Guide to Set Up a Company in Hong Kong
There are many advantages to setting up a business in Hong Kong. One of the most important beings is one of the fastest-growing global business markets. The combined annual revenues of China and the UK add up to over US $3 trillion, and this figure is only going to increase in the years to come. Therefore, the potential for growth in business in Hong Kong is high.
Companies can be registered in Hong Kong under the Companies House (HC); it is an offshore legal entity where all the company’s official documents are kept to set up company in HK. All the information in the register must be accurate, and a company director must be a qualified person having a personal guarantee from the government. Besides, there are several other requirements, such as a business license and commercial invoice. It is also required to ensure no conflicts of interest because all the directors will have representation, either individually or through a professional body. The documents can also be sent through fax, which makes registering the company much faster than on the mainland.
Setting up a business in Hong Kong is not difficult, and the following steps are pretty simple to follow. The first step is to choose the name of the new company. The words can be selected by keeping the business’s location and nature in mind; for instance, a restaurant could be named after its location or the services provided.
The next step is to choose the business line. There are two types of lines available, and these are open and closed, and the business can be operated in either of these formats. Another option is to register a limited liability company, abbreviated as LLC, which is the simplest way of doing business in Hong Kong. Besides, the Companies House will provide you with the necessary forms and guidance for the company’s registration. These are just a few of the requirements you will need when you set up a Hong Kong company, but many others.
You must understand the rules and regulations for the type of business you wish to set up. You can get all the information from the Companies House or even from your financial institution. You can also contact the Companies Registry, located in the Secretary of State’s Office, which deals with many registrations. Another good source of information is the internet, where you can find numerous resources.
Once the registration has been completed, you have to apply to clearing the legal documentation. It can take several months, depending on the number of documents you have to submit. It is also when you will have to pay the registration fee, which is usually non-refundable. The Companies Registry can give you more information about the submission of the application. Once the documents are verified, you will receive a registration certificate, and your company will be ready to go.
Setting up a company in Hong Kong is not difficult, and once you receive all the requirements needed by you, it will be a piece of cake. You have to set up a company and register it at the Companies House. You then have to open a bank account for the benefit of your customers. Most importantly, you have to advertise your company, and you have to hire a registered agent who can help you in the entire process.
After receiving all the documents necessary for your company to register, you must apply for the company permit. It is very time-consuming, and the forms you have to complete are different from the normal ones. Make sure that you hire a professional to assist you in achieving these applications. The agent should be able to help you obtain all the permits you need in Hong Kong.
set up company in HK