The Basic Requirements for Opening a Limited Company

There are many specific requirements for business registration in Hong Kong that you have to follow if you wish to establish a business in Hong Kong through a Private Limited Company or register an offshore company here through a Hong Kong limited company registration. The following article provides a brief overview of the basic requirements to become a Hong Kong Limited Company and open up a new business in this booming economy.
One of the first and most important requirements to be completed by a person who wishes to establish Hong Kong limited company registration is that of obtaining an Employer Identification Number (EIN). To obtain an EIN, an individual will have to fill out a form that is available from the Hong Kong International Business Registry. This form is called an Employer Identification Number (EIN).
Next, the individual who wishes to open a business in Hong Kong must be registered with the Business Registration Department. This requirement can be completed through an application that is available from the local government. After having obtained an Employer Identification Number, the individual must own a valid Certificate of Registration or the Employer’s Certificate. The two documents will serve as proof of the individual’s identity.
Next, the person who wishes to start a business in Hong Kong will need to obtain a Certificate of Designation, which is used as evidence of his/her business license.
Before the completion of the other requirements, the business owner should apply for Business Registration through the Registration Department. This application is available through the Commercial Office. This form requires some personal information and documents such as a Business Plan, a copy of the Articles of Association, and the Corporate Seal. This process is necessary as it allows the owner to establish the nature of business and to avoid any legal issues that may arise during future proceedings.
Upon the completion of all the required documents, the business owner should take the time to complete the Business Registration application and provide it to the Commercial Registry for processing. Once the paperwork has been submitted, the business owner will have to wait for the registration to be processed. The processing may take a few weeks and sometimes take longer depending on how complicated the paperwork is.
Once the paperwork has been processed, the individual can now open a business in Hong Kong through business registration. It is important to remember that the company will only have a limited number of years to be operational, and they cannot own the building for their business.
These are just some of the basic requirements for Hong Kong Limited Company registration. There are many other items to be considered when choosing the correct form and process for opening up a new business in the bustling city.
For instance, there is the fact that the company must first be licensed to run the business before they can take on investors for the business. It is because business owners cannot be allowed to hire other people to run their business while they maintain ownership of the building and the land where the business is located. Furthermore, this is a legal requirement as part of the law of Hong Kong. In addition to this, there is also the requirement for the business to be listed on the business register.
Another requirement for business registration is that the business must have to be registered as an S-Corp. It is to protect the interests of the individual. When the business is a sole proprietor, it is not protected because it will not be able to own a company.
Business registration requires the business owner to complete a Business Plan with all the financial documents to prove his/her legitimacy as an owner of the company. An accountant may be asked to sign the plan to provide a true and accurate account of the company’s current status. However, the accountant must provide an updated financial statement as well, as this is needed by the Financial Affairs Department for the owner to be able to maintain the tax status of the company.