When registering a business, you should be aware of some essential points included in this content. Your first choice when registering a business is to choose a structure, and it should fit well like a pair of shoes. Selecting the wrong business structure can lead to big problems. Individual trader, private corporation, partnership, association, and cooperative are common business structures known in the recent market. You will find advantages and disadvantages in each structure. As more and more companies seek to set up a company in Hong Kong’s main business districts, let’s take a quick look at the various steps required to set up a Hong Kong company. Establishing business operations in Hong Kong should not be cumbersome, as long as organizations are well informed and proactive.
Determining the type of business
The priority is deciding on the type of business you want to start. The most common form of hong kong incorporation is a limited liability partnership. The joint stock company offers unique advantages in benefits and benefits, particularly corporate tax and income tax.
If you already have a business outside of Hong Kong, you can choose the branch option. To register a branch, companies must register with the Registrar of Companies under the category “Company incorporated outside Hong Kong.” A business structure of this type is not recognized as independent from the parent company.
A more limited type of business in the form of a dealership is also available. These companies are not authorized to conduct any transactions, and therefore they are usually set up to conduct critical research and market analysis before undertaking commercial transactions.
Company registration
It is recommended to search the database before using and register a business in hong kong. Selecting similar or identical brands for your new products or services may result in your application being blocked during registration. Before completing the registration process, you should verify the identity or prior existence of your chosen brand. This will save you money and time. If you select a similar trademark that already exists, the existing trademark owner can take legal action. Please make sure the company name is identical before filling out the form.
Once you’ve decided on the type of company structure to create, you can begin the onboarding process. Hong Kong regulations stipulate that any business wishing to register in the city must submit various documentation, preferably virtually, through the Business Register’s electronic registration platform. Required documents include the registration form (NNC1 form), company articles of association (AOA), and notice from the business registration office (IRBR1). The processing time for connection requests can range from 30 minutes to two working days.
Open a bank account
Once you have obtained your registration certificate from the business register, it is time to open your bank account. Banks will require appropriate certificates and incorporation documents and may even require an essential deposit. Companies will also be required to provide critical residency and identity documents by Hong Kong’s anti-money laundering programs. After opening a bank account, businesses can start looking for office space throughout the city.
