Hong Kong is a great place to start a business. It has one of the most competitive business environments in the world, with one of its chief advantages being its transparent and efficient legal system.
Hong Kong’s economy is driven by exports, which account for over 90% of its GDP. Hong Kong’s major export partners include China (30%), United States (13%) and Japan (8%).
Step 1: Choose your business structure
There are numerous business structures available in Hong Kong, and you should choose the one that is appropriate for your company. For example, if you are planning on having more than one person as a partner or director in the company, then an LLP (limited liability partnership) may be best suited for you. If not, then a sole proprietorship or partnership would be better options.
A limited liability company (LLC) offers protection against personal bankruptcy if the business goes under. It also provides tax benefits such as reduced corporate tax rates compared with other forms of incorporation so it’s worth considering this option if you want to start your own business!
Step 2: Register for a Hong Kong company name
You can register company in Hong Kong. You will need to check to see if the name is available or not before you can proceed with registering it. There are two types of registration: limited time and unlimited time. A limited registration means that your company’s name will expire after a certain period of time, while an unlimited registration allows you to keep using it indefinitely.
The name must be in English or Chinese. Names containing numbers or symbols may not be allowed as they could confuse customers and other parties involved with your business dealings, so make sure these details are taken into account when choosing what goes on your new company’s signboard!
Step 3: Apply for an Employer Identification Number (EIN)
To apply for an EIN online, you’ll need to provide some basic information about your business and enter some additional details about its operations. You can also mail in your application if you prefer not to go through the process online or want more time to complete it before submitting it. Once all of this information has been provided, the IRS will issue your company with an EIN within 7-10 days of receiving their application so don’t worry if things take longer than expected!
Step 4: Open a bank account in Hong Kong
- Open a bank account in Hong Kong
A business bank account is an essential tool for running your company, and you’ll need one to manage your finances in Hong Kong. The first step is to choose which bank you want to open an account with: HSBC (Hongkong and Shanghai Banking Corporation) or Standard Chartered Bank are two popular choices among foreign businesses. Once you’ve decided on a particular financial institution, visit its website and fill out their online application form for opening a personal or corporate account, depending on what type of business entity was registered during registration stage 1 above. You will need:
- a copy of the HKID card used by all individuals residing in Hong Kong;
- a passport photo taken within six months prior;
- proof of address such as utility bills or bank statements showing proof that this address belongs only to yourself/your company;
If everything goes well during this stage, congratulations! You now have everything needed in order to start doing business here safely.”
Step 5: Choose a registered office and official address of the company
Registering a company in Hong Kong equates to Company Formation in Cyprus. The registered office is the place where your company is incorporated, while the official address refers to the location at which your business will be registered. These two can be one and same location or different locations, depending on what suits your needs best.
The registered office must be located within Hong Kong but does not have to be where its activities take place (for example: if someone wants their business entity registered in Hong Kong but operates from London). The official address must only be within Hong Kong territory; however, this does not mean that it has to physically exist at this physical location!
Step 6. Obtain the necessary licenses & permits to run your business
- The licenses and permits required for your business will depend on what type of business you’re starting. In general, though, these are the types of licenses and permits to look out for:
- Business Registration Certificate (BRC) – This is an official document from the Registry of Companies confirming that your company exists. You can apply for it after registering your company with a solicitor or at any post office in Hong Kong. Once you have it, keep it safe! It’s very important you’ll need it if ever there’s any confusion about who owns what assets within your organization, such as when someone wants to sell their shares or resign from the board.
- Sales & Purchase Tax Resale Number (SPTRN) – If you plan on buying goods wholesale or selling them retail through online sales platforms like Alibaba/Taobao Marketplace or eBay/Amazon Prime Merchant Services (AMS), then this license will allow those transactions without incurring additional taxes on top of standard sales tax rates**
Takeaway. This guide will help you register your own company in Hong Kong.
- Hong Kong is home to many multinationals.
- The low tax rate and stable economy make it an attractive destination for entrepreneurs and investors alike.
- The excellent infrastructure makes it easy for you to live here as well as work here – whether you’re looking for a property or want to open up shop, the city has everything you need!
We hope this guide has helped you understand the steps involved in registering a company in Hong Kong. We believe that there is no better place to do business than here, where you can enjoy not only low taxes but also easy access to markets around the world. If you have any questions or would like more information on anything we’ve covered here today, please don’t hesitate to contact us!