Famous for being one of the leading business capitals and one of the best places to do business in the world, Hong Kong sees thousands of businesses get registered by foreign companies and entrepreneurs. But why is Hong Kong so popular among the capitals of the world to register a business? For one, the Chinese government allows for foreign business owners to register their business in a short 3 day process, even if the business owner resides overseas. Hong Kong also has some of the most liberal laws pertaining business, which is the quality that every business owner looks for – liberty.
So what happens after you have registered your business in Hong Kong? It’s not over once the registry is done, here are some formalities that still have to be taken care of once you have registered your business:
#1 Apply for Corporate Bank Account
Just like in every other country of the world, you will have to apply for a corporate bank account in order to receive any sort of income and to make financial movements in the name of your company. Most banks in Hong Kong work with foreigners often, so ensure that the bank you choose to manage your bank account allows to set up your account from overseas that provides easy access to international fund transfers.
#2 Apply for Necessary Business Licenses
In order to have a business running, you must ensure that you have all licenses needed to establish your business. If any licenses are needed, you must obtain them before you can operate any sort of business activities. License fees will vary according to the type of license you apply for and the specifications of your business.
#3 Register with the Inland Revenue Department
According to the Hong Kong laws, every company has exactly one month to register with the Inland Revenue Department after registering a business. Failing to register to pay taxes will result in heavy fines and possible restrictions on your business that will forbid you from operating any business activities.
These are the three most basic steps to take after registering a business in Hong Kong, however remember that in order to maintain all of your documents in order, you will need to obtain a Hong Kong address under which you will register all of your documents and where you will receive all official mail for your business.
Jumpstart can help guide you through the pre and post business registration process for highly competitive prices.