Did you know that Hong Kong is Asia’s most popular place for international business?
Company registration shows the legal status of your business. Receiving a certificate shows that your business follows Hong Kong law and is officially registered.
Setting up your company in Hong Kong is not hard, but the process to obtain a company registration certificate takes a few steps. But once it’s complete, you’ll be basking in all the benefits Hong Kong has to offer.
If you’re interested in learning how to get your company registration certificate in Hong Kong, then keep reading!
Requirements for Registering Your Business
The Hong Kong Companies Ordinance has a list of requirements you must follow to receive your company registration certificate. Every company must have:
- Company secretary
- Director
- Shareholder
Your shareholder and director do not need to be residents of Hong Kong. But they must be of age and able to show a few legal documents to be approved. On the other hand, your secretary must be a Hong Kong resident.
There are also plenty of tax law companies that can help you with this first step of company registration.
Once these initial steps are taken, everything else is similar to that of the U.S. and other countries. You must have a company name, legal vehicle, registered address, and required licenses and permits. And you need a business bank account.
Your Business Bank Account
To open a business bank account, there is a list of documents needed to show the bank. These include your business plan, financial statement of the previous year, invoices, and more.
Some banks require that the shareholder and director be present, but not all of them do. Be sure to check beforehand to avoid any potential problems.
What Businesses Need a Certificate?
You may be wondering if you’re exempt from receiving a certificate. But in Hong Kong, every business must display its business registration certificate. And there are very few exceptions.
Incorporated companies under the Hong Kong Companies Ordinance need their certificate. Here are a few other instances where a business registration certificate is required:
- Activities directed by an individual/organization that generate profit
- Non-Hong Kong companies that maintain property in Hong Kong
- Clubs that provide physical premises for recreational activities
As mentioned above, there are some exceptions. Charitable work does not need a certificate. Neither do small-scale agricultural businesses nor shoe-polishing jobs.
Cost of a Business Registration Certificate
Now that you know what is required to get a business registration certificate, you may be wondering how much it costs. There are two types of certificates: one-year or three-year business registration certificates.
For one-year certificates, it costs HK$250. For three-year certificates, it costs HK$3,950. Three-year certificates allow you to maintain your status for a longer period of time. It gives more of a sense of validity rather than one-year certificates.
Receiving Your Company Registration Certificate
Now that you know how to get your company registration certificate, you may start the process. Make sure that you have the required materials and personnel to do so before starting your venture.
Hong Kong is one of the primary business centers of the world, so maintaining your business there is a large success.
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