There are some basic requirements for company setup in Hong Kong, which you need to comply with if you wish to run a business in Hong Kong through Private Limited Company or register a company in the territory. There are also other basic requirements if you wish to become a Hong Kong, permanent resident. This article will discuss these requirements in detail.
First of all, you should have an adequate amount of funds. You cannot start any business in the territory without having an amount of capital at your disposal you can also borrow the necessary amount from the lender as long as you pay it back in due time.
Secondly, you should know what kind of business you are interested in doing. In the case of a private company, you can decide on any type of business like a trading company, a manufacturing company, a consultancy firm, a financial company, and others. In the case of a registered company, you can choose from the following types of businesses: real estate, engineering, banking, law, real estate management, and others. It would help if you got a clear idea about your business before you decide to get business registration in Hong Kong. You must ensure that your business provides sufficient scope for making profits and at the same time, you should also have sufficient resources for expanding the business in the future.
Thirdly, you should find out whether you have to get the company registration in Hong Kong before or after the completion of the related formalities. After completing the formalities, you will have to go through the procedures of obtaining the company registration in the territory. The procedure depends upon the nature of the business that you wish to do in the jurisdiction.
Fourthly, you should find out the date on which the company setup in Hong Kong is going to be completed. Most of the business registration offices provide a fixed period of one year for the completion of all the formalities. However, you have to get hold of the official notice from the government stating the date of completion of these formalities before you start your business. Otherwise, you may not be able to conduct business in the territory during this time.
Fifthly, you should consider various legal issues that can arise during your business registration Hong Kong. It is very crucial because you might have to face legal problems in the future. You will have to find out whether you can deal with these issues without facing any legal hassles. It would help if you kept yourself updated with all the changes in the legislation of the territory, and you can file any disputes at the time of filing the official paperwork.
Lastly, you should check out the tax laws that are applicable in the territory in respect of the type of company you are planning to run in the territory. You will have to know the applicable taxes before you can start your business and you should be well informed of the different tax schemes offered by the government.
There are some other basic requirements that you will have to fulfil before you can begin your business in Hong Kong. These include a registration certificate from the Office of the Secretary for Excise and Customs (OSCE). Besides, there is a Business Registration Certificate of Qualification (BRC) which is required in addition to these. These requirements should be satisfied before the opening of your account for the first time.