Business in Vogue – Set Up an Entertainment Business in Hong Kong
You can aim for the stars with 3E Accounting’s quick essential guide on how to set up an entertainment business in Hong Kong.
Hong Kong (HK) is, without a doubt, the centre of Asian entertainment. HK’s Entertainment and Media (E&M) sector sets the industry standard that all other Asian countries aspire to. Encompassing print and digital as well as film, radio and multimedia entertainment business, HK’s E&M scene is par excellence. A world of wonder awaits the astute tycoon who is ambitious enough to set up an entertainment business in Hong Kong.
A Mega-tainment Industry
There are many reasons as to why HK is considered the gold standard when it comes to the E&M industry. These include cutting-edge technology, substantial foreign investment and dedicated government investment in its digital infrastructure.
HK is one of the leading exporters of television and print media content. Its cross-sector synergy of traditional and new media drives a strong and diversified E&M ecosystem. These are just some of the factors that have attracted the best global talents to set up a presence in HK.
You can choose to set up a new office branch, a karaoke centre, an extreme sports mall, or even a country club. Whatever your choice for an entertainment business in Hong Kong, it all starts with company incorporation.
Business registration and approvals in HK are streamlined to make it easier for entrepreneurs to get their business up and running. To get started, you will need to incorporate your company with the HK company registry. This is relatively straightforward, and the type of legal structures that can be incorporated are:
- Sole Proprietorship or Partnership
- Private Limited Company
- Public Limited Company
- Company Limited by Shares or Guarantee
- Branch or Representative Office
The most preferred form for doing business is the Private Limited Company or PLC. This type of legal structure has a separate legal entity status. As such, it affords greater protection and limited liability to shareholders. Other necessary steps include setting up a corporate bank account and registering for taxes on the HK Inland Revenue.
Generally, most business activities in HK do not need permits. Exceptions to this general rule do exist, especially where the business activity may have a direct impact on society. In these cases, the license or permits are issued by the relevant HK government department. For example, if you set up an entertainment business in Hong Kong, depending on your business activity, you may need:
- License to screen a film or advertise
- License for Trade Promotion Competition
- License for Places of Public Entertainment
- Amusement Ride Permit
- Radio System License
For more information, you can check out the HK Trade and Industry Department website on business license information service. It conveniently lists the type of licenses that may be required as per industry sector or products.
Fast Track to Success
Hong Kong is one of the most conducive places to start a business. However, the tedium of getting all the necessary processes done may divert your focus from where it’s needed the most. Engaging skilled professionals such as 3E Accounting will enable you to keep on track to business success. 3E Accounting has tailor-made solutions to take care of everything you need to set up an entertainment business in Hong Kong.
Contact 3E Accounting today to get started on your journey towards business excellence.