Hong Kong is ranked amongst the top places to open a business in the world. As a non-permanent foreigner in Hong Kong, you can have 100% ownership of the company, together with the right to be both the owner and director of the business. Plus, with a perfectly legal business in Hong Kong, an individual can quickly obtain a stable route for launching the new company with many other countries in the Asian region such as China, etc. Thus, we see the immense benefits of starting a business in Hong Kong.
But, for this, you will require a working budget for starting a business in Hong Kong that exceeds the financial requirements for the entire year. For this, you should pay attention to the following points: the start-up money required; the statutory fees; the other registration fees; other payments such as bank charges, etc. In short, before starting a business in Hong Kong, you must consider all these things. It will help you select the perfect business registration and funding method that suit your budget in terms of start-up capital.
The next benefit of starting a business in Hong Kong is that you need not open any bank account. You do not have to consider the difficulty in obtaining a credit or debit card in this regard. You may easily use a debit card or an e-currency such as the GBP/USD or the CHF/CHS. Thus, starting a business in Hong Kong can be an absolute pleasure for individuals who do not have much time to open any bank account.
Besides, starting a business in Hong Kong is easy due to the presence of many local banks. You may quickly locate a local bank account for your business. However, if you are looking for a hassle-free and less complicated way of opening an account, you may go for the e-banking option. Here, you will not have to fill out any paper forms. All you have to do is visit the website of the e-bank and register for the free account.
Moreover, opening a company formation in Hong Kong is easy due to many online sources. You may easily find the desired information such as the Company Registration fee, registration fees, company secretary fees, annual report, etc., on the internet. You have to provide the required details, and you will get all the information in one place. Thus, starting a business in Hong Kong via the internet is the most popular way.
Opening a company formation in Hong Kong also requires the payment of one of the two necessary payments – the Corporation tax and the income tax. These taxes are payable to you on behalf of your new company. Hence, it would help if you estimated your assets, liabilities, and net worth before paying any tax to the government. Once you are done with this task, you may open a private limited company in Hong Kong.
Before getting into the company incorporation process, you should research the income tax regime in your area. It is because there may be some differences between your home country and the region from which you want to establish your business. You can check with the local government, or you may contact the chamber of commerce. You can also check the internet for more information. Upon obtaining all the necessary documents related to the income tax regime in your area, you may proceed towards company incorporation in Hong Kong.
If you have a limited liability company, it is advisable to have it registered in Hong Kong. It is because it is after you write the company that you can do any dealing with foreign investors. You should remember that you must pay tax on your profits even if you get a low tax rate. Hence, having a registered company in Hong Kong makes a lot of sense.