Many people in recent years have been looking to form a company in Hong Kong. It has a free market with one of the best tax systems in the world, which guarantees you substantial returns. The country also offers you access to China and all of the Eastern and South-Eastern parts of Asia.
With over 1.5 million companies registered in Hong Kong, several businesses have expanded to the city because of the favorable policies and the prospects of growth. Before opening a company in the financial center of the world, you should consider a few factors that can help you make the most out of your investment.
To make the company formation process more convenient and hassle-free for you, we have listed some quick tips that can go a long way.
- Consult a Company Formation Agency
Company formation services allow you to remotely set up your company and avoid any trouble you would have otherwise had to go through. Furthermore, they can save you both time and money. Get Started HK offers one of the best company formation services; it allows you to set up Hong Kong company remotely within 12 hours. You can start your company off in the best possible way if you go with a good company formation agency.
- Select the Right Company Type
Before doing business in Hong Kong and setting up a company there, you should select the type you need to register. Picking the right type of company is essential. You have a number of options available, which include Limited Liability Companies, proprietorships, and partnerships. Setting up LLCs costs a bit more than other types, but they offer advantages that others don’t.
- Get the Business Structure right
The business structure of your company is of the utmost importance. A poor business structure that does not tick all the boxes can prove detrimental to the functioning of your company and create unforeseen problems.
To avoid any mishaps and ensure the smooth running of your company, choosing the correct business structure is imperative. One of the most important factors to consider while developing the structure is if you want to run the business from Hong Kong or from another country. It can have a significant impact on your company’s functioning and tax compliance.
- Open a bank account
Opening a bank account for your company is important; however, with some new rules and more stringent regulations, it can become a bit tricky for newcomers to open a bank account. This is where you will find company formation services very useful because they take care of all such issues and save you a considerable amount of time and trouble.
- Protect your Intellectual Property
Once you are done establishing your company, you need to get registered with the Government’s Intellectual Property Department to protect your intellectual property. Intellectual property theft is one of the most common corporate crimes today; to ensure your safety, it is essential to safeguard all your assets.
Setting up a company in Hong Kong is not a difficult task; you just need to do it the right way.