What to do after registering a business in Hong Kong
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Written by: bryanwong
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Date: Fri, 6 Jan 2012 |
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Hong Kong has one of the highest activities of foreign owned companies in the world. Every year thousands of foreign entrepreneurs or companies register a business in the city. Hong Kong is currently rightly known for being one of the leading global business hubs and one of the best places to do business. For foreign business owners, Hong Kong has some of the most liberal laws and it takes only about three working days to complete the entire company incorporation process even if the business owner is residing overseas. However, after registering a business in Hong Kong, there are still a few formalities to be completed and some of these are as follows:
1) Immediately after completing your company incorporation in Hong Kong, you will have to apply for opening a corporate bank account. Without a bank account, your company would not be able to transact and you would not be able to transfer the paid up capital to your Hong Kong Company. It is best to open a corporate account in a bank that allows foreigners to setup accounts from overseas and also with those banks that have easy access to international fund transfer. After the bank account has been setup, you will have to transfer the paid up capital listed by you during incorporation to this account. Any major currency can be used for paid up capital funding.
2) If your type of business requires an additional license, it is important you apply and acquire this license before commencing business operations. It is also possible you may require more than one license. In such cases, you have to obtain all such licenses before you can start with your business activities. It may take anything between two to eight weeks to obtain a license. License fee and duration would differ depending upon the type of license you have applied for.
3) As per Hong Kong laws, every company has to register with the Inland Revenue Department within one month of them being registered. The Inland Revenue Department is responsible for all taxation matters in Hong Kong and they will provide you with your tax identity. They also issue a business registration certificate which is an important document and must be kept with you in your registered business address in Hong Kong.
The above three requirements are mandatory. However, there may be other things you may have to do after company incorporation such as searching for suitable employees, locating a suitable office space for business operations etc.
Bryan Wong is a business analyst in the Asia-Pacific region and in his free time writes business articles. In this article, Bryan talks about HK company incorporation and Hong Kong company incorporation agency.
Source: What to do after registering a business in Hong Kong
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