There are many benefits to company formation in Hong Kong. The most popular reason for setting up a business in this particular administrative area is to open a business legally. Company formation in Hong Kong is not as lengthy and complicated as it might be in other parts of the world. Besides, it does not involve too much documentation and processing. Starting a business in Hong Kong today has become more comfortable because of the many options available.
There are mainly five strategies for forming a company in Hong Kong. Shares company formation requires that all shareholders or members be residents of Hong Kong. A share company can be started by total shares or by secured debentures. A limited liability company is set up by corporations, partnerships, joint ventures, labour unions, educational institutions, proprietary associations, trusts, estates, and memberships.
Company formation in Hong Kong allows you to explore new horizons. You can be part of a fascinating new industry here. You can start your venture into new technology-based businesses. There are also many benefits to company formation in Hong Kong available to foreign entrepreneurs. Here are some of them:
Tax benefits – One of the best services of company formation in Hong Kong is that it lowers the taxes you will have to pay to the Chinese government. It is possible because your business’s profits will be taxable, and the government will include them in your income and deliver you the appropriate amount of tax. Thus, there are more benefits to earning income through your enterprise in Hong Kong.
Setting up your own company – Having your own business in Hong Kong is easier than you think. You do not need the assistance of a third party to help you establish your business. You must register your company with the Hong Kong government’s Commercial Office Department and pay the required fee. After this, you must submit your application for registration, and you are done. You will now be able to run your business legally.
Trade services – When you are running your own company in Hong Kong, you can benefit from having trade services. You can promote your products and services to the local market and earn revenues from your clients. You can also provide these services to your overseas clients. Thus, you have a lot of options when it comes to promoting your product or service. You can expand your company through the help of these professionals.
Marketing Services – In Hong Kong, you will find that there are so many marketing and promotion companies. Having your own company can let you control your finances. Thus, you can increase your income using these marketing firms. You can also save a lot of money in this process.
Business advice – Having your own business in Hong Kong is not enough. You need to be aware of some issues, especially if you want to succeed in the business world. Thus, getting the help of business consultants can be a great help to you. You can benefit from these consultants who can advise you about running your company correctly, what marketing tactics should be used, how you can save money, expand your business, etc.
Registration of a company – If you are running your own business in Hong Kong, one of the first things that you need to do is to register your company in the business registry. The requirements of the registration vary from one company to another. Thus, you should contact a consultant on how to do the registration. Remember that it is not only a must for you to register your company, but you must also make sure that all the paperwork is in order. After all, your company formation in Hong Kong will succeed if all the requirements are fulfilled.
Opening a bank account – Setting up a bank account is an essential step for your business. Without a bank account, it will be difficult for you to conduct your business activities such as marketing your products. You must make sure that the company is legitimate before you give them your business account information. Remember that a good consultant can help you save time and money.
Marketing your company – Marketing is essential for your company to survive. Therefore, you should get a consultant’s marketing techniques to advertise your company to the target market. Remember that you must be specific to your company’s name when registering a company in Hong Kong. Furthermore, the marketing techniques should also be appropriate to the nature of your business.