Hong Kong takes the sixth position in the competitiveness index of the World Economic Forum. It is one of the economically competitive countries in the Asia-Pacific region. It has a minimum bureaucracy and a low level of limitation and hence forming a company in Hong Kong is an excellent choice for entrepreneurs.
You need to follow some steps to start a company in Hong Kong. With the assistance of Hong Kong Corporate Service Provider, 3E Accounting Hong Kong; you can easily incorporate a company in Hong Kong:
Set The Name Of Your Company
It is the first step in starting a company in Hong Kong. The name of your company can be either English or Chinese or both. You should be aware of patent and copyright issues while selecting the name of your company. You should also be familiar with the registration guideline of companies in Hong Kong to understand better setting up companies in Hong Kong.
Select Business Structure For Your Company
It is the next step after naming your company. You should be careful to choose the business structure as per the requirements and needs. This is because all the commercial activities such as operating a business, filing taxes, etc. all depend upon the structure of your business.
The common company structure in Hong Kong are as follows:
- Sole Proprietorship.
- Branch Office.
- A company limited by shares.
- Limited company.
- A company limited by guarantee.
The actual registration is a mandatory step to start a company in Hong Kong. The company registry has a major role in incorporating your company in Hong Kong.
A limited company is the choice of company for many entrepreneurs due to lots of associated benefits. These are separate incorporation with a minimum of business risks and safeguards personal assets. Also, the legal and commercial activities are simpler in the limited company as compared to other business entities.
There is much less effort to start a company in Hong Kong if you have the following documents:
- Copy of valid ID of shareholders and directors
- Evidence of address
- Document of incorporation form signed by legal bodies.
Along with these forms and documents, you need to pay the required charge and register your company.
You can process these documents at the government department, Queensway. On the other hand, you can submit them through an online process. HK secretarial services can help you to prepare and process these forms to the respective department, leaving you stress-free.
Make a Corporate Bank Account for Your Company
You should prepare some documents and submit the paperwork to open a bank account for the company. Here are the documents you should mention:
- Contact information of the company holder.
- Valid address and contact information of the incorporation.
- Documents and forms required by the bank’s guidelines should be submitted either by banker, secretary of the company, lawyer, or company holder.
- Forms of company incorporation.
- Valid documents of identification of the company.
- Business plan or financial statements, for proof of the company.
- A valid copy of the registration certificate of business.
These are the basic steps to start a company in Hong Kong. To sum up, you should arrange all the required legal documents and keep up with Hong Kong’s jurisdiction.