Hong Kong is a great put for business visionaries and businesses. Because it has a very good location. It is a top choice for everyone who is looking to enhance their businesses. 

Hong Kong is the best option for business because of its location, low taxes, and strong legal rules. If you are from a local place or another country, there are many advantages to starting a business in Hong Kong. 

In this article, we will discuss how to register a company in Hong Kong in simple and easy steps.

Why Choose Hong Kong?

Hong Kong provides different advantages for new businesses. If you are going to start a new business in Hong Kong, you must know about its benefits:

• Ideal Location

The best place for trade and business nowadays is Hong Kong. It is close to China and other Asian countries. That is why, it is easy to connect with customers and suppliers of other countries.

• Business-friendly

The government of Hong Kong provides a suitable environment to start and run a business. They have simple and easy rules and regulations to help in growing the business of entrepreneurs. 

• Free Trade

There are no restrictions on importing and exporting goods to other countries. Because Hong Kong believes in free trade. It provides a very good environment for trading. 

• Transparent Legal System

The legal system of Hong Kong is good and easy to understand for every business owner. You can easily trust them that all rules and regulations are applied equally to everyone. 

• Low Taxation

Hong Kong has low taxes on business entrepreneurs. It means you can easily get the money that you have earned with hard work. 

• Access to International Markets

All customers and businesses can easily connect with you from all over the world. Because Hong Kong is a worldwide city.

If you are going to begin a trade in Hong Kong, this is an incredible choice for you.

Steps to Enlist a Company in Hong Kong

Following are the steps to register a company in Hong Kong:

1. Choose a Company Name

If you want to start a new company, firstly you have to decide its name. You can check the name on the Companies Registry’s website. You can select a one-of-a-kind title for your company. This name should not match with any other company’s name. It also must not have any bad word that gives a bad impression on your customers.

2. Decide the Company Type

You have to decide the type of company that you want to run or start. Most of the individuals select a private restricted company. Because it gives more benefits like you can easily get your funds without any difficulty or restrictions. You also need one director and one shareholder for your company. They can be from any other nation in the world.

3. Prepare Documents

You will need these documents to start or register your company:

• Incorporation Form: This form contains information about the company name, address, work, share money, directors, and shareholders.
• Articles of Association: It contains the rules to start or run a new company. You can use the standard one or make your own.
• ID Documents: It needs copies of IDs for directors, shareholders, and the company secretary.

4. Register Your Company

You can register for your company by an online process or can go to the Companies Registry office. The online method is quick, simple, and secure. It takes about an hour.
However, the physical procedure can take up to 3 or 4 days and is slow and tough.

5. Get a Business Registration Certificate

Once you register for your company, you can get the certificate from the Inland Revenue Department. It takes about the period of one month. It is important to run your business and will be renewed every year.

Procedure After Registering Your Company

Here, we will examine the handle after you will enroll your company in Hong Kong:

• Business Registration

You have to buy the Business Registration Certificate after applying for your company’s registration. It costs about HKD 250 per year.

• Open a Bank Account

You should open a bank account for easy transaction of your funds. It needs:

•  Certificate of Incorporation
•  Business Registration Certificate
•  IDs of directors

• Pay Taxes

Hong Kong charges a tax of 16.5% to every business. You ought to make a record of the annually assessed returns or paid records. You have to keep every record safe for your convenience. An assessment advisor can offer assistance to you in this respect.

• Hire Employees

You should follow every work law of Hong Kong. 

Must provide written job contracts, so everyone can participate in business. Follow the rule of minimum wage and work hours. You should pay into the mandatory provident fund. Also keep your workplace safe and secure for every worker.

Conclusion

To start a company in Hong Kong is very easy and beneficial for every entrepreneur. This content will help you to know the steps to set up a company in Hong Kong.

If you know about the advantages of setting up a company in Hong Kong, how to choose the right company type, and also follow the steps of registration, you will be able to build a successful business and become a company owner in this world of businesses.