Thinking of opening a company in Hong Kong? This is a great idea for offshore investment because Hong Kong is considered the gateway to mainland China that has a very large consumer market.
To start your operations in Hong Kong, the first step is setting up your company. Here is everything that you need to know when setting up a company in Hong Kong.
The Benefits Of Setting Up A Company In Hong Kong
Here they are:
It is one of the most liberal economies which make it simple, easy, and cheap to open and run a company. You do not even have to live there to open and run the company.
The system that is Hong Kong is very straightforward. If you operate and make the profit in Hong Kong, a tax of 16.5% will be required. However, if your company buys items (such as phones) and exports to other countries, you will not pay any tax.
Unlike other nations, company owners can operate their companies from other countries; simply get an agency to get you a secretary, a registered office and you are ready to start.
Because Hong Kong is a global banking center, opening an offshore bank account there will give you an opportunity to get multi-currency corporate bank accounts that have internationally recognized e-Banking. This allows you to run businesses worldwide.
When you set up a company in Hong Kong, you are right at the gate to mainland China that presents your business with huge potential because of huge market access.
Opening A Company In Hong Kong Without Going There
Some decades ago, people were allowed to set up Sole Trader Companies without having to get a resident permit of Hong Kong. However, this is no longer required today unless you intend to live in Hong Kong. Because of this, you can open a Limited Liability Company and even run it effectively in absentia.
To open and run your company, the Hong Kong administration requires that you have a secretary and a registered physical office. The good thing is that you do not even need to set your foot in Hong Kong to search for this secretary and an office.
There are many agencies that are willing to assist you to do the job. They will get you an office, secretary, and run it the entire year. If your office is not very busy, they can even help you share office and secretary to keep the cost as low as possible.
Once you get an appropriate agency, all the requisite documents are sent by mail, paid via PayPal or bank transfer and the process is completed within a very short time. This method is very good especially for people in the export/import business.
Requirements for Opening a Company
Pay the agency’s fee and select a name. The agency will search the name so that you do not take one has already been registered.
Copy of your passport, official documents to prove your residence, and a detailed questionnaire that includes standard questions such as passport number, directors name, and shareholders,
If you want a simple company structure, the agency can set up an e-registration that only takes about 1-2 hours to get Certificate of Incorporation as well as the business registration certificate.
The entire process takes about 5 working days, and your company will be fully registered.
Remember that an additional permit might be required if you are operating in special categories like telecoms and finance related niches.
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