Comparing Manufacturing Companies in Hong Kong to Open a Bank Account
Hong Kong is the new world financial hub; starting a business in Hong Kong today has never been easier. With the robust support system that the government has provided, mainly since its economic return was achieved in 1997, it is now even easier to do business in this tropical paradise. The local administration has also done a great job of making things easy for foreign investors. But why should you consider starting a business in Hong Kong? Let’s take a look at the top benefits of company formation in Hong Kong.
Hong Kong is the new world leader in the financial market. Starting a business in Hong Kong has never been easier. It is now the new world leader in the corporate sector, with a fourth amongst the world’s developed countries, and ranks above the UK, USA, Japan, and Australia. There are several reasons for this, but the government has done a great job, ensuring that they meet these benefits by providing the necessary support and infrastructure for businesses to succeed. One of these is that the local government has approved several important government initiatives to attract foreign direct investment.
With these government initiatives, Hong Kong companies can have more opportunities for private limited company formation. Most importantly, they are not restricted to just one domain but can operate across all of them under the same corporate identity. It enables them to have a better mix of assets and operational efficiency. A Hong Kong limited company can enjoy tax benefits, good licensing and trading licenses, and the flexibility to operate worldwide.
One of the essential aspects of Hong Kong company limited by law is that there must be at least one registered office. Registered offices play a crucial role in ensuring that all the company’s operation documents are in the correct place. Without one, there are chances that legal issues may crop up at a later stage which may hinder its success. As a result, it becomes essential that you choose a registered office for your company, especially if you intend to do business across China’s waters.
The next step towards starting a business in Hong Kong is to establish a suitable business structure. There are two types of business structures available, the first one being the single proprietor limited company. The other is the partnership or joint venture, which is the optimal choice for most small enterprises. Another business structure that is preferred is a limited liability company. It is because it is easy to set up and has minimal paperwork requirements.
After deciding on the type of business structure you want to opt for, you need to develop your business goals. Your business goals should be specific and understandable. Once this part is done, you can then go about looking for possible suppliers and manufacturers to meet your business structure requirements. It helps to keep in mind that you will need some machinery and equipment for your business. Therefore, you should look for a supplier who can provide you with these things.
After looking for potential suppliers and manufacturers, it is time to get the business registration process underway. In Hong Kong, there is only one authorized business registration company called the Commercial Registration Department of Hong Kong. This department can help you get any business registration that you require. After getting your business registration, you can then select the type of trade you want to engage. You can either open a sole proprietorship, a partnership, a Limited Liability Company (LLC), or a Public Limited Company (PLC). All three types of business structures have their advantages and disadvantages.
After getting the business registration process initiated, the next step is to open an account at a local bank. You can either open a standardversion or a mini account. You need to get a business license, which can either be granted by the local government departments or your chosen trade registration company. Opening a bank account is one of the most important and compelling reasons to start a Hong Kong manufacturing company.
starting a business in Hong Kong