The City of Hong Kong is one of the major business and trading centers of the whole world. It was the creation of the Commercial Dreamers of the mighty British Empire, who hand-held the eternally industrious but momentarily lost Chinese of Mainland China to make this the hub of international business. But there was a catch: the space was leased to the British by the Chinese on a time-bound Agreement. Accordingly, Hong Kong was handed over to the PRC (Peoples republic of China) in —- , and has been a semi-independent but wholly –owned part of mainland China. It is still a the cynosure of all commercial eyes, but the process of business registration in hong kong is no longer as easy as previously, and it is advisable to consider external professional services for hong kong company formation services.
The methodology of business registration in hong kong must be carefully followed by fresh entrepreneurs step by step, as enumerated below:
- The First condition of company registration here that the registrant must have a registered address, which must be a commercial address.
- If for example, the company office plans on moving to a new address, the Hong Kong Companies Registry must be notified within 15 days at the very latest.
- Failure to inform the Hong Kong Companies Registry of the new address within 15 days can lead to severe penalties, the least being every responsible person of the company being liable to pay fines amounting to HK$1,000 per day cumulatively.
- Registration is mandatory for all companies, and application must be made within one month of commencement of business.
- This rule is valid for all companies, other than corporations, such as sole proprietorships or partnership businesses.
- At the same time, the statutory board has introduced the latest processes for registration, in order to make the method logical and understandable.
- The main advancement includes the introduction of online registration, thus doing away with the need for physical representation.
- The next step is to allow Registry-approved professional External Agents to represent the company for registration.
- The location of the business is often critical to its overall performance. Most International Companies and Government Departments are located in Hong Kong Island.
- The Central Business Districts are the most coveted locations, but also the most expensive. This financial hub is on the Island, and is known as the Central Admiralty, Wan Chai, and Sheung Wan.
- Even in this matter, the External Agents can provide Virtual Addresses, which is allowed by the Registry.
The above comprise the essential steps for hong kong company formation. The services of the External Agent is thus all-inclusive.