What is the best place to open a company and run a successful business? This is a question that keeps ringing in people’s minds when they want to start offshore operations. One of the best places to consider investing in is Hong Kong because of its unique location and business biased policies. To operate in Hong Kong, you will have to register a company. This is a complete guide on how to register a company in Hong Kong.
Prepare all the required documentation
As a Special Administrative Region of China, Hong Kong has an entirely different business environment. The requirements for business operations are, therefore, different from those of the Mainland China. The main documents that you will require include the following;
- Company name suggestions
- Copies of passports for every shareholder
- Location of the company office
- Address of the company’s resident secretary
You will require about two weeks for the entire registration process after presenting all the documents. However, it is advisable to consider the timeframe about four weeks because a bank account that takes about 14 days to open will also be required.
Get a Hong Kong secretary and correspondence office
A resident secretary and office are considered core components for any company because they are used for filing purposes. This has always been a challenge especially for those who are entering Hong Kong for the first time. However, you can use agencies to get a secretary and operations office. To be sure of getting the best, here are some important considerations to factor;
- Secretary services such as answering calls, replying clients inquiries, emails, and government requirements. Remember that you can share a secretary with third party companies to keep the cost as low as possible.
- Mail collection services to help get correspondence from the government, other businesses, and even clients.
- Meeting rooms to meet clients when you are in Hong Kong because most of the restaurants are usually packed. Make sure that the meeting rooms have a good corporate image.
- Other things to check include phone answering services, dedicated office, and a business lounge.
Search your company’s name in the registry database
Before the registrar of companies can approve your application, it must have a name that has not been picked by other people. Using your business ideas, go to the company registry database and look whether the name has been used. This makes the process easy, fast, and very convenient because it can be done from any place all over the world.
Using an agency to open a company
For people who have never visited Hong Kong, the process need not look difficult because you can use agencies.
Business registration agencies are indeed better positioned to assist you because they have a lot of experience.
First, you must identify a good agency and agree on what you want. Some people might require just registration while others want assistance to also run their companies.
The agency of choice will assist you to get an office address and a secretary for the registration process. If the office will not be very busy, the agency will advise you to share the secretary, meeting rooms, and other facilities to keep the cost as low as possible. With an agency, the registration will be faster, and you will not even need to come to Hong Kong.
Opening a corporate bank account
After registering your company, you will only be able to commence operations after opening a bank account. At this point, banks in Hong Kong insist that you must travel and present all the required documents in person. Check with different banks to establish their requirements before packing and heading to Hong Kong.
While you can still buy an already registered company in Hong Kong, there is a risk of being unsuccessful when it comes to opening a bank account. Banks will ask that former shareholders present themselves to the bank which can be very difficult in many instances. The bank will also want to know the reason for sale and how the new business will operate. The easier, faster, and more economical method that presents you with a higher chance of success to open a bank account is registering a new company.