How to Open a Company in Hong Kong
340,000 small to medium businesses currently operate in Hong Kong. And for good reason. From the tax incentives to its free economy, there are countless entrepreneurial incentives to run a startup company here.
Are you thinking of doing exactly that but feel unsure about how to get started?
Well, you’re in the right place. Today we’re going to detail how to open a company in Hong Kong. Keep reading!
Decide the Legal Structure
Assuming you’ve already decided on your company name and run an in-depth market analysis, the first key step is to choose the legal structure of your business.
Choose wisely! Whether you set yourself up as a Branch Office, a Limited Company, or a company limited by guarantee, this decision impacts everything from how you file taxes to how you conduct the business itself.
The next step is to register your company with Hong Kong’s Companies Registry. Before incorporating, though, you’ll need to submit various forms (alongside a fee).
These forms include proof of address and a signed incorporation form from the authorizing partners and a copy of your shareholders’ and directors’ ID documents are also required. Be sure to seek professional support if you’re unsure how to proceed.
Acquire a Company Account
Companies of any size need a designated business bank account from which to manage cash flow and fund the operation.
In Hong Kong, the process of opening one demands further paperwork to be completed! Before you visit a bank, then, make sure you have a registered address for your business, certification from a corporate secretary, and your incorporation documents (alongside anything else specified by the bank in question).
Obtain Official Permits
Many businesses must have official licenses or permits in order to operate in Hong Kong. Having registered the company and opened a bank account for it now’s the time to apply for them!
Do some research to see which, if any, apply to your operation and how to acquire them. It’ll be different for everybody, but both government websites and advice from attorneys can be useful sources of information.
Enroll Your Employees in an MPF
Do you have employees working for your company already?
If so, it’s your legal responsibility in Hong Kong to enroll them in the Mandatory Provident Fund (or “MPF”, for short) scheme. This guarantees that you have an adequate and appropriate policy in place to cover them in case of an accident.
Time to Open a Company in Hong Kong
There’s no shortage of reasons to open a company in Hong Kong nowadays. The trickier part’s figuring out how to do it!
Know the struggle? Well, we hope the information above has helped. Keep these steps in mind and it shouldn’t be long before you’re running a successful Hong Kong company.
Now, the insights in this article should provide a useful starting point in your bid to grow a thriving business. But there’s much more to learn! Browse the “Business” section of the website to further your understanding of it n