Honk Kong has been a place loved by entrepreneurs and you must be thinking why people love to start their company here? Prominence of the city is one thing that makes it a perfect place for business. Honk Kong is a financial center with free port. If you are planning to set up your business here then the process can be quite complicated, especially if you are not aware about the key issues like visas and taxes.
Nevertheless if you have planned to start a business in HK then all these complications can be taken care off. You can browse and collect information or check out the government website and read tips and details about starting a company in Hong Kong. Adequate knowledge will make the process smooth for you.
Setting up or starting a business is not easy, especially in Asian countries. You need to have enough knowledge about the local business world. Understanding the local business culture will not just help you settle down but will also help your company grow. Company registration Hong Kong has options. You can either start a new company or merge with an old already existing business.
You can take experts help for registration of your company. Getting local experienced staff or consultant is also not difficult in Hong Kong but still if you are planning to start a business you need lot of time and money. Time you will need to plan business strategy which can make your company successful and also to understand all the important points for setting up business in Hong Kong.
Getting visa for starting a business in Hong Kong is not difficult. You can start a fresh one with new trademark or merge with any of the existing business. Either way you can enjoy and be the boss of your business. Most of the people in Asia can get visa for Honk Kong except for residents of mainland China and some other nations like Cuba and Lao.
Once you are ready with your visa and business plan company registration Honk Kong is easy. You need to get the application form and fill in with the details required which includes your education and professional qualification. Any small mark of offense in past can be the reason for declination of your registration form. So it is always better to check all these things before filling the application form. Jaywalking and loitering is also considered as serious crime in Honk Kong. Your business plan should be good and it should help in the growth of the economy of Hong Kong for registration.
Like any other work visa you need a sponsor for setting up company in Honk Kong. The person whom you select as a sponsor must be a local resident and should be above 18 years of age. You can download the application from the government website or check with an expert for help and support. Once the form is with you, make sure to read it properly and fill it properly with all details. You must also provide all the supporting documents needed before submitting the form for registration of the company.
Anyone who is 18 years old can open a company in Hong Kong. As a lot of people who have started their business in that age in Hong Kong would say, this early opening comes with its definite advantages. In spite of being a relatively-smaller counterpart of mainland China Hong Kong offers a whole heap of advantages for interested entrepreneurs and businessmen looking for a start in this Asian country. It has the ideal business environment where companies are able to flourish. In spite of being small, the talent base in this country – this includes people who are originally from Hong Kong and ones who are from abroad but have come and settled here and are now working – is commendable indeed.
The legal system in Hong Kong is second to none. The laws of taxation here are also really good. They are simple and thus easy to understand and implement. The infrastructure of this island country is great as well, something that bodes well for any new or established business. In fact, a lot of experts are of the opinion that if companies are looking to expand their business in Asia then they should give Hong Kong ago.
Hong Kong is also great for companies that are looking to reduce the taxes that they have to pay on the profits that they make. This is why as a growing business one of the best decisions you can take is to get your company registered in Hong Kong. Registering a company in Hong Kong can be described as a twofold process. First of all, you need to get the name of your company approved. Secondly, you need to put forward an application for registering your company in the said territory. When it comes to names of companies it may be English or Chinese or you may even have names in both the languages.
This is one of the most important guidelines for registering your company in Hong Kong. However, you need to be mindful of the fact that your company name is not a synthesis of both. It should have only English or Chinese characters. In case you want to use a Chinese name you should use the New Sai Ming font, which is the norm in these cases. This font has traditional characters used in Chinese and is also employed in ISO 10646 international coding standards. In case of English, the name of your company should end with limited. Your Chinese name should also have the same characters.
Expand Your Company Registration Under Hong Kong Jurisdiction
Forming offshore companies under any jurisdiction takes into consideration a lot of factors. We are here to help you register offshore companies under a variety of offshore jurisdiction. The choice is yours. But if you ask us, we would recommend company registration in Hong Kong.
First, we should have a rough idea what an offshore company is. In simple terms, an offshore company is one which is registered in a country other than in which you live. The companies registered in your home country are known as Local Companies. So why register as an offshore company? The following are the reasons –
- Enjoyment of Low Tax or Free Tax Business.
- Protection of Privacy.
- Allowance to engage in special kinds of businesses.
- Expansion of business outside the purview of your home country.
Local businesses can also be run with offshore registration but with some limitations in some cases. Basically having an offshore registration adds an extra advantage to the company.
Offshore jurisdictions are actually the countries which allow the registration of offshore companies like company registration in Hong Kong.
Of the various offshore jurisdictions we help offshore companies register under we suggest company registration in Hong Kong.
Why Hong Kong?
Before we dive into this, we should consider a few factors while choosing an offshore jurisdiction. The factors to be considered as follows –
- Tax consideration
- Protection of Privacy
- Bank Opening
- Trust arrangement
- Legal and political systems of the jurisdiction
- Fee structure
- Processing time
- Simplification Process
- The reputation of the jurisdiction.
As already mentioned, we recommend, company registration in Hong Kong or company formation in Hong Kong. Let us look into the reason from every point as mentioned above –
- Hong Kong is using a territorial tax system, which means only businesses done in Hong Kong are taxable. The businesses carried out outside Hong Kong are legally tax free!
- The privacy law doesn’t allow companies to give out client details without the permission of the clients, which is otherwise chargeable under the criminal law.
- Being an important financial centre, it is easy for companies registered under Hong Kong jurisdiction to open banks anywhere in the world.
- Under the trust arrangement, for business reasons, we can provide nominees directorship and nominees shareholder through trust law of Hong Kong.
- Hong Kong uses the UK legal systems, though it is a part of China.
- The fee for company startup is comparatively low than other jurisdictions.
- With the help of Online Registration System, company registration can be processed in hours avoiding a lot of unnecessary delay. Only an online passport copy has to be submitted and the registration will be complete in a few hours.
- As Hong Kong is an international well-known financial centre, it is easy to get contracts order if use Hong Kong company to sign contracts.
So after considering all these points, company registration in Hong Kong is highly recommended if you are looking to register under an offshore jurisdiction.