their businesses in Hong Kong due to the lucrative business-friendly environment, and low tax regime is the reason why you should consider setting up your business in Hong Kong:

  1. Simple and Low Tax regime : The tax system in Hong Kong is very attractive, and the income derived from within the country is only taxed; no foreign income (import or export) is taxed. The Hong Kong tax system allows entrepreneurs to save costs and maximize profits.
  2. Ease of doing business : This has reflected some good aspects of Hong Kong, especially the streamlined and time-saving company formation process. No government intervention is there unless there are issues of major concern.
  3. A Dynamic and Free Economy : Hong Kong has the freest economy and holds a free trade policy with no restrictions to onshore or offshore investments, no tariff on imports or export, no foreign exchange controls. An economy driven by the principles of free trade, free enterprise, and free markets is open to all.
  4. Location : Hong Kong has the best strategic location and is regarded as the Asian continent’s heart. Its location acts as the best gateway to Mainland China.
  5. Transparent Regulatory Framework : The business environment is supported with distinct but friendly policies for start-ups and entrepreneurs. The provisions of patents, trademarks, copyrights, and IP-related products make Hong Kong a very favorable and appealing business setup.
  6. Infrastructure : Hong Kong has a well-developed infrastructure. Air and Sea gateways have seamless connections, Telecommunication facilities with the state of the art technology, and industrial parks make Hong Kong stand out as the top destination for business. High standard of facilities and convenience, investors enjoy the world-class amenities and reduce the costs of doing business.
  7. Banking Facilities : Hong Kong is the financial hub of Asia. The banking system has been a vital contributor to the economy, and all major banks have been headquartered in Hong Kong. The city is also the largest Renminbi offshore business center and supports worldwide banks to carry out the Renminbi Transactions.
  8. Liberal Immigration Policies : The immigration policy is very friendly and allows people who come to Hong Kong for 180 days to stay without any visa requirement as long as they are not working or earning. Always have the appropriate visa to avoid inconveniences during your stay.
  9. Productive and Robust Workforce : This is a plus as employees are hard-working. This is a win-win situation for businesses with highly trained and highly qualified staff that will leave no gap for progression.

Starting a business in Hong Kong as an ex-pat, it is important to have the correct information and knowledge about setting up a company. The four steps of Hong Kong Company Incorporation you must follow are:

Procedure 1: Select type of company

The first and foremost is to decide what type of company will suit your business needs. The most common formation is either a limited company, Sole Proprietorship, Partnership, or a foreign office such as a branch or a Representative office. The prominent out of these is a private limited company.

You might feel confused when making this selection, and that is where Hong Kong business registration companies can assist you with all your requirements. They are a one-stop shop for you In Hong Kong with offices/associates around the world. They shall be more than happy to offer you a free of charge 1st initial assessment call. After that, you need to fill in our online form providing all the information and documentation and payment of our fees.

Procedure 2: Choose a company Name

There are set up criteria in the Hong Kong government for the naming of companies. Once you have selected a name, you have to ensure that the name has not been already registered; if it has, you cannot use it. For successful company incorporation in Hong Kong, as in other jurisdictions, adapting requirements for a Hong Kong company name is the most essential and initial step. You must do a Hong Kong business registration search to make sure the name is available.

Procedure 3: Determination of company structure

The next step is to decide on the corporate structure of the company you wish to register. There are particular requirements business registration ordinance

That need to be satisfying before you start running the business.

  • At least one director who is a natural person
  • At least one member who can either be a natural person or a corporate
  • The company secretary is compulsory and can be a local person or a corporate
  • A registered address is required for company registration
  • Allocation of the share capital of the company

Procedure 4: Preparation of Documentation and Submission 

Companies shall rapidly prepare the incorporation documents for your signatures business registration office Hong Kong “on” receipt of payment. This will be sent by e-mail, or if you are present in Hong Kong, you can visit our office to sign the documentation. The business registration fee Hong Kong shall be paid on your behalf, of which the costs are incorporated in our price. We shall send you an electronic version business registration certificate and all the incorporation documents.

Business registration companies can also assist you with opening a bank account for the company. They can give you a choice to choose from the list of banks we closely work with; if you have a package arrangement with us, it is all included; otherwise, we have additional charges for this.

If we are opening a bank account for you, you will have to provide certified copies of your business certificates and any other documents that the bank would require.

 

We are a team of writers passionate about innovation and entrepreneur lifestyle. We are devoted to providing you the best insight into innovation trends and startups.

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