Hong Kong is a pillar of capitalism, and it has made a name for its low tax rates and supportive administration. For about two decades, Hong Kong has adopted pro-business policies and transparency in its government systems that make it easy for businesses to excel. So, if you are thinking of growing your business offshore, registering it in Hong Kong will be a great idea.
This post is a comprehensive guide to doing business in Hong Kong. Keep reading to understand everything that you need to run a successful company in Hong Kong.
Registering a Company in Hong Kong
The first step when it comes to doing business in Hong Kong is company incorporation. This process is defined in the Companies Ordinance, which outlines the documents and the process to follow. The main requirements for registering a company include a resident company secretary, articles of association, copies of passports of directors and shareholders, company address, and company name.
Company Incorporation with the Help of an Agency
Notably, most people find registering a company in Hong Kong on their own a major challenge and expensive. For example, preparing major documents, such as the articles of association, is never easy for people without a legal background. To address the challenge, the best option is to use an agency of experts.
Agencies are registered firms that are allowed by the Companies Ordinance to help foreigners register companies in Hong Kong. They are run by experts with a lot of experience in company registration and can help you to do the following:
- Do name search on your behalf.
- Prepare all the documents required for company registration.
- Serve as your company secretary.
- Act as your Hong Kong address.
- Cut the cost of company registration because you do not need to fly to Hong Kong for company registration.
Post-Company Registration Requirements in Hong Kong
After registering your company in Hong Kong, you need a few more things to do before commencing operations. The most notable is a bank account, a key requirement to help you get paid and pay bills. We must indicate that unlike registering a company with an agency, you will need to travel to Hong Kong when opening a bank account. Other requirements include:
- Preparing the Significant Controller’s Register (SCR).
- Applying for a business registration certificate (BRC).
- Additional licenses where applicable. If your business is in education, manufacturing, financial services, insurance, and medicine, additional permits and licenses might be required.
Working with Experts in Your Hong Kong Business
To propel your business in Hong Kong to success faster, it will be a great idea to consider bringing an agency of exerts to help you. The best idea is to bring the experts early enough to help with both registration and growing our enterprise. Here are some of the activities that experts can help you with to grow your business in Hong Kong:
- Filing annual accounts.
- Accounting.
- Applying for a business registration certificate.
- Preparing, maintaining, and updating the significant controllers’ register.
- Drawing your business operation’s strategy.
Opening a business in Hong Kong is like giving it a strong boost, meaning that your chances of success will be very high. To make the process easy and effective, you should consider working with an agency of experts. It can help with company registration and other important activities, such as filing annual returns and crafting a good strategy.