How to Register Business and Open a Bank Account in Hong Kong
Hong Kong is a particular administrative region of the People’s Republic of China. Being a legal corporate member of the Hong Kong government, you have the right to register your company with the Bank of China and open a bank account. Opening a bank account is one of the most important things you should do if you plan to set up your own business in this area. Besides that, there are many other advantages of company registration in Hong Kong.
There are several benefits of Hong Kong company registration and bank account in Hong Kong. For example, companies enjoy exemption from customs duties on imported goods, reduced stamp duty on imports, and free trade on imported goods for a specified period. The Hong Kong authorities grant these privileges. Moreover, companies are also given tax concession, exemption on importing certain goods, and exemption on importation and exportation. In addition, the company is also entitled to enjoy the privileges of the Hong Kong financial office.
There are several factors to be considered when you are looking for suitable company registration in Hong Kong. First and foremost, you should decide on the name of your company. It is essential to choose a name that reflects the nature of your business. In addition, the name of the company should be such that it would be easy for the potential customers to remember and easy for the company to be found and dealt with when required.
Once you have chosen a name for your company, you should check with the Companies Registry about your company’s particulars. You will need to give your company details, including your directors, officers, employees’ names, addresses, and contact numbers. In addition, the company’s business objective and unique characteristics also need to be included. These details will help the company’s registered agent to determine whether the company’s business is eligible for registration with the Companies Registry.
The details provided should include the company’s designation, nature of business, and its objective. When you are ready with the information mentioned above, you should submit them to the Companies Registry and the application form. Alternatively, you can have your documents delivered to the company by a company representative. Your company representative or the company’s attorney can also help you set up your company’s bank account.
The next step in the process is to register your business in the Companies Registry. It is required for you to provide the prescribed information, including its name, its designation, and its purpose. You will be required to complete the registered business and pay an annual fee. You will also be required to submit annual audited financial reports covering the previous three years. The Company Registration Officer will verify the information mentioned above’s accuracy and conduct a background check before registering your company.
After all the formalities have been complied with, you will receive an approval notice from the Registrar of Companies. Your business registration can now commence. You can now open your bank accounts and apply for company insurances. However, there is still one more step in the procedure. Once your company is registered, it is up to the company’s nominee to open the bank account for you.