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Setting Up Business in Hong Kong

Setting Up Business in Hong Kong

Hong Kong is a popular destination for setting up a business due to its pro-business environment, low tax regime, and strategic location. Here's a simplified overview of the process:

1. Get familiar with local organizations and institutions:

  • InvestHK: A government agency that provides free advice and services to help businesses set up and grow in Hong Kong .

  • The Companies Registry: The government department responsible for company registration .

  • Inland Revenue Department (IRD): The government department responsible for tax collection .

2. Choose your company name:

  • Your company name must be unique and not already registered in Hong Kong.

  • You can conduct a name search online through the Companies Registry website.

3. Choose the legal entity of your company:

  • The most common types of business structures in Hong Kong are:

  • Sole proprietorship: Owned by one person.

  • Partnership: Owned by two or more people.

  • Limited company: A separate legal entity from its owners (shareholders). This is the most popular choice for foreign investors.

4. Appoint a company secretary:

  • A company secretary is responsible for ensuring the company complies with legal and regulatory requirements.

  • This can be an individual or a company secretarial service provider.

5. Select a registered address:

  • This is the official address of your company for legal and communication purposes.

  • You can use a virtual office address or a physical office address.

6. Prepare the incorporation documents:

  • These documents typically include:

  • Articles of Association: Outlines the company's internal rules and regulations.

  • Memorandum of Association: Specifies the company's name, objectives, and share capital.

  • Incorporation Form

7. Submit your application to the Companies Registry:

  • You can submit your application online or in person.

  • The processing time is typically 1-2 working days.

8. Obtain relevant licenses and permits:

  • Depending on your business activity, you may need to obtain additional licenses and permits from various government departments.

  • You can find more information on the Business Licence Information Service website.

9. Open a corporate bank account:

  • You will need a corporate bank account to manage your business finances.

10. Keep up with your tax and financial reporting requirements:

  • Hong Kong has a territorial tax system, which means only profits sourced from Hong Kong are subject to tax.

  • The corporate tax rate in Hong Kong is 16.5%.

  • You must file your annual tax return with the IRD.

Additional considerations:

  • Visa requirements: If you are not a Hong Kong resident, you may need to apply for a visa to work or live in Hong Kong.

  • Business insurance: It is recommended to obtain appropriate business insurance to protect your company from potential risks.

This is a simplified overview, and it is advisable to consult with a professional advisor, such as an accountant, for specific guidance on setting up your business in Hong Kong.

How Bestar can Help

Bestar can assist you with various aspects of setting up your business in Hong Kong, leveraging their expertise and streamlining the process. Here's how we can help:

1. Company registration:

  • Bestar can handle the entire company registration process, including:

  • Preparing and filing all necessary documents with the Companies Registry.

  • Assisting with choosing a suitable business structure.

  • Appointing a company secretary (if needed).

2. Business advisory:

  • Bestar's professionals can provide guidance on various matters, such as:

  • Understanding Hong Kong's legal and regulatory framework.

  • Choosing the right business location.

  • Navigating visa and immigration requirements.

3. Business licenses and permits:

  • We can assist with identifying the necessary licenses and permits required for your specific business activity and guide you through the application process.

4. Opening a corporate bank account:

  • Bestar can help you connect with banks and facilitate the opening of a corporate bank account.

5. Ongoing support:

  • We can offer ongoing support with:

  • Tax compliance and filing.

  • Accounting and bookkeeping services.

  • Annual returns and statutory filings.

Benefits of using Bestar:

  • Expertise: Our team possesses knowledge and experience in Hong Kong company law and regulations.

  • Efficiency: We can handle the complexities of the process, saving you time and effort.

  • Compliance: We ensure your business adheres to all legal and regulatory requirements.

  • Reduced stress: By handling various tasks, we can alleviate the stress associated with setting up a business in a new location.

Contact Bestar directly to discuss your specific needs and obtain personalized advice.

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