Here’s how to form a company in Hong Kong, according to the Law of Hong Kong. After all, it is always better to be safe than sorry. It is easy to form a company in Hong Kong: the government in Hong Kong has made it easy for small businesses to set up in their city.
How to form a company in Hong Kong? Step-by-step, document the process of business formation in Hong Kong like below. Choose a company name: There are two types of company names available in the territory, based on your company requirements. If you have no business name yet in mind, try to consider the following: the company name should be one that will be remembered by the public; the name should be one that can be quickly and accurately pronounced by a non-expert; the name should not be too familiar; the name should not have a very long or difficult pronunciation.
Besides, business registration in the territory is quite simple. You don’t have to worry about the necessary formalities; your business will be registered in Hong Kong within one day and in just two days or even less if it’s an SME (small-scale enterprise).
The Registrar General does business registration under the Companies Ordinance. It is a statutory body that governs and regulates the business registration, formation, and liquidation. To ensure smooth operations, the Registrar General can also provide advice and tips to small businesses on how to form a company in Hong Kong according to the laws of the land. It is done to promote business competitiveness.
Before getting into business registration in Hong Kong, the small business needs to take care of some issues. These include a complete description of its business; the business should also be one that attracts the attention of others and the public. The registration should be done with the Registrar General. The company must trademark the business name,and the business address should be clearly stated in a copy of the application.
Then, the company’s directors must prepare an operating agreement. I am detailing the basic terms and conditions of the business. It includes the ownership structure of the company and the responsibilities of the directors.
Next, the articles of association must be prepared for the company’s Articles of Association. This document must cover the legal structure of the company and its directors.
Lastly, the Articles of Association should be submitted to the Office of the Attorney General. It will give all the required information and documents that will be needed for the administration of the business. The business will now be run under the legal name of the company that was given to it. And the company that was legally established in Hong Kong can now open its doors for business transactions in the territory.
If the business meets all the standards mentioned above, the company can now move forward to the next step, which is business registration in Hong Kong. Now, it must file for an Application for a Registration Certificate. The application will help in formalizing the company’s registration in Hong Kong.
The purpose of business registration is to facilitate the smooth and speedy operation of business operations. Business registration can give a company access to government grants and financial assistance. For example, if the company is eligible for a grant or loan, then these could be provided to the company instead of going through the standard procedure of obtaining loans and grants. Another advantage of business registration is that the company can also be eligible for tax benefits and other benefits.
When it comes to the choice of a lawyer or accountant for business registration, there are some considerations to make. A good lawyer is one who is well versed in the law and has expertise in this area. An accountant must have financial management and bookkeeping skills.
A business should be organized to maximize profits, productivity, and minimize costs. And lastly, it should also be in business for a long time and be profitable.