After regaining its sovereignty from the British in 1997, Hong Kong maintained a significant level of independence from the Mainland China.
But because it is an island with no mineral resources or land for agriculture, the Hong Kong administration adopted a business-driven economic model that has made the jurisdiction a business hub that no entrepreneur wants to miss.
For more than a decade, Hong Kong has been ranked by World Bank at the top on the ease of doing business. Therefore, if you are looking forward to growing your business in Asia, and globally too, the best way of incorporating it is in Hong Kong.
Although the Hong Kong administration has simplified the process of incorporating a company, some people still feel the documents needed are still many and complicated to prepare.
But these issues should not stand on your way to opening a business in Hong Kong and grow it into a multinational. Here are some useful tips to help you simplify the process.
Understand the Companies Ordinance
If you want the process of registering a company in Hong Kong to be easy, you need to start by understanding the Companies Ordinance.
This is the comprehensive guide that MUST be followed to register a company in Hong Kong. So, you may want to start reading the law well before you commence the process of registering your company in Hong Kong.
Pick the Best Company Secretary
One of the main requirements needed when incorporating a company in Hong Kong is a company secretary.
The Companies Ordinance requires every company to have a resident company secretary to serve as the custodian of the statutory records and act as the main bridge between the enterprise and the government.
If you get the best company secretary early enough in the business registration process, he will come in handy in helping you to follow the entire process correctly. So, make sure to select the company secretary with the following qualifications and abilities:
- High academic qualifications.
- Years of experience.
- Commitment to helping your business grow.
- Good leadership skills.
- Deep understanding of Hong Kong laws.
Work with an Agency
When you look at the whole process of incorporating a company in Hong Kong, one of the top strategies that you can use to make it simple and fun is using an agency.
According to the Companies Ordinance, agencies are legal entities in Hong Kong and are allowed to help foreigners register their businesses.
With an agency on your side, it means that you will have the bulk of the registration process handled by a professional on your behalf.
For example, the agency will prepare most of the documents on your behalf, do a name search for you, and submit the documents to the company registry. You will not even need to book a flight to Hong Kong!
Another good thing with an agency is that it is also allowed in law to serve as your company secretary and address. This means that you will be able to slash the costs associated with company registration by a huge margin.
When registering an offshore company in a jurisdiction such as Hong Kong, the tips we have highlighted above can help you to simplify the process. They will also make it easy for you to understand the Hong Kong market before commencing operations there.