One of the first steps to take when you want to establish a business in Hong Kong is deciding whether you are setting up a company to trade or do business as a manufacturer. Once you have decided on your business’s nature, you need to think carefully about your business’s legal structure. There are many benefits of company formation in Hong Kong for those who set it up. These benefits include paying tax, getting access to credit and banking facilities, and keeping personal records at a central location.
Other benefits of setting up a business in HK include the ability to set your hours and be your boss. You also have more say over the decisions made within your company and over its products and services. You will also be able to set up an annual general meeting (AGM) to elect officers and members of your company and decide how to run it. You can also elect management members for critical positions such as CEO, CFO, and secretary. You will also be able to control your business budget and plan its budgeting processes from your office.
Once you have registered your business, you can get business licenses from the Hong Kong government. These licenses will ensure that you abide by local rules and regulations when you conduct your business. You also need to get a business register that shows all your different trade names, the goods you trade-in, and these goods’ prices. You also need to obtain a signed agreement between you and your supplier. This agreement should stipulate the licensing required from the supplier and the number of licenses that you are required to provide.
After all these things have been completed, you can open a depository account for your company. You can apply for this online or at the Commercial Appraiser office. You are required to pay an administrative fee for this service. However, this service may be useful if your business grows in the future.
Once you get your business license, you can apply for a local registration number. This registration number is linked to your permanent registration number. Therefore, if you ever change your permanent address, you can connect your new business address to your previous registration. The Companies Registry also has a record of your previous addresses and registration numbers.
If you are looking to purchase commercial property in Hong Kong, you can apply for a registration number from the Companies Registry. This number is also required when you are buying land or any improvements to your land. Furthermore, this number is required when you apply for mortgages.
Getting a business license in Hong Kong is not hard to do. You will find that there are plenty of agents willing to help you. Moreover, getting a registration number and a mortgage registration does not take long. However, it would be better to have a business plan because it will make things easier.
There are also seminars and workshops being conducted in Hong Kong by different organizations. These seminars and workshops are meant to help entrepreneurs understand the requirements of the market. They also teach them how to manage a business effectively. The workshops are also helpful because they allow you to learn the basics of accounting and bookkeeping. As you progress in your career, you will learn new things and manage your finances.
Getting a license to operate a store, office, shop, or even a restaurant is not difficult. It would help if you looked for the relevant permits. For instance, the Food and Drugs Administration requires a business to be registered to sell any food products. Similarly, the Trade Registration Office needs firms to be reported to trade in the open market.
On the other hand, getting a business license in Hong Kong is not easy. It would help if you went through a lot of paperwork. It would help if you also considered the rules and regulations that are imposed on your business. You must not forget to submit your application to the Hong Kong government before the deadline. The process is time-consuming and requires a lot of effort. However, once you are through with all these, you will realize that setting up a Hong Kong business is easy.