If you are planning to start your own business in Hong Kong, one of the things you will likely be interested in doing is getting hold of your company registration. However, is company registration all that simple? Do you have to pay thousands of dollars to get your business registered? It is not always the case.
One of the most significant benefits of a properly registered Hong Kong Company is the low registration fee that you will get. You will not need to pay a high lawyer or a qualified public accountant for this. The government does not charge any fees for company registration. The only cost associated with the HK company registration process is paying some administrative fees to the Hong Kong authorities. These administrative fees are required to cover the costs of collecting the company registration process’s necessary information.
Aside from getting a low company registration fee, another one of the many benefits of having your business registered in Hong Kong is operating it using a cash register. It makes conducting your business more comfortable because there is no need to use your credit card to pay for your purchasing goods or services. It is better to use a debit or a credit card to avoid spending more money than you should. If you have a bank account, you will also get a bank account number that you can use to register your company.
Of course, you will not have to worry about obtaining a bank account. If you cannot open a conventional bank account in Hong Kong, the best option is to open a trust account. Another benefit of company registration is that you will open an individual offshore entity, which will provide you with even more services.
When you are looking for the benefits of signing up for an offshore company, it is essential to make sure that you will not lose some of the services when you choose this option. Since you will not be dealing with the local currency, you will not have to worry about conversion rates and exchange rates. If you are in Hong Kong, you will also benefit from the free postal service, low tax, import duties, safe mode of payment (with debit cards or PayPal), and other benefits given by the corporate registration service.
Opening an offshore company can take a few weeks. You will have to submit several documents to the Companies Registry before you are granted the status of an authorized agent. These documents include your company’s original business name, the complete terms of your company registered agents, the business address, the nature of your company, and the company’s objectives. This information should be submitted to show that you are legitimate and capable of doing business in Hong Kong. You will also have to provide annual reports to the Companies Registry continuously.
While it is true that you will need to pay the necessary fees to start your business operation in Hong Kong, you will be able to save money if you choose the best company formation service to use. Remember that you will be asked to pay a registration fee, an offshore company formation fee, and an overseas company formation fee in the application process for the company registration process. The offshore company formation fee is often waived if the agent or company is non-personalized. You will also be required to pay an administrative fee that will be used to handle any financial transactions for the company.
The company formation process is quite simple and easy to handle when choosing an offshore company formation service. If you visit Hong Kong, you may also want to see some of the Macau district companies. These companies will offer their services to help you register your company. You may even be able to get some company registration free of charge. But it would help if you took note that signing any documents or giving any verbal guarantees are not legally binding. If you intend to use the services of an offshore company formation service, it is essential to know its services before paying any money.