The dynamic economic situation in Hong Kong provides for a great breeding ground for small businesses. If you are looking to get in on the action and start a small business, there are few places on the globe as suitable for it. However, before starting a business in Hong Kong, and hiring Hong Kong movers and packers, you will need to jump through some hoops. This article is going to provide you with a simple guide to follow and have your business set up as soon as possible.
5 steps for starting a business in Hong Kong!
Here are the necessary steps:
- Select a company’s name
- Register your company
- Open a company’s bank account when starting a business in Hong Kong
- Register your business address
- Hire employees
- The last important step – File taxes!
Step 1: Select a company’s name
To start things off, you will need to select a name that is unique. No other company may have the same name as yours. Think carefully about what your name says about you. Picking a company name is really important as it will set the right tone for the rest of your business adventure. Once you sort out the name, it is time to:
Step 2: Register your company
You will need to obtain a business registration certificate by applying for it correctly, with the Inland Revenue Department. In order to avoid rejection, you will need to make sure that everything is filed accurately.
Step 3: Open a company’s bank account when starting a business in Hong Kong
After you successfully complete the registration, there is one more thing to do before you can hire office movers Hong Kong to bring in your stuff. Opening a bank account. This process is easy, as Hong Kong is a worldwide leader in banking and offers plenty of options for your account.
Step 4: Register your business address
In order to receive any newsletters and to have a mailing address (which is required), you will need to register your business address as well. If you, later on, wish to move your business, you will need to file for the address change with the authorities. The process is easy to go through and will not take much of your time.
Step 5: The most important step when starting a business in Hong Kong – Hire employees
Every business needs employees. You might have postponed hiring them by this point but now is the time to do so. Most likely, you will need to hire at least a few of the local employees, so be ready for that. Hiring employees in Hong Kong might get challenging so make sure you prepare accordingly, especially if you are new to HK. Don’t be afraid to seek professional assistance, it might speed things up considerably.
Step 6: File taxes
Finally, after your business is on its feet and started generating income, you will need to file for taxes. This mandatory expense is much easier to deal with with the help of a professional auditor. He or she will also be able to help you with cutting down unnecessary costs.