Setting Up a Business in Hong Kong As a Foreigner

Starting a business in Hong Kong as a foreign national can be quite an adventure. The intense local culture makes it difficult for the fledgeling businessman to get established and successful initiatives. It is one of the main reasons why so many new businesses in this part of the world fail to make a significant profit. However, company formation in Hong Kong has some significant benefits for those who wish to open their venture in this part of the world.
One of the first things you will notice when setting up a business in Hong Kong as a foreign national is that you will need to get some business license. It will be necessary for all companies wishing to operate in this country. This license will also help you do business freely on the streets and in the country’s different districts. You will also need to register your trade in the register of commercial transactions in the country. You can obtain the details for these from your chosen profession’s commercial office or the government office in your hometown. It is also a good idea to get a copy of your resume if you wish to apply for a job at an international bank.
Another thing you will have to do for your business to succeed is to register for the company. It will include a business name, its address, and the trade name of the business. You may also be required to state your business’s nature and the products you intend to sell. For instance, if you wish to open a clothing store, you will indicate this on the application. The company formation procedure in Hong Kong is quite simple, unlike that in China. Also, you will have no difficulty in receiving all the legal assistance you require.
If you are a non-European who plans to open a business in Hong Kong as a European, you will have to follow a different set of procedures. It is important to note that there are two sets of regulations in the Chinese legal system. The first sets apply to foreigners coming to China to open a business. The second set of rules applies only to business people who wish to open a business in China that is not a private one. Thus, you will need to obtain a business license from the SAR government before starting your business.
You will find it very easy to get a business license if you plan to open a Hong Kong branch office. Even if you are just an employee in a huge corporation, it will not take long before you receive a business permit. It is the easiest way to enter the country and become a permanent resident. However, even if you own a small store or a factory in the local language, you can still get a business license.
The process of getting a business license in China is not at all problematic. You will have to fill up a simple application form and then wait for a couple of days to receive a business permit. After that, you will have to go to a registration office to register your company. However, you might be required to pay an administrative fee to start your business. The administrative fee is a refund of money that the government has taken out from tax payments. You will be able to start operating your company immediately after you register it.
However, obtaining a business license in China is not at all difficult for corporations. A person can quickly establish a business in this country by himself or herself. There are many types of commercial licenses available in the market. The rules regarding business licenses in China differ from country to country. Hence, you will have to contact your attorney and find out the regulations governing your specific country.
Besides, if you wish to set up a business in Hong Kong, you will need to get some legal documents. These documents will then be used to open your business. It includes a business license from the government and a business registration form from the Companies Registration Office. However, you will not be able to trade or operate your business until you receive these important documents. It can take a few weeks to obtain these two legal documents, so it is recommended that you do not do it yourself unless you are an expert in the field.