Considering economies of the world, the huge strengths and the amount of businesses done by huge corporate companies Hong Kong is a quite a big business hub as well. Many companies have sprung up in Hong Kong where business is flourishing and people are becoming more prone to do businesses through their own setups. The best part about Hong Kong is that Cantonese might be the language used here but when it comes to business then English is all you need besides the calm and status quo city ambience. The setup process is very fast, easy and affordable. To set up your own company, you could engage a company registration agent in Hong Kong or you could set it up by yourself.
Different countries have different requirements in order to setup a new business. The 5 needed requirements for setting up a company in Hong Kong are given below
- Identifying The Domain and The Name
It is important to know what type of company you are setting up whether it is a limited single company, a branch and parent company or a representative office. The company name is also something which is very important to decide since this should not be same as any of the names that are already registered by the Registrar of Companies.
It is also important to decide the company structure to know which share has weight and which share has a corporate body. The company should have one director and at least one company secretary whereas the director cannot be the secretary simultaneously where the secretary should be living in Hong Kong or be a Hong Kong resident.
The next step requires incorporation with the Hong Kong Companies Registry (CR). The company incorporation form includes business registration as well which can be submitted online through the 24-hour service which is then processed after proper fee payment within one hour. The manual submission however takes four working days to get the Certificate of Incorporation and Business Registration Certificate.
On the other hand, the fee for company and business registration varies and can be found online as well.
This requires registering the business with the Business Registration Office of the Inland Revenue Department. This has been provided along in the above step for a simpler process through which this fee is paid as well. After the fee has been paid, the online and paper processing takes 1 hour and 30 minutes at the counter respectively. A post may however take four days to reach though.
- Bank Accounts
Providing the above acquired certifications, you can open up a bank account for your business now. You can choose any bank here where it will itself provide you with the other document requirements that might be need and that might vary as well. This mostly means minimum deposit amount, business information and identity and residence information to stay in compliance with Hong Kong’s anti-money laundering guidelines.
- Finding an Office
While there are many office areas found but you can choose any location from the main corporate area or lease in addition to using serviced or virtual offices available too.
Hence these five steps can easily get your setup going in no time at all. If you need professional help in setting up a company for you, you could contact Corporate Hub, a Hong Kong company specialized in Hong Kong company formation.