How to open your business in Hong Kong?
The beginning of the business in Hong Kong becomes simpler than ever. The reason is quite a liberal legislation, transparent taxation system and government acceptation of new business doers on its territory. We advise you to look throwing the rules, laws and necessary information how to open a company in this region. Look up here to start doing your business now.
Business in Hong Kong
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1. Choose your best business model in HK
First of all, you need to choose the proper way for your company. If it is a limited company, enterprise or offshore company, there are different fees and taxes for doing it. After that, you need to get the best fitting option for your activities.
2. Hire a secretary for your company
After the beginning of opening your company, a first step to get a secretary based in HK. You can get in out of your consulting agency or hire it by yourself (the first option would be much better). It would help you to solve the issues with IRD (Inland Revenue Department), your clients and HK-based services. That issue is important for non-HK resident and without the local citizenship.
3. Find the money, time and documents: what is important
Firstly, you will need to register company in Hong Kong. So, when you pay the agency’s fee and you should be ready to choose a name for your brand new company. Your licensed agency will then check whether the name is available in Hong Kong or is already taken.
Then you need to send:
- a copy of your passport,
- a copy of an official document as proof of residence (for instance, a driver’s license)
- a questionnaire with standard questions such as your address, your passport number and the name of the director and shareholders (if you plan to open the company alone, you can be both director and single shareholder) to Hong Kong.
For a simple company structure, your licensed provider company will set up your company via e-registration. This way takes less than two hours of your time. The last one step is to receive a set of pre-signed documents (the NNC1 Form – Incorporation Form – and the Articles of Association) for the director and shareholder to sign, and then you’re required to return the original documents to your licensed agency by international courier. And it’s all!
4. How much: your financial calculator in HK
So let’s sum up all the required payments:
- The incorporation documents and company kit (seal, stamp and so on): about 2,070 HKD.
- Company registration (government fee): 1,730 HKD.
- The Business Registration Certificate (government fee): 2,250 HKD.
- Provision for the company secretary: 3,500 HKD.
- Provision for the registered office address: 2,000 HKD.
- E-registration handling fee: 300 HKD per officer – this only applies when you need to register the company via e-registration
- Assistance in opening your business bank account (you can actually open the bank account on your own, but it does take time and effort): 1,000 HKD.
- The total amount is 12,550 HKD, which can be reduces by a discount to 9,550 HKD.