Little ago, it was bit complicated and time consuming for multinational companies to establish their small units and offices in other countries. Now, it is very easy for an employer to start his business in foreign countries. The most investors and businessmen seem much interested in Hong Kong company formation. They have come to know financial features and benefits to start their companies in Hong Kong. That is why; foreigners are more interested and excited to commence their companies in Hong Kong to expand their business.
How to Start a Company?
Whenever you want to start a company or business in Hong Kong, you will need to follow primary and important instructions regarding Hong Kong register business process. There are several significant steps you need to follow carefully when you are about to launch a business, company or establishing an office in Hong Kong. These steps are;
1) Name of the Company:
First, you need to choose a unique name for your company that must end with a word “Limited” and the name must be either in Chinese or English language as both are acceptable. Further, the company is not allowed to use a name which another company has already taken. Finally, no company can use the word f Bureau, Trust and Cooperative without the permission of Registrar of Companies.
2) Legally Registered Capital:
You need to show the legally registered capital that does not have any limit. You can start a company with minimum funds as well as the maximum without any tax restriction. Further, you can transfer the shares to anyone without paying stamp fee. However, the bearer’s shares are restricted in Hong Kong for foreigners.
Every company needs at least one director of 18 or plus age, but the administration can also select more directors according to the company’s rules. A shareholder can also be a director.
Similarly, a company can make several shareholders. Usually, one shareholder is compulsory in Hong Kong company formation.
Company Secretary is compulsory and it must be a Hong Kong resident. If you select a local as secretary of your company, then it will be more useful and effective for your business.
6) Address Verification:
You need to verify the address of your company or office in Hong Kong that is compulsory for submitting an application for approval. If you verify rest of addresses and things, then it will make your business registration process convenient for you.
7) Documents Submission:
When you have done all above steps successfully, then you are required to fill out a form or application in the name of Business Registration Authority of Hong Kong and submit. It is the last step of Hong Kong register business process.
8) Application Processing:
It may take 1-2 or more weeks to process, verify and approve the company. You will get a proper notification with an approval letter for your company within this course of time.
9) Business Certification:
It is the certification applied by Inland revenue Department right after one month of incorporation. Once you get this certification, you will be able to produce and sell your products.
10) Public Information:
Hong Kong Company Laws require the public information to b shared with the people of Hong Kong.