Do you want to expand or start a business abroad? Hong Kong has for many years stood out as an attractive destination because of its business environment. It is an international financial hub with over 30 banks having their branches in Hong Kong. As a special administrative region, the operations are independent of mainland China. This has been utilized as a special opportunity to create the best business environment in the entire world.
Pros of running a business in Hong Kong Special Administrative Region
- Opening a Hong Kong business is very easy compared to other places in the entire world.
- The business tax rate is 0% if you will be dealing with offshore operations.
- The banking system is very effective with very little or no interference from the government.
- It is a great start for businesses that want to get access to the huge market in mainland China.
To enjoy all of these benefits, you must take the first and perhaps the most important step; registering a business in Hong Kong. If you are asking how to register a business in Hong Kong; the process is easy and relatively fast. With a business, you will be able to start operating immediately and get all the profits you have always imagined. Here is an account of how to register a business in Hong Kong and start operating immediately.
You will need to have the following document to apply for a company formation in Hong-Kong.
- Copies of travelling passport
- name suggestions of your company
- Business address
- Secretary and her residence in Hong Kong
For your registration to be successful, you will require about two weeks. Remember that the department of company registration may ask for additional information if it deems it fit for your registration process.
The company address and resident secretary
To consider your application when registering a business in Hong Kong, you must get a physical address. Like other metropolitan areas, you can look for a physical office, share with existing company or use a virtual address.
If you opt to use a virtual office, an agency can help you to get the most important things to factor, including secretary services, mail collection & scanning services, phone answering services, meeting rooms, business lounge, and a dedicated office. If you use an agency, you will be advised and assisted in getting all the above and even more.
Carry a company search online to pick a name that is unique
To help your brand look unique and make marketing easy, the department of registration insists that your business must be unique and different from others. To do this, you can visit the business registry database and run a search.
While some people argue that you can buy a shelf company that has already been registered; the process is not without its demerits. First, you are limited on name selection and the process of changing the details is very tedious. The input and time will be equal or more than registering a completely new company.
Using an agency to register your business
One good thing about registering a business in Hong Kong is that you can complete the process and operationalize the company without going there. All that you need is an agency that will carry all the processes for you. After selecting a good agency, you will be required to submit all the documents and requisite fees for faster registration.
Because agencies have been in the same type of operations for a long time, your chances of success are higher. You will be assisted to get all the documents in order, get a secretary, address, and even run the business for up to one year. Here are the documents that the agency will send you in two weeks after completing the registration process;
- Certificate of Incorporation
- Business Registration Certificate
- The articles of association
- The certificate of share ownership
- The book of decisions of the assemblies
- The two stamps of your company
Remember that once the business has been set up, you will be required to open a bank account. Most banks insist that you have to be physically present so that they can see you and get all the info they want. By registering a new company, the process is very fast, and you can start the operations as soon as the bank account has been opened.
