What is the best place to set up a start-up business in the world? Where can you expand the business to and enjoy guaranteed progress? You need the right operational environment that will give your business power and energy to grow. Hong Kong has demonstrated its zeal in helping investors start their investments and expand globally. Why Hong Kong?
To expand there, start operations, and exploit the high potential for business, you are required to incorporate a company. The Hong Kong company ordinance recognizes the company as the main form of business for the entrant that wants to trade in its jurisdiction. In this post, we outline everything that investors need to know about company formation in Hong Kong.
Four unique benefits of setting up a business in Hong Kong
The Hong Kong business environment has stood out in many aspects that have made it very attractive. The four main unique benefits of entering Hong Kong and doing business include;
- Hong Kong administration is very supportive of startups. It has special programs for start-ups, especially in technology-related value addition.
- Hong Kong serves as a gateway to the Mainland China. Like other companies located in Hong Kong, you can enter directly or act as an SPV.
- The taxes levied on businesses are lower compared to other countries. Besides, they are very straightforward.
- The market that is Hong Kong is very potential. The population is very populated and has a huge mobile penetration of over 170%.
Requirements for setting up a company in Hong Kong
To set up a company in Hong Kong, you will require the following;
- The article of association for the new company.
- Minutes of the meeting of shareholders authorizing the formation of the company.
- Copies of all shareholders and directors’ passports.
- Proof of residence for all shareholders and directors.
- The structure of the company.
- The address of the company in Hong Kong.
- The company secretary and his residence.
Once you present all the documents to the company registry, it will take about 2 weeks before the incorporation process is released. If you decide to register the business on your own, you will be required to travel all the way to Hong Kong to present the documents.
However, you can register a business in absentia using an agency.
Using Hong Kong company setup services
To raise your chances of incorporating the company, it is advisable to use agency services. Agencies are run by professionals who have been in the Hong Kong environment for a long time and, therefore, have a lot of experience. Here are some of the main benefits of using agencies.
- You can register a company without having to travel to Hong Kong.
- The agency will assist you to prepare top notch documents such as the article of association and minutes authorizing company formation.
- The process will be shorter when using an agency compared to doing it on your own.
- Agencies ensure they get a good company secretary for your business. Besides, they are also allowed to serve as company secretary for businesses that want to use their services.
- When you use agency services, the process of incorporating and running a company for the first year is very cheap. You do not have to travel to Hong Kong, and the company can share the services of a company secretary to cut on cost.
Reach us today to know more about Hong Kong company setup service, how you can grow the business faster, and expand to the region.