How Foreigners Can Start a Business in Hong Kong

How Foreigners Can Start a Business in Hong Kong

Reasons Why Foreigners Should Start a Business in Hong Kong
• Low cost of company incorporation and preservation
• Lack of capital gain tax
• Lack of requirements with regard to share capital
• Clear and consistent regulations for appointments of directors and secretaries
• English is an official language and used as a main business language.
• The tax procedures of Hong Kong are trouble-free and its regulations are clear-cut
• For the formation of a limited liability company, only one director and shareholder is needed.
• Hong Kong can boast of an excellent banking system and world-class communications infrastructure

Business Entities that Foreigners Can Set Up in Hong Kong
• Limited Liability Company - one of the most prominent business entities

• Sole Proprietorship - suitable for small and medium enterprises (SMEs)

• Partnership - Two or more people can be the owners of a single business

• Foreign Company Office- foreign companies which show interest in setting up an office in Hong Kong

Process for Foreigners to Start a Business in Hong Kong
• licensed agency will then verify whether the name is available in Hong Kong
• send a photocopy of their passport, a photocopy of the official credentials as proof of residence, and a questionnaire with the standard questions
• those who plan to start up a business at a large scale will have to meet some specific requirements

Steps to Be Taken After the Business Has Been Started
• Opening of a Bank Account
• Appointment of Directors