Starting a company in Hong Kong has many advantages. You will have more say in how the company is run and how it gets set up. You will not be bound to using a licensed agent as a company secretary. As a business owner, you will have greater control over your company affairs. All these benefits make starting a company in Hong Kong, preferable from an international perspective.
There are also two other reasons why starting a company in Hong Kong can benefit your company. One reason is that you can use the services of an e-registration company. Such a company will register your company for free and maintain records of all activities. Your business is, therefore given the identity of a licensed company.
Using an e-registration company will require you to fill in an application form with details about your company and your name. You will have to pay a registration fee. The registration fee is refundable when you become the registered company director. The company will continue to be in existence without any legal obligations until you cancel it. Your company secretary will have to go through the application process every time you apply to renew your registration.
Starting a company in Hong Kong using the e-registration option will save you money. You do not need to pay the registration fee or pay the government fee. You do not even have to comply with the complex procedures of company registration. Moreover, using this service also provides you with the benefits of company administration. You can manage and monitor your company’s assets, liabilities, and expenses.
If you want to start a Hong Kong company that is not on the honour roll, you should pay taxes and pay the corresponding government fees. The company you set up will not have to pay taxes or pay the related government fees until it starts making profits. Starting a Hong Kong company with no company registration does not necessarily mean that you are breaking the law. However, you may be subjected to administrative penalties if you fail to register your company.
An agency called the Exchange, and Customs Hong Kong Limited Company can help you set up a private limited company in Hong Kong. If you do not want to deal with any third-party agency, you can use the services of a good bookkeeping service. You can pay the fees of the bookkeeping service and get your certificate for your company. However, this service will be more expensive. If you do not want to pay the higher fees, you can start a Hong Kong company without using any third-party agency and create a private limited company in Hong Kong under your name.
To register a company in Hong Kong, you need to apply for a business document. After completing the application form, you need to pay the SICRI fee. The SICRI is the Hong Kong International Business Corporation registration fee. After spending the price, you need to give a representative office to the SICRI for processing the registration.
After having your company registered, you need to get a business license from Hong Kong’s government. Then it would help if you found a qualified and licensed accountant to handle the accounts and day-to-day administration of your new company. Once you have a skilled and licensed accountant, you can hire a business broker’s services to help you advertise your company. You can contact a business broker by sending an email to the broker containing your company’s information. You can also visit the Business Bureau of Hong Kong website to look for a good business broker in Hong Kong.