The business registration office is basically involved in the registration of all businesses in Hong Kong. The relevant office issues a Business Registration Certificate that pertains to the specific location where the business will be operated. This certificate should always be displayed at your business premises. The Hong Kong Business Registration Certificate is valid for one year. In specific cases, it can be designated to last for three years.
Levies and fees for the certification is HK $450 per annum. A fee of HK $ 523 per annum is levied for each additional certification. In the process of registering a new company 成立香港公司, this certificate can be issued immediately upon application and subsequent payment of levies and fees. The commissioner of Inland Revenue has to be notified to effect registration at the Business Registration Office ( BRO).
This pertains to any business that may be subject to profits that are open to deduction upon establishment. This does not imply that the actual profits tax liability is acknowledged or exists. All companies in the City including foreign companies that have registered branches in Hong Kong must be registered. This is applicable as long as your company is considered to be transacting business in Hong Kong. Compliance is expected within the first month of securing a business premises in the City or even before commencing any business operations.
When applying to register your business in this Asian City you need to briefly describe the particulars of your business.
• You need to provide the date that your company will begin its operations.
• The address of your registered office.
• You must specify the authorized representative in the case of a foreign company.
• If your company has adopted an informal Chinese name, the name may be included in the application. Such company names may not appear on the certificate of incorporation or change of name certificate. It is not a must that such names be registered.
• All the specific information registered with the relevant office can be inspected publicly. Any changes made to them should be notified to the relevant office within one month.
Processing times- It usually takes 30 minutes for over-the-counter paper registration. If sent by post it takes 2 days. Companies take one hour for their online applications to be processed. Paper applications take four days to be processed.
It is important to have in mind the kind of legal entity you’d like your business to have. Available options include limited company, sole proprietor, partnerships and subsidiaries.
Limited company- This is the most popular option. Small and medium-sized firms usually fall in this category. All that is required is a name, physical address, company secretary, one or more directors, between one and fifty shareholders and some capital. There is no fixed minimum capital required by law. At least HK$10, 000 is sufficient to start a company in Hong Kong.
Sole proprietor- These are suitable for small-scale businesses. Such ventures should be low risk as only one person bears all the risks.
Partnerships- These are run by a minimum of two people. As a partner, you are liable for the mistakes of other partners including the company’s misfortunes.
Subsidiary- You can proceed with your Hong Kong Business registration for your branch office. The main company remains in charge of debts and liabilities of the branch. The subsidiary is considered a separate legal entity.