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The Overview of How to Set Up an Arts or Music Business in Hong Kong
Tap into the vibrant HK business scene! 3E Accounting guides you on setting up your very own an arts or the music business in Hong Kong.
Establishing an arts or music business in Hong Kong (HK) is an entrepreneur’s dream come true! HK’s unique East meets West dichotomy has enshrined its status as a global icon when it comes to arts and culture. It is a vibrant metropolis where millions come from all over the world to partake of its cultural scene.
HK’s creative-industry businesses, which include the arts and music, is a good percentage of the economy. It is estimated that between 5-10 % of HK’s Gross Domestic Product (GDP) comes from its creative sectors. Along with strong government support, HK is a great place to put your arts or music passion, talent or business acumen to work.
The Best & The Brightest
Most people consider HK as the Asian world capital of performing arts and culture. Starting arts or music business in Hong Kong is not only a good idea but also relatively easy to do. HK has good governance and structured regulations that make the process efficient.
When considering the type of company you wish to set up, some research is necessary. Your company’s legal structure will affect taxes as well as liability.
Your company will need to be registered at the Companies Registry, which also handles the company incorporation process. You can always speak to professionals such as 3E Accounting to assist you with all the due diligence and processes.
Generally, a company in HK can be a:
- Sole Proprietorship or Partnership
- Limited Company
- Company Limited by Shares or Guarantee
- Branch Office
Once your company is incorporated, you will need to set up a corporate bank account and get the relevant permits and licences. Depending on the nature of your business, there are a variety of permits and licenses available. The HK government website on licenses explains what you need and how to get it.
Most importantly, do get your taxes and employee enrolment in the Mandatory Provident Fund (MPF) done. You will also need to do all requisite annual filling with the Inland Revenue Department (IRD).
The creative industry in HK is seen as a key economic driver, and the government is very invested in supporting this sector. There are numerous grants and schemes available, along with a multitude of local and international events being staged in HK. Check out the Hong Kong Arts and Development Council’s (HKADC) website for more information.
Investing in the Future
Culture and performing arts will never go out of fashion. It is a living legacy that can be treasured by all generations. A business in this arena has endless benefits aside from mere profits. As an artist or performing professional, your talent can be branded. As someone passionate about the arts or music, your interest can inspire others.
Whatever drives you to set up an arts or music business in Hong Kong, rest assured that 3E Accounting can handle all your business needs. As consummate professionals, 3E Accounting offers the highest standards when it comes to finding the best business solutions for you.
Contact 3E Accounting today to make the most of your time and effort.
