After choosing the right e-commerce for you, it’s time to register your e-commerce company in Hong Kong. You will have a few options to choose from in terms of what type of e-commerce company and business will you be interested to put up to support your e-commerce business. Commonly, business entities in Hong Kong can be either be sole proprietorship, partnership, foreign company office or a limited liability company. Of all these selections, the most popular one is a private limited liability company when it comes to an e-commerce business.
Time to choose the right trade name for your e-commerce company
This trade name should not necessarily be the same as your company name. It is also equally important to ensure that your e-commerce niche, product lineage and brand would readily fit the description of your trade name since product recall is very important. When you have decided already, you would need to acquire the necessary business license to ensure that you are 100% compliant.
Next step: opening a bank account in Hong Kong
This process would differ from bank to bank since these banks have certain requirements that has to be met before you are allowed and approved to open an account with any bank. What you need to do is to collate all the company documents you have when you registered your e-commerce company such as your Certificate of Incorporation, registered address, shareholder / controlling person’s data, and your Business Registration Certificate, as well as a business plan.
The process of acquiring a bank account in Hong Kong is a specialized field that requires a qualified and expert bank introductory intermediary. We at Accoplus, can help you in the whole process of establishing your e-commerce company in Hong Kong and facilitate the opening of the company bank account. The application process would depend upon your personal and business circumstances since there are a lot of factors to consider, but we can do the work for you.
Contact Us right now so we can help you open your Hong Kong bank account.
When you already have a registered company and a bank account in Hong Kong, your bookkeeping and accounting compliance is key to ensure that your business will remain afloat in the regulatory laws of the country. You would need to file your first Profits Tax Return to the Inland Revenue Department (IRD), this step would require you to properly prepare your yearly accounting report and ensure that the report should be audited first before deciding to submit your tax return. One way to assure that your compliance is hassle free is to keep the transaction records of your e-commerce business in an organized manner.
Although the process is very difficult since it’s a thorough compliance process. We at Accoplus, can prepare as well as render our accounting and auditing practices to ensure that your company records are done in a manner that is acceptable with the Inland Revenue Department (IRD) without having to worry about inconsistencies. If you are interested to outsource this from us, Contact Us Now.
Considerably, this part is one of the most important aspect of your business. In actual, tax compliance in Hong Kong is smooth if you know what you are doing and you are familiar with the regulatory requirements.
Hong Kong has a two-tier taxation scheme wherein your first HKD 2,000,000 will have a profit tax of 8.2%. As a registered company in HK, you are required to complete and to file your profits tax return (BIR 51) with the IRD within 1 month from the date of issuance. Newly incorporated businesses in Hong Kong occasionally receives its first profits tax return around 12 to 18 months from the date of its start of its business activity or incorporation date.
You may be interested to know that we also offer Tax Compliance Services to our clients. If you are interested about this, Contact Us Now and we will teach you how to keep your business compliant in Hong Kong.