You may have heard that how to establish a company in Hong Kong is a challenging task. It is partly true because it is not as simple as getting the form from the government. Forming a company is not just about submitting the necessary documents and then paying the appropriate fees. It requires extensive planning, organization, and perseverance on your part.
How to establish a company in Hong Kong? There are some things you need to consider before you decide to develop your own company. First, you need to determine what your business needs are. Do you intend to establish a manufacturing unit, a retail store, or a distribution centre? Or do you want to open a restaurant in a popular area? Think about your target market and your financial capacity before you decide on how to establish a company.
Once you have determined your business type, you need to research how to get a business license. To be granted a request, you will need to fill out the application form with relevant information such as your capital, employees, and years of experience. The license fee varies by each jurisdiction, but it should not exceed $600. You could also be required to pay an annual inspection fee if your company is exporting or coming in on-site to conduct tests.
You should also register your company with the Companies Registry. Your company name should include all the pertinent details, including your registered office, registered office address, and registered business name. You will need to appoint a registered agent if you do not have a nominee. The appointed agent will act on your behalf in most matters, including your company’s registration, notices to creditors, publications, and the business’s closure.
Next, you should decide on the business model of your company. If you are new to the industry, you can choose from the many open-source business models available in the market. You can also hire a consultant to help you in the establishment process. It includes selecting a registered agent, creating a corporate naming policy, creating a board of directors, and other important decisions that will help you achieve your company’s goals.
There are several important documents that you will need to establish a company in Hong Kong. These documents include the Memorandum and Articles of Association, the statutory instrument making provision for the business, the Companies Registry certificate, and the Memorandum and Articles of Association of companies’ permanent register. Besides these essential documents, you will also need to file the annual report, the yearly registration of members’ interest, and the income and expenses accounts. If you are having difficulties understanding how to establish a Hong Kong company, you can seek a business lawyer’s help.
The next step on how to establish a company in Hong Kong is to file the business documents. These documents include the balance sheet, profit and loss account, and the income and expenses account. It is advisable to hire an accountant to help you with the preparation of these documents. Besides, if you have more than one company, you will need to appoint a secretary to manage the different accounts. The general rule is that you must submit these documents to the Companies Registry within 90 days after your company has been established.
The next step on how to establish a company in Hong Kong is to choose a name. When looking for a word, it is essential to choose a simple, easy to remember, and professional reputation. You can browse through some terms to get an idea of what is popular and what is not. You can also lookup the Internet to check for the availability of a specific name. Once you have chosen a word, you can applyit to the Companies Registry.