How to Setup a Company in Hong Kong
Over the last 20 years, Hong Kong has stood out as the world’s freest economy. Because of the jurisdiction’s support for companies registered there, most of them grow rapidly to become multinationals. So, if you are looking for a jurisdiction that can help your company to become the dream enterprise, Hong Kong will never disappoint. However, you need to start with company registration.
As Hong Kong and other jurisdictions finally wrestle down the COVID-19 pandemic, the market is opening up, and this could be an excellent point to join and grow together. So, here is all that you need to setup company in Hong Kong.
Unique Benefits of Setting Up a Company in Hong Kong
The most notable advantage of opening a company in Hong Kong is that it can easily give you access to the Chinese market. Through the Closer Economic Partnership Arrangement (CEPA), companies registered in Hong Kong can access the Chinese market tariff-free. Therefore, you will not just exploit the 7.4-million Hong Kong market but also the 1.4-billion Chinese market too. Other benefits that come with joining the Chinese market include:
- In addition to easy access to the Chinese market, you can also access and exploit the entire Asia Pacific (APAC) because of Hong Kong’s strategic location.
- Hong Kong has a low and straightforward tax system that allows investors to retain most of their profits for growth.
- Highly developed infrastructure that helps to keep the cost of operations low. From internet connectivity to seaports, Hong Kong boasts of some of the best facilities.
These benefits are only a drop in the ocean of what you should anticipate. There is a lot more, including a highly educated workforce and easy access to the global market. So, are you ready to go offshore to Hong Kong?
A Step-by-Step Guide to Opening a Company in Hong Kong
Company registration in Hong Kong is guided by the Companies Ordinance, which defines the process you need to follow and documents to prepare. Here are the main steps to follow:
- Choose the name of your company.
- Determine the type/ nature of the business entity. Do you want a partnership or limited liability company?
- Get a local address (office) for your company and a resident secretary.
- Collect all the documents required for company registration. These include articles of association, prescription of the business activities, and copies of passports of directors & shareholders, among others.
- Open a bank account and, where necessary, get additional permits and licences.
Although the process is so simplified, many are those who find it tough because of the long list of required documents. Further, setting up a company alone means having to fly to Hong Kong several times. This can make it pretty expensive. Instead, you should consider using an agency of experts because they help to professionally register the company without having to fly to Hong Kong.
To see your company grow and enjoy the highest potential, registering it in Hong Kong might be all that you need. This post has demonstrated that you will enjoy so many benefits, and the process of registration will be pretty easy when you use professionals. Experts at Fiducia stand out from peers in that they do not just help with company registration but will also hold your hand during entry. To ensure you concentrate on the core of running your business, they can also help with other challenging tasks, such as accounting and payroll management.