How to Register a Business in Hong Kong – A Guide
Forming a business in Hong Kong is a complex process. a company needs to have a sound business plan, qualified officers, and the right business structure. While most of these elements can be addressed through general incorporation in countries like England or the United States, it is an altogether different ball game in Hong Kong. The local laws are far more complex, and the legal requirements are daunting.
How to register a business in Hong Kong? In England and the US, it is relatively easy to establish a business. Many communication channels allow entrepreneurs to make their case to the relevant authorities and gain their approval. In Hong Kong, entrepreneurs must complete a comprehensive business plan before they can register a company. Thus, if you plan on starting a new business, it pays to get things straight before you start.
Once your business is established, you are required to register it in the Companies Registry. It is done by the company secretary or by the company registry. If your company is a Limited Liability Partnership (LLP), you will also have to register it in the Limited Liability Company Registry. Either way, the procedures are the same.
The next step on registering a business in Hong Kong agenda is to prepare your business plan. It is the document that describes your business and outlines its objectives. The company’s goals must be clearly stated, and the manner of achieving them is also detailed. Having a clear direction and mission is essential in attracting customers and ensuring that your business receives the appropriate commercial support.
Next, the names of the directors of the company should be decided. The company secretary can help with this if necessary. Once the terms are determined, they should be registered in the Companies Registry.
Next, business agreements should be drawn up. These are contracts between the business and its legal owner. They should cover the payment schedule, each director’s duties, and other important information regarding the company. Once these documents are ready, they should be registered in the Companies Registry.
You will be provided with all the necessary instructions, such as submitting your business plan and the fees required for the service. You will be asked to submit your original signed contract with the company and provide copies of it, including all updated modifications. You will also be required to submit the actual VAT registration number of your business.
The next step in how to register a business in Hong Kong is to pay the appropriate fee. It is done by visiting the registered office. Here, you will be given an application form to fill out. The price varies according to the type of service you wish to avail. It may be as low as five Hong Kong dollars (approximate) for a basic service or as high as one hundred Hong Kong dollars for a premium service. The types of available services depend on the type of business you are planning to set up.
The next step in registering a business in Hong Kong is deciding which type of business. The type of interaction varies depending on the nature of your business and your interests. For example, if you want to open a manufacturing unit, you will need to register a manufacturing team before trading it with other companies. On the other hand, if you’re going to open a restaurant, you need to know the procedures to follow to apply for a business license. In both cases, you will be provided with the necessary instructions by the registered office.
The next step in registering a business in Hong Kong is to decide on your company’s name. The type of character you choose is determined by the kind of business you plan to set up. The registered office can help you with this. You may select between abbreviations, or you may choose to register a name that has already been registered. It is important to note that if you write a business with an abbreviation, the abbreviation must be unique and cannot be used for any other business type.
Once you have decided on the business type, the next step in registering a business in Hong Kong is choosing the location where your company will operate it. Hong Kong has three types of zones – administrative, commercial, and retail. The zone in which your business will use will depend mainly on the type of business you have. If you plan to open a manufacturing company, you will not be allowed to do business at night in a retail zone. If you plan to open a shopping centre, you will not operate it in a residential location.