Are you an entrepreneur? If so, you understand the importance of seeking new and exciting markets.
The world is full of business opportunities. This is especially true of Hong Kong. If you aren’t familiar with doing business in Hong Kong, you’ve come to the right place for advice.
This article takes a look at some key things you should know about starting a business in Hong Kong, including how to register a business and following the tax laws. Keep reading to get the inside scoop.
1. Opening a Bank Account
The first step in the process of starting a new business in the city of Hong Kong is to select a company name and then open a local bank account.
Keep in mind that before your business can be registered with the Inland Revenue Department, you’ll need to have a bank account. One of the big advantages of doing business in Hong Kong is the fact that it’s a global leader in the banking industry, thus you will have access to a wide range of international currencies.
Once you have successfully opened an account, you can then proceed to the remaining steps in the process.
2. Register Your Business
The next step in doing business in Hong Kong is to understand how to register a business in Hong Kong. This means you’ll need a business name and an official business address within the city.
The registration process also requires deciding the type of business you’re going to be operating. For example, your business will either be a sole proprietorship, a partnership, or a limited company.
Registering as a sole proprietorship is a simple matter of filling out a few forms and paying the fee.
3. Determine What Licences and Permits You’ll Need
You will also need to apply for specific government licenses, Permits, and certificates. Once you’ve made a license application, you will be able to use the Licence Application Tracking Facility online to get updates on the status of your application. This makes the process far less time-consuming and frustrating.
4. Hire an Experienced Accountant and Tax Attorney
It’s important to remember that running a business isn’t easy. After all, there’s a ton of red tape involved, and you need to make sure that you keep every aspect of your company operating legally.
This means you need to hire an accountant and tax attorney as soon as possible. These are professionals who understand the local tax laws and can make sure that you pay the proper amount of taxes, pay those taxes on time, and submit an accurate annual financial report.
Be sure to check out HKWJ Tax Law & Partners Limited.
5. Hire Employees
You’re also going to need quality employees. After all, good employees are the lifeblood of any successful business operation. This can be a challenging part of the process, but hiring the right people will make all the difference.
A Guide to Key Things To Know About Starting a Business In Hong Kong
Running a successful company is one of the biggest challenges in the world. Fortunately, these tips for starting a business in Hong Kong will make the process a bit less stressful.
Keep scrolling to discover more great small business and lifestyle advice on this blog.