Hong Kong has been a long-time holder of the freest economy worldwide with a minimum level of bureaucracy and restrictions. The country is an excellent choice for setting up a company for several entrepreneurs. Based on the government statistics, over a million total registered companies in HK by the end of June 2018. Being a top financial hub for entrepreneurs, HK places it as one of the most competitive economies in the Asia-Pacific region.
It was governed by a regulated international jurisdiction where business is booming, which means setting up a company in hong kong can be profitable.
Set up your company in HK
Setting up a company in HK is more manageable than in many other cities worldwide. But, foreigners wanting to begin operations must not underestimate the challenges they possibly encounter while setting up their business experience. Are you ready to make your mark as an entrepreneur in the HK startup market? Awesome! First, set up a company.
Steps to establishing a new company in HK
- Determine a company name. The first and foremost step to stepping up a new company in HK is selecting a name for your company. Be careful when picking a name because you can’t use a name for your business entity already owned or currently used by the other business. It helps you familiarize yourself with all the guidelines for the registration of a Hong Kong company.
- Choose your business legal structure. Now, you have completed a market analysis and research. The next step is to determine the legal structure of the business before company registration. Determining the structure for a startup is based on your company’s needs and requirements. The company structure affects everything, from how you do business to how you file taxes for a business entity.
- Company registration. It is very crucial to register your company. It is one of the steps to set up a new business in the country.
- Get a permit and license. The next step in setting up a business is to get a permit and license for your business entity. There are several types of permits and licenses applicable to your business.
- Hong Kong tax. Profit tax for companies conducting business outside HK is unenforced. HK has some of the lowest taxes in Asia and even around the world. Additionally, there are numerous deductions that your business will be able to benefit from, which are further explained by setup hong kong company.
When planning to set up a new and fresh company in Hong Kong, take this effective guideline to help you get started.