Due to Hong Kong’s importance as a free port and as a large financial center, thousands of foreign business people and entrepreneurs choose this region as their main hub of interest to. The process to register company in hong kong comes with huge benefits for any type of company.
Benefits of Setting up a Hong Kong Company
Here are some of the benefits you can leverage by getting a Hong Kong corporation:
– Quite inexpensive: for around $600 you can have your company within weeks.
– Hong Kong is ruled by British law
– This region offers global recognition
– Hong Kong enables you to further dive into the Chinese market and enjoy business opportunities many businesses only dream of
– You can start a company from another country, without having a physical address in Hong Kong
– A company in Hong Kong comes with special privileges: the corporate tax for transactions outside of Hong Kong is 0%, having a company gives you access to a multi currency bank account and many other benefits.
Registering a Business in Hong Kong
Even though many companies claim that opening a business in Hong Kong is not such easy, the truth is that setting up a company in this financial center is a piece of cake, mainly because the government has a very easy, quick and affordable online process. Additionally, there are many agencies more than willing to help you with all the documentation needed. For around $400, most of these agencies can take care of everything and can help you save precious hours applying online and gathering information about your company.
The Process of Setting up a Company in Hong Kong
The process of setting your business in Hong Kong is straightforward and quite simple. However, first off you need to select what type of company you want to open. You can choose from a limited company, sole proprietorships, branch, representative office or partnership.
For small-scale businesses, a sole proprietorship is the best hk business registration choice. For medium-sized enterprises, a limited company works best. For large corporations and franchises, a subsidiary or branch is the natural choice.
When applying for the company, you have to provide the following details of each director or partner: nationality, passport details, name, residential address and percentage of shares (if any). You also need to have a bank account at HSBC, DBS, China Bank or others.
You then need to go to http://www.cr.gov.hk/en/home/index.htm, go to forms, then specified forms and then select the right type of form that complements your business type. After you fill in the form and sent it online, you need to pay the fee, which can vary from HK$6,200 to HK$6,500, which is around $800 USD. You then need to wait for up to 2 weeks until they come back to you with an answer.
Sometimes your form might be rejected for various reasons, and you won’t get a full refund. In order to avoid these unpleasant situations, it is wise to work with an agency. For $400 extra, it is worth letting them do all the hard work instead for you. Set up your company in Hong Kong today and change the face of your business.