THE NITTY GRITTY OF SETTING UP A BUSINESS IN HONG KONG

Hong Kong’s attractive business environment and competitive tax regime are fascinating the Entrepreneurs. The Entrepreneurs might be more desirable attentive to how to set up a business in Hong Kong. Let’s go down to the nitty gritty.

Filing for incorporation is deceptively simple in Hong Kong. To file first though all you need to do is to:

  1. Prepare your documents

Get ready of your Passport or Hong Kong ID card, Business Address Proof, your Residential Address Proof of Directors & Shareholders, contact email address, mobile phone number of those people. Also, your preferred company names. Just in case, your first option is used by other company. 

  1. Incorporate your business

You can submit your documents along with some application form from Hong Kong Company Registry (HKCR). Meanwhile, make sure you have employed a qualified company secretary. Otherwise, you will violate the Hong Kong Company Ordinance. 

Nevertheless, Hong Kong is one of the freest economies in the world. However, you need apply for the Business Registration compulsorily. So, once you registered your business to HKCR. You should register your business with Inland Revenue Department accordingly. 

  1. Make your company green box

Green Box is a collective term. It is including Memorandum & Articles; Common Signature Chop, Round Chop, Share Certificate Book and Statutory Book. Besides, the green box is together with Certificate of Incorporation, Business Registration Certificate and Copies of document filed to HKCR. 

  1. Open your business bank account

Though you can have a corporate bank account in any countries for the Hong Kong company. We strongly recommend you have to set up a local business bank account. During the pandemic, flying all the way to Hong Kong for bank account opening seems very difficult. 

Despite of the ban of travel, you can still open your Hong Kong Business Bank Account online. No matter which banks you are going to set up bank account. The basic documents and process are similar.

  • Account application forms;
  • Corporate registration documents;
  • Copies of passports of major members;
  • Personal resume;
  • A bank reference letter of each major member;
  • A bank statement of each major member, or any related corporates;
  • Proofs of business such as agreements, invoices, contracts, etc. of the current company or any related one.
  1. Set up a Mandatory Provident Fund (MPF)

The MPF is a compulsory saving scheme for the retirement of residents in Hong Kong. All employers and employees have to contribute 5% monthly income or cap at $3000 to the MPF scheme. 

For further information, please contact us

You may want to read: HONG KONG IS STILL THE HUB FOR THE STARTUPS

 

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