Business registration in Hong Kong 2021

Business registration in Hong Kong 2021

Registering a business in Hong Kong in 2021 is relevant because the area is a major financial center. Having a firm in the territory increases respectability and competitiveness. The taxation system is attractive and includes incentives for new companies.

Advantages of starting a business in Hong Kong

Several advantages of opening a company in Hong Kong in 2021 can be highlighted. The registration process is fast enough, there is the possibility of remote creation. To clarify the nuances of company registration in more detail, contact our experts at IT-OFFSHORE. Only one director-shareholder is enough to register a business. He/she can be both an individual and a legal entity. There are no conditions regarding residency.

The tax system is favorable to start a company. It is characterized by simplicity. The territorial principle of taxation works, and the rates are not high. Income tax is 16.5%, property tax and income tax is 15%. There is a possibility of registration of tax deductions. There is no currency control.

The economy is open, there are practically no risks of doing business. The Hong Kong Government is keen to encourage foreign investors to establish businesses in the territory. It is considered one of the most non-corrupt, the judicial system is developed. The area has a favorable location, there is an opportunity to gain access to China and other Asian countries.

How to open a firm and what legal form to choose

It is possible to open a firm in Hong Kong from scratch or buy a ready-made company in Hong Kong. The most relevant is the creation of a business with limited liability. This legal entity must comply with a number of provisions - timely disclosure of information about the company, board members and adjustments.

A unique name will need to be drawn up for the opening of the company. It can be created in English or Chinese. Addresses for the company will have to be chosen - real and virtual offices can be used.

Shareholders and directors must provide information from passport, as well as confirm the actual address of residence and personal contact details. A description of the company's activities is required. Some types of operations require a special permit - a license.

The development of businesses related to electronics, the production of tablets, laptops,  and clothing is relevant. The direction of fintech and information technology is popular too.  It is possible to give consultations for the creation of a business, to develop a travel agency. The actual creation of the business connected with delivery of the goods.

Opening an account

It is possible to open an account in the territory with banking institutions that are known all over the world. To increase the chance of successful account creation, a resident beneficiary is required, and a real office might need to be present as well. Accounts are not opened remotely - an interview with a bank representative will be required.

When choosing a bank, it is important to consider the purpose of the account, the list of services provided, the features of the company and the rates for services, and the position of the financial institution. Popular institutions where you can open an account are Bank of China, China CITIC Bank International, Chong Hing Bank, and Citibank.

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