A Guide About Starting a Business in Hong Kong
For most entrepreneurs, analysts, and businesses, starting a business in Hong Kong has been a great option for a few years as it offers a broad market. Its liberal economy makes it very easy to set up a business in Hong Kong for a local and a foreigner as well.
It is relatively easy and cost-effective for entrepreneurs and startup companies. Also, if you start your business in Hong Kong, you find the gateway to reach the market of other South Asian countries. So, it is one of the biggest advantages of opening a business in Hong Kong.
Conditions and Exceptions
Earlier, it was possible to start a sole proprietorship company in Hong Kong without having a permanent resident of the city. But nowadays, many rules have changed for starting a business in Hong Kong. You cannot start any company except a limited company by yourself unless you are a permanent resident of Hong Kong. And, if you start your business in Hong Kong, you must have an office and a company secretary based in Hong Kong.
However, some exemptions are good for entrepreneurs. You can start your business even while staying in your home country. You just need to submit your application for incorporation as well as registration through Hong Kong’s 24/7 Companies E-Registry.
Get in touch with an agency of your choice and discuss all the processes by phone calls and Emails. So, it is a great advantage for all those who want to set up their companies in Hong Kong. You also get luxury as you do not need to bear the headache of finding a commercial place and a company secretary for your business in Hong Kong. Several agencies provide the same services. You can take advantage of their services by paying certain charges to them.
First of all, you will have to choose a brand new name for your limited company. Remember! It should be unique otherwise your application for business registration will be declined by the officials. Take the help of your agency, they will surely suggest the best name for your company. After that, you need to submit a copy of your passport, a copy of the official residential proof, and a form with the details of yours and your company.
You also need to sign the Incorporation Form and the Articles of Association for starting a business in Hong Kong. Meanwhile, you must send your original documents to your agency by international courier for confirmation.
Firstly, you need to download NNC1 and IRBR1 form for signing them integrated with the Articles of Association. After that when you will get into the registration process, you will be asked to deposit the business registration fee that is HKD 2000. Before completing the payment, you can choose the registration period of your business as per your choice.
You will also need to pay HKD 250 for the protection of wages on the insolvency fund. So, that’s all you need to know about starting a business in Hong Kong. If you need more detail, you can check the official website of Hong Kong’s business and corporate regulatory body to get in-depth knowledge about it.