Outsourcing is ideal for business owners who are determined to take their business to the next level. Now that some of the processes have been simplified, the business owner can focus on conceptualizing new business ideas. Have you considered outsourcing? Starting a new company abroad is one way to expand your organization. However, this can also lead to an increase in operating costs. First on the list of priorities is an office that will house additional team members.
As more and more companies seek to establish a company in Hong Kong’s main business districts, let’s take a quick look at the different stages of establishing an hk corporate registry. Doing business in Hong Kong should not be a cumbersome process as long as the organizations are well informed and proactive.
Determining the type of business
Naturally, the first step in this process is deciding on the type of business you want to start. The most common form of companies incorporated in Hong Kong is a limited liability company. A public limited company offers special benefits in the form of incentives and benefits, especially in the area of corporate and income taxes.
If you already have a business outside of Hong Kong, you can opt for the branch option. In order to register a branch, companies need to register with the Registrar of Companies under the “Company incorporated outside Hong Kong” category. A business structure of this type is not recognized to be independent of the parent company.
A more limited type of business in the form of a dealership is also available. These companies are not permitted to conduct any transactions and are therefore generally set up to conduct important market research and analysis prior to commercial transactions.
Once you’ve decided on the type of company structure to create, you can begin the onboarding process. Hong Kong regulations stipulate that any business wishing to register in the city will be required to provide various documentation, preferably virtually, through the Business Registry e-registration platform. Required documents include registration form (Form NNC1), articles of association (AOA) and notice from the business register office (IRBR1). All documents must be submitted together with the applicable fees. The processing time for adaptation applications can range from 30 minutes to two working days.
Open a bank account
Once you have obtained your registration certificate from the hk business registry, it is time to open your bank account. Banks will require appropriate certificates and incorporation documents and may even require a basic deposit. Companies will also be required to provide important residency and identity documents in accordance with Hong Kong’s anti-money laundering programs. After opening a bank account, businesses can start looking for office space throughout the city.