Reasons You Must Hire a Registration Agent for Hong Kong Company Incorporation
‘Open company in Hong Kong is simple.’ You have heard it many times. However, believe us, the sentence doesn’t sum up everything.
See, the registration process in Hong Kong itself is not a hassle. It only consists of you going to the registry and doing a couple of paperwork. Additionally, the staff are friendly and work very fast, so you won’t have a lot of confusion. Moreover, these days, the job has become even easier because online registration is available.
The real challenge, however, lies in understanding the requirements to open a company in Hong Kong. The registration is supposed to take a week at most. However, many people take more than a month or two because they are not acquainted with the process. They make mistakes, which needlessly extend the time. Well, the idea of working with a corporate service provider for company registration is to avoid exactly that – they help you minimize errors and time needed to register a company.
Here are some reasons why you should work with a corporate registration service in Hong Kong:
They Make No Mistakes
Registration in Hong Kong is not straightforward. You need to submit a company name, companies ordinance, particulars of directors, shareholders, secretary, information about the registered address, taxes, etc. Additionally, you need to prepare a copy of passport and overseas residential proofs if you are a foreigner. Don’t forget creating a brief description of your business activities. There are many more documents that you should provide to the authorities.
When you prepare every paperwork by yourself, there is room for error. Without any experience, it is almost certain that you will mess something up, which will make you return to your home and start all over again. However, with a professional firm backing you up, you won’t have anything slowing you down.
They Help Save a Lot of Your Efforts
You have two options while you wish to open a company in Hong Kong:
- Come to Hong Kong. Do your research, find the company registry, and visit the place. Find the exact rooms to submit your documents, strolling the building, and asking people around you. Still, you are not so sure if you have everything you need. The officials, no matter how kind they are, might tell you that the description of your business activity doesn’t have enough information. So, you will need to get back to your hotel and write it again.
- Contact a company registration agent. Tell them what you want to accomplish with your business. They will ask you for the papers you need, and after that, you can sit back and relax, wherever you are in the world. You get a call after two or three days – the person on the other end congratulates you for being an owner of a Hong Kong company.
By this time, you have saved a lot of your time and excused quite some stress. You used your time efficiently, as instead of tangling yourself with the registry confusions, you earned yourself some time to work on your business plan.
You Don’t Need to Be Physically Present in Hong Kong
This relates to foreign investors, especially those who don’t want to move to Hong Kong. Anyway, this is an advantage even to those who wish to come to Hong Kong to run their business.
Hong Kong is not a cheap city. Being able to afford food, accommodation, taxicabs, etc, demands a good bank balance there, especially if you are staying in a hotel. Not to mention your airplane ticket (or, even a return ticket), visa processing and such. Moreover, a registration done by a person him/herself, on average, takes between two weeks to two months.
You are not in Hong Kong to sightsee. The immense pressure you have doesn’t feel so fair. A Hong Kong company registration is one of those things which look very simple at the surface, but demand a lot once you understand the things you need to do.
Hong Kong Company Incorporation Services Provide You With Additional Help Than Just Incorporation
Well, for this, we recommend you to work with a corporate service provider such as ours. To get a clear view of what we are asserting, you should first know about the things you need to open a company in Hong Kong:
- A Hong Kong Business Visa. While registering for a visa, you need to submit a detailed plan and financial structure of your business. As you can see, there is no minimum paid-up capital while registering for a private limited company in Hong Kong. However, authorities are responsible for assuring that you have a viable business idea and have enough funds to support yourself and run whatever business you are willing to do in the state.
- Registered address. You must have an office address in Hong Kong which needs to be a physical address and not a P.O. Box Number. Registration services such as 3E Accounting provide virtual addresses; meaning that good agents can help you with finding affordable spaces.
- You can be the director or a sole shareholder of your company. It doesn’t matter wherever you stay while operating the business. Anyway, you must hire a company secretary. They should be primarily resident in Hong Kong. Registration services can let you outsource your secretarial services by sending their secretaries to work for your company. Nevertheless, doing so is cheaper than giving contracts to people.
- There are several audit requirements, the Annual General Meeting (AGM), etc. Some selected registration companies also provide bookkeeping services. They also help you with other miscellaneous things such as company seal.
Hong Kong Company Registration Services Help You With Licenses
Hong Kong provides one of the most economic freedoms, but remember that you will be liable to follow the existing rules strictly. One is getting appropriate permits.
Depending on the nature of your business, you must apply for the needed licenses. Be careful, as sometimes, investors get in trouble because they are unfamiliar with permits. In the worst-case scenario, your business might be snatched, and you might even need to go to jail.
Well, this is another reason why the value of company registration services is increasing. They have finance lawyers in their team who will ensure that you will never get in trouble with the law, as long as you do the right thing.
They Save Your Money
Your instinct has already told you this. It is obvious that you need to spend some money if you want to open a company in Hong Kong with the assistance of a corporate service provider. But, that money is way low when compared to the cost of your plane tickets, living cost, lawyer counseling money, registered address in an expensive location (because you might not know cheaper places), etc.
From the above points, you can easily see that working with a registration service provider is a very smart choice. It is one of the rare things in the world that only comes with benefits and no disadvantage.
Choose a Company Incorporation Service Provider Who Can Actually Help You
Go through Google, Social Media, and Quora. There, you will see many people claiming they can help you open a company in Hong Kong. But after reading this article, we hope you understand that anyone can go to the registry and do the registration for you. Nevertheless, getting a business ready to operate takes more than that.
We are 3E Accounting, and we have won multiple awards for our services. Also, some of the biggest financial news portals/magazines in Asia have featured us. We provide the most comprehensive Hong Kong company registration services at the lowest price. You can contact 3E Accounting right now, and we will help you. Don’t worry; we provide every service that is needed to kick start your career as a business owner in Hong Kong.