Business Registration in Hong Kong is different from that in other parts of the world. The Basic requirements for a business to be registered in Hong Kong are that it should exist before the end of the previous year and have at least one permanent office. These two conditions do not only apply to companies but individuals as well. There are also some minimum qualifications for a non-Hong Kong company. These include one director, five partners or proprietors, and three ordinary shareholders.
HK business registration benefitsare many, but there are a few things that you should take care of when you want to open an online business, you cannot do this with the traditional method. In Hong Kong, starting a business requires the formation of a company in the local government offices. It is referred to as company registration in HK. When you apply for business registration in HK, you must provide your company’s details to the local government before proceeding with it. Two of these procedures are described below.
The first requirement of company formation in Hong Kong is that the foreign company must have at least one director. To apply for business registration in Hong Kong, you will need to give your present address together with a copy of your passport and the foreign company’s contact person. In case the company is a non-local one, then the contact person needs to be a resident of Hong Kong. After giving all these documents, you must submit them to the office in the prescribed manner, and within one month, you must apply for the business license. It is done through the prescribed office, and within three months, you get your business license.
Secondly, the office will provide you with the document for the foreign business license, and this
also becomes the legal document for your company. The record consists of the following items: The Companies House account number, the business license of the country where you are operating, and a register of companies. If you do not have these documents and wish to start your business in Hong Kong, you need to apply them separately. In this case, you must visit the registration office before you pay any fees for getting these documents. However, note that the registration fee is not refundable, so you need to ensure that you submit all the required documents beforehand.
Thirdly, the Registration Certificate becomes your proof that you have established your company in Hong Kong. In case the registered office cannot find anything wrong with the documents submitted, the branch registration certificate becomes your proof. Note that even if there is a mistake on the form submitted, the branch registration certificate cannot become the proof, and thus, the registration fee will not be refundable. If you think that you will not find such mistakes anymore, you can renew the registration.
Fourthly, the Certificate of Registration of Commercial Corporation is essential for incorporating a Hong Kong company. The certificate contains all the information that you need about your company. Note that the certificate also proves that the business has been incorporated, and the paperwork is legally sound. Thus, it is highly advised to have this document filed before the deadline. However, bear in mind that even if the company does not file for the incorporation papers, the attorney general’s office may file a counter-notification for you to incorporate your company.
Fifthly, before you file the certificate of incorporation in the court, you need to obtain a copy of the original signed contract between you and the seller of the property or the creditor. It is one requirement that most people overlook. If you do not comply with this requirement, you could face problems when applying for a mortgage loan or loan refinancing. Failure to comply with the contract law could lead to a lawsuit, and the possibility of expropriation of your property is high. Therefore, you must register the company even before you start trading.