Hong Kong is ranked amongst the best cities to set up your business.
Whether you plan to set up a small company or a virtual office, the business friendly environment and policies of Hong Kong will help you thrive with easy establishment and implementation of your business.
Unlike other business centers, Hong Kong has a history of supporting and facilitating foreign investors with access to Mainland China, competitive work force, strong and supportive legal system for investors, simplified taxation policies and world class infrastructure.
The Starting Point
The foremost step for setting up a company in Hong Kong is to determine the type of your business. In Hong Kong the company incorporation is governed by the Companies Ordinance of Hong Kong.
You need to prepare a complete set of documents which needs to be submitted for registry which include the Articles of Association for your organization and a detailed registration form which shows the following details:
• The company’s registered address.
• The name of your company.
• A description of the company’s core business activities.
• Details of the company’s shareholders and directors, as well as the resident company secretary.
• In case of foreign directors and shareholders you may need to provide the proof of residence in their countries as well as their passports
• In the case of local directors and shareholders, you only need to provide copies of their ID cards.
• The share capital.
• Liabilities of the company directors.
Hong Kong has a great standing in the global business world and is termed as the investors’ paradise as any individual or company is allowed to get itself registered there.
The Time Frame
You can set up your company in HK within five to seven days if all documents are complete and in line with the formal requirements. In rare cases, it can take slightly longer, for example, signing off and sending your documents from another country.
Hiring of Employees
Hong Kong is a hub of smart, well trained and competent human resources. You can find your desired resources without much hassle and in case you need to hire foreign employees, then a visa for the same needs to be obtained. Once the visa is approved, the employees can travel to the city and join up easily.
After the completion of Hong Kong company registration, you need to abide by the taxation policies. The business friendly tax regime of HK allows you to stay tension free, you only need to be pay the taxes for the business done in Hong Kong.
The city follows a two tiered tax system which can be followed without much hassle. You are only liable to pay the corporate tax and take complete benefit of free trade!
• 8.25 percent for calculated profits at less than 2 million HKD
• 16.5 percent need to be paid for the exceeded part
It is mandatory to manage the company accounts properly and get them audited on yearly basis by a Certified Accountant and submit the audited accounts to Inland Revenue Department.
What’s in it for the Business?
The central location of Hong Kong makes it a powerhouse for businesses. You can easily use it as a launching pad for your business. By Hong Kong company incorporation, you get the access to a market of 1.3 billion people. Moreover, it gives you a smooth entrance into the Chinese markets. More than 30 countries have signed bilateral trade agreements with Hong Kong and your business can avail the preferential treatment from all these countries.
You do not have to be physically present in Hong Kong to register your company or to manage and run the business. The company can be registered from anywhere in the world. By hiring an agency, your company can be managed remotely and progress even faster if you have a competent team.
The stability in political scenario enables businesses to operate smoothly without exerting unnecessary burden of changing policies or political distress. These favorable factors make Hong Kong a top favorite of entrepreneurs.
Quality of Life:
Though it may be expensive for some people, but the business owners and entrepreneurs are attracted towards the great life style offered by the city. The excellent education system, banking facilities, transportation, entertainment and variety of foods make it a dream city of many. Once your business is established, you can easily take advantage of the liberal immigration policies and get your family to settle with you as well.
Hong Kong is amongst the rare cities which give preference to foreign talent and issue student and work visas easily. More than a hundred countries are allowed to send visitors to Hong Kong without a visa for up to 180 days.
Hong Kong allows all legal businesses ranging from consulting, trading, manufacturing, ecommerce or financial asset holding. The city has bagged the title of World Freest Economy! The trade and monetary freedom offered by HK is unmatchable. There are no hurdles in bank account opening or currency exchanges.
When launching a business, the investors examine the infrastructure of any location very closely. Hong Kong offers the ideal infrastructure with efficient railways, ferries, trams and mini buses and a top notch airport. These facilities enable smooth commutation of people and easy transfer of goods, another added benefit for businesses.
The Final Step
To launch your business in the heart of Asia, you can hire an agency in Hong Kong such as Get Started HK which can be your guide to Hong Kong company registration and other requirements. If all requirements are fulfilled timely, you can be sure of setting up a thriving business in the world’s best business center.