Hong Kong is ranked as one of the top business centers of the world due to a variety of factors. Many investors hunt for a destination with minimum barriers, complicated policies and restrictions and Hong Kong offers exactly the same. Forbes has also recognized Hong Kong as the world’s best destination for business setups. The unlimited benefits including free trade, easy taxation, liberal immigration policies, world class infrastructure, thriving banking system, stable currency and strong legal system- all together make Hong Kong a paradise for foreign businesses and investors.
How to begin?
To register a business in Hong Kong, you must hire an agency such as Get Started HK, which can assist you in fulfilling the requirements of registration without any hassle. Once a reliable agency is on board, you can easily share your company’s details with them along with the mandatory documents for further process.
How to register a business in Hong Kong- A detailed overview:
Select a name:
Choose your company’s Name: Once you select an appropriate company name in Chinese or English, your agency will ensure its availability as an already registered name cannot be used for a new company.
To register the company, the city does not require you to be physically present. You can also apply for e-registration or submit the documents physically at the Queensway government department.
The essential documents include:
- Proof of address
- A copy of the directors’ and shareholders’ identification documents
- Signed Incorporation form by the authorizing partners.
- The share capital
- The main business activities
- In case of foreign directors, you are required to provide the proof of residence of their countries as well as their passports and Identity cards
To facilitate the registration process, Hong Kong has eliminated the need for the physical presence of stake holders at the time of documentation/ registration process. You can register from any destination in the world once the compulsory documents are submitted. The online registration facility is accessible 24 hours and you can submit the documents using the same.
Proper account management and tax compliance is mandatory to run your business smoothly in Hong Kong. The simplified tax system follows a two tiered approach:
- 8.25% on a profit of 2 million HKD
- 16.5% on any profit over and above the stated amount
To facilitate foreign businesses and investors, Hong Kong does not impose any tariffs on import-export and also allows you to enjoy 0% tax rate on capital share, foreign sourced income, and shareholder dividends.
Hong Kong has lenient policies and procedures for launching and implementing your company, however, the city requires you to be 100% compliant with the account management and fulfil the audit requirements by submitting your audited accounts to the concerned authorities on annual basis.
Once you have registered a company successfully, you can be sure of accessing the world’s best business opportunities with the benefits offered:
Access to Mainland China
Geographically, you can target a huge Chinese market because of the strategic location of the city. The Pearl River Delta gives an additional advantage. There are more than 100 airlines which operate almost 1000 flights each day and let you travel to more than 180 locations between Hong Kong and across the world.
Independent Legal System
The roots of British Common Law system are still governing the legal system of Hong Kong. The legal system and environment is business friendly and has been enhanced further to attract foreign investments. When registering the company in HK, you do not have to fulfil complicated legal requirements and the cherry on the top is the city’s corruption free government.
The law and order situation is safe for all individuals and businesses which make Hong Kong an ideal location for international firms.
Highly Skilled Workforce
You can be sure of finding the finest, well-educated and skilled employees for most sectors in Hong Kong. For any reason, if you wish to hire foreign employees, you can fulfil the basic documentation and once the visa is granted to them, they are free to travel and join your company in Hong Kong.
Hong Kong has favorable employee benefits such as 0% salary tax. The competitive salaries and work environment along with well-defined labor laws, make the city a safe haven for all foreign employees.
Banking and Finance System
The city has some of the biggest licensed banks with more than 370 local branches. Hong Kong the second biggest stock exchange market in terms of market capitalization across Asia.
A professional, licensed agency can give you an in depth analysis and details on how to register a business in Hong Kong without any constraints. The growing sectors of the city include health care, IT, accessories and a lot more.
Often the entrepreneurs do not want to travel and physically be present at the business location, businesses in Hong Kong can still be managed remotely. With the help of experts, you can manage your operations from anywhere in the world and earn great revenues without constant stress of traveling back and forth.
Lastly, the modern living standards and easy going lifestyle of Hong Kong makes it an attractive destination for students, job seekers and families to settle in.
With easy visa requirements, you can try your fate with a student visa or work visa and make your way to grow and thrive in the world’s best business center to secure a great future.