Hong Kong is not only the place to live but also an amazingly attractive business hub for everyone as it provides equal opportunities for large enterprises but also small business investors. Being in the center of business of Asia and gateway to China, the Hong Kong government helps all the residents and non-residents to get started in Hong Kong.
The government of Hong Kong has taken many steps to ease out the investors either small or large. The government of Hong Kong has imposed not only low corporate taxes but also some tax breaks. Hong Kong also has a good reputation for SMEs. To support business, Hong Kong Government has taken the initiatives given below.
Small business resources on the Hong Kong Trade and development website
SME trade and industry schemes
Hong Kong is situated at the center of the region’s most important economies and emerging markets. Hong Kong is also the door for brand entrance into china to start manufacturing there. You can turn any business idea into a real-life proposition. So, get into Hong Kong to register a company. The first process towards a wealthy future is to decide on the type of your company and the name of the company. You can also get support from get started HK in this regard. Following are steps to be taken to start a business in Hong Kong. This article deals with the registration process of a private limited company because most of the businesses are set as private limited companies in Hong Kong,
✔Types of Company
You can have a limited company in Hong Kong. Other options are the branch office and representative office.
The most common type of business that you can start in Hong Kong is a Limited company. You will enjoy all the same business benefits provided by the Hong Kong Government to the residents of Hong Kong. You will also be offered free trade agreement with China.
You can open a branch office in Hong Kong if your company already exists. This branch office will not be independent of the parent company but you can open an office with a distinct set of limitations.
You can open a representative office, not for profit-making sales but this office will be for non-sale activities like support or marketing staff.
Choose the name of your company and before finalizing the name, check if this name is legally available. This is necessary because your proposed company name may be rejected if someone else has already registered this name. You can get support from Hong Kong-registered company's names. Your company name should be either in English or Chines alphabet. A combination of these is not allowed. You can also get support from the Hong Kong Companies Registry.
Decide about the infrastructure of the company like directors, shareholders, company secretary, share capital, and registered address.
Although there are no requirements of directors in Hong Kong but following are some points to keep in mind.
The minimum directors 1 and maximum unlimited
There’s no rule for the residency of the director
Director must not be bankrupt or involved in any illegal activity.
The minimum age limit required is 18 or above.
Directors and shareholder can be the same person
1-50 shareholders at a time.
The shareholder can be resident of any country
The age limit for the shareholder is 18 years or above.
Not only a person but a company can also be the shareholder of any private limited company
3. Company secretary:
The private limited company must hire a company secretary to set up a company in Hong Kong. The role of a company secretary is to maintain a proper record and statutory books of the company and also take care of the statutory requirements of the company.
4. Capital share:
There’s no minimum share capital required in Hong Kong. Minimum capital share HKD 1 and maximum unlimited and bearer shares not allowed.
5. Registered address
For the company registration, it is mandatory to have a local address.
✔Application for a Company Registration in Hong Kong
Following documents are needed to submit in CR Office.
Hong Kong application form for registering the company
Copies of companies documents for corporate shareholders
Copy of article of association
A copy of each Hong Kong ID card for Hong Kong Residents
A copy of each passport and residential address for foreigners
In the CR office, 2 types of applications are submitted. These are given below.
An Application for the approval of company name
Submission of all required documents in CR office
✔Application for business license and certificates